NHI buys five facilities
Posted on November 20, 2009 at 8:08 amNational Health Investors has acquired four assisted-living centers in Michigan and another in Illinois for about $28 million. The seller, Kansas-based Bickford Senior Living, is leasing back the buildings for 15 years. NHI (Ticker: NHI) has shelled out nearly $90 million on acquisitions so far this year.
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Local money manager fights REIT on preferred buyback
Posted on November 9, 2009 at 10:07 amNashville investment vehicle Southern Strategic Partners says it and other holders of Newcastle Investment Corp. preferred stock aren’t getting a fair deal in the real estate investment trust’s $150 million repurchase plan. Newcastle (Ticker: NCT) has been posting some pretty ugly results of late and is looking to restructure its balance sheet.
“While we could be supportive of a restructuring of Newcastle, we cannot support the current proposal because it fails to recognize the preferred stock’s priority position in the capital structure and does not offer preferred stockholders common stock or warrants to purchase common stock as part of the tender.”
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NHI profits rise 10%
Posted on November 2, 2009 at 9:24 amThird-quarter earnings at National Health Investors rose almost 10 percent from a year ago, when they included $2.5 million in gains from discontinued operations. Stripping out that figure lifts the Murfreesboro company’s growth rate to 30 percent. Funds from operations rose 10.2 percent from a year ago. NHI shares (Ticker: NHI) are up about 10 percent in 2009.
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Analyst action: Tractor Supply, LP, Healthcare Realty
Posted on September 22, 2009 at 11:40 amThomas Weisel Partners analyst Christian Buss has initiated coverage of Tractor Supply with a ‘market weight’ rating and target of $51. Shares of the Brentwood-based retailer (Ticker: TSCO) are down a bit today, but up more than 30 percent in 2009.
Over at Oppenheimer, analyst Mark Biffert has begun covering shares of Healthcare Realty (Ticker: HR) and its peers with ‘perform’ ratings. Biffert sees the Nashville-based company growing per-share funds from operations 8 percent in 2010 but sees “limited near-term acquisition opportunities until pricing improves.”
And at Barclays Capital, Peter Ruschmeier has reiterated his rating of Louisiana-Pacific at ‘overweight’ but lowered his price target to $7 from $7.50. LP shares (Ticker: LPX) are stoutly ignoring that info, rising more than 3 percent to $7.49 this morning.
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How CRE is souring – and who will soon be buying it
Posted on at 8:22 am
Commercial real estate valuations are on their way into the tank: A report by Moody’s puts the drop at 5 percent in July alone and says the past year’s plummet puts us back at late ‘03 levels. But, says Diana Olick, there are numerous big-pocketed buyers preparing to be the white knights.
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NHI chief trims stake
Posted on September 2, 2009 at 6:59 amNational Health Investors CEO Andrew Adams last week disposed of more than 15,000 shares in the Murfreesboro-based REIT, grossing him about $516,000. The sale lightened his direct holdings in the company (Ticker: NHI) by about 1.2 percent.
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NHI director sells block of stock
Posted on August 14, 2009 at 6:38 amRobert Webb, who has been on the board of National Health Investors since 1991, on Wednesday unloaded more than 10,000 shares of the REIT. He still owns more than 170,000 shares of the company (Ticker: NHI) through two other entities.
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Analyst action: Healthcare Realty, LP
Posted on August 12, 2009 at 8:12 amMorgan Keegan has raised its opinion of Healthcare Realty to ‘outperform’ from ‘market perform.’ The Nashville-based REIT (Ticker: HR) earlier this week reported better-than-expected Q2 results. The stock is up about 1 percent in pre-market trading.
Over at Goldman Sachs, analyst Joe Stivaletti has lowered his rating of Louisiana-Pacific to ‘neutral’ after its recent run. The stock (Ticker: LPX) is set to open down about 3 percent.
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NHI posts flat Q2 numbers
Posted on August 10, 2009 at 6:46 amHealth care REIT National Health Investors said its second-quarter profits rose 4 percent to $15.4 million from the same time in 2008. But almost $1.5 million of that number came from discontinued operations; profits from continuing operations fell 6 percent. NHI shares (Ticker: NHI) are up about 18 percent year to date.
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BRT’s Nashville apartment bill
Posted on August 7, 2009 at 12:57 pmNew York-based REIT BRT (Ticker: BRT), which took possession of six local apartment complexes after its client, Steven Green, was sent to prison, says it had to take a $7.8 million loss on the sale of those properties.
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Fitch: Healthcare Realty solid, but refis will have impact
Posted on July 28, 2009 at 1:38 pmCredit ratings group Fitch has affirmed its ratings of Healthcare Realty and affiliates and says there’s a lot to like about the company’s portfolio. But, it warns, the company will have to pay more when it refinances its unsecured credit line. For details on the company’s credit situation, click here and search for ‘January 2006.’
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NHI in Minnesota deal
Posted on June 15, 2009 at 7:34 amThe Murfreesboro-based REIT (Ticker: NHI) has acquired the loan on an assisted-living facility for a discounted price.
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Healthcare Realty outlook downgraded
Posted on June 11, 2009 at 11:47 amWhile it has affirmed its credit ratings and says the medical office market remains stable, Fitch says the potential for Healthcare Realty to use secured debt to pay down its unsecured credit line may lead to a downgrade. Shares of Healthcare Realty (Ticker: HR) are off about 1 percent today.
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Local Highwoods assets pledged for loan
Posted on June 2, 2009 at 12:13 pm
The regional developer has finalized a $115 million loan with New York Life that is being secured by a group of properties in Nashville, Raleigh and Tampa. Highwoods (Ticker HIW) owns more than two dozen local buildings, with concentrations in the airport, Maryland Farms and Cool Springs markets.
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Highwoods in capital raise
Posted on May 27, 2009 at 9:29 amThe regional developer and owner of a good chunk of Cool Springs will net at least $125 million from a secondary offering of stock.
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