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BKD

Brookdale Senior Living

$8.15

0.065 (0.80%)

, VTR

Ventas

$59.68

0.78 (1.32%)

06:58
08/20/18
08/20
06:58
08/20/18
06:58

Brookdale Senior Living agrees to sell Brookdale Battery Park for about $194M

Brookdale Senior Living (BKD) announced that it has entered into a definitive agreement to sell its Brookdale Battery Park independent living community for approximately $194M to Ventas (VTR). The price represents a cap rate of approximately 5%. Ventas has selected Brookdale to manage the community under a separate management agreement following the closing of the sale. This prime real estate, located in downtown Manhattan, is a well-established senior housing community with strong community leadership and high occupancy. The company expects the proceeds from the sale of this community to be approximately $140 million, net of associated debt and transaction costs and that the transaction will close by year-end 2018. However, the sale remains subject to customary closing conditions and there can be no assurance whether or when the closing will occur. The sale of Brookdale Battery Park is a significant component of the company's previously-announced plan to market in 2018 and sell 28 owned communities, which the company expects will generate aggregate proceeds in excess of $250 million, net of associated debt and transaction costs. Brookdale Battery Park was included in the company's assets held for sale as of June 30, 2018.

BKD

Brookdale Senior Living

$8.15

0.065 (0.80%)

VTR

Ventas

$59.68

0.78 (1.32%)

  • 22

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BKD Brookdale Senior Living
$8.15

0.065 (0.80%)

06/27/18
MUFG
06/27/18
NO CHANGE
Target $62
MUFG
Overweight
Welltower price target raised to $62 from $58 at MUFG
MUFG analyst Karin Ford raised her price target on Welltower (WELL) to $62 and kept her Outperform rating, citing the company's progress in restructuring over half of the assisted and independent living portfolio operated by Brookdale Senior Living (BKD). The analyst claims that Welltower achieved favorable pricing on its purchases and sales in the transition, adding that she is positive on the company generating $91M in cash while reducing its exposure to a "troubled operator".
04/30/18
BMOC
04/30/18
UPGRADE
Target $53
BMOC
Market Perform
Ventas upgraded to Market Perform at BMO Capital on valuation
As reported earlier, BMO Capital John Kim upgraded Ventas (VTR) to Market Perform from Underperform and raised his price target to $53 from $51. Kim cites a more attractive valuation after the stock price came down another 19% in 2018. The analyst also notes that the extension of Ventas' master lease with Brookdale (BKD) "addresses a major 2019 expiration" and buys time to deal with non-performing assets while also reducing the possibility of a dividend cut in the short term.
04/13/18
JMPS
04/13/18
NO CHANGE
Target $9
JMPS
Outperform
Brookdale Senior Living price target lowered to $9 from $16 at JMP Securities
JMP Securities analyst Peter Martin previously valued Brookdale Senior Living on an NAV basis given the expectation of a sale at the conclusion of its strategic alternatives process. While he agrees with the board's decision not to sell the company at depressed levels, he now thinks the board needs to take ownership and that at least three of the four longest tenured board members should resign. He believes 2018 will be another "transitional year" and that weak 2018 guidance is coming and would be patient on an entry point. Martin lowered his price target on Brookdale to $9 from $16, but keeps an Outperform rating on the shares.
02/27/18
RBCM
02/27/18
DOWNGRADE
Target $8
RBCM
Sector Perform
Brookdale Senior Living downgraded to Sector Perform at RBC Capital
As reported earlier, RBC Capital analyst Frank Morgan downgraded Brookdale Senior Living to Sector Perform from Outperform and lowered his price target to $8 from $13 after the company's concluded strategic review yielded a "disappointing outcome". The analyst believes that the strategy to return control to the local level is "reasonable" but will take some time while faced with the "headwinds of increased capacity".
VTR Ventas
$59.68

0.78 (1.32%)

08/01/18
SPHN
08/01/18
NO CHANGE
Target $10
SPHN
Overweight
Capital Senior Living results 'disappointing, but not surprising,' says Stephens
Stephens analyst Dana Hambly said Capital Senior Living's (CSU) Q2 results are "clearly disappointing, but not surprising" given results from Welltower (WELL) and Ventas (VTR). Capital Senior Living's roughly 20% reduction in CFFO was worse than feared and indicates revenue growth will be challenged for the duration of 2018, added Hambly, who lowered his price target on the stock to $10 from $16. However, he chooses to "hold out hope" that its outlook reduction establishes a baseline from which the company can grow and he keeps an Overweight rating on Capital Senior shares.
06/04/18
06/04/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Ventas (VTR) initiated with a Neutral at Cantor Fitzgerald. 2. Voyager Therapeutics (VYGR) initiated with a Buy at H.C. Wainwright. 3. Wyndham Hotels & Resorts (WH) initiated with an Outperform at Oppenheimer as well as a Buy at Goldman Sachs and Stifel. 4. Five Below (FIVE) initiated with an Overweight at JPMorgan. 5. Origin Bancorp (OBNK) was initiated with a Strong Buy at Raymond James and an Overweight at Stephens. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/03/18
CANT
06/03/18
INITIATION
Target $56
CANT
Neutral
Ventas initiated with a Neutral at Cantor Fitzgerald
Cantor Fitzgerald analyst Joseph France initiated Ventas with a Neutral and $56 price target.
05/21/18
EVER
05/21/18
DOWNGRADE
EVER
Underperform
Ventas downgraded to Underperform from In Line at Evercore ISI

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