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FBR Capital Markets & Co. initiates coverage of Senior Housing Properties at 'outperform'

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FBR Capital Markets & Co. initiates coverage of Senior Housing Properties at 'outperform'

FBR CapitalMarkets & Co. analyst Bryan Maher initiated coverage of Senior Housing Properties Trust with a rating of "outperform,"and a price target of $24. Maher set his 2016 and 2017 FFO-per-share estimates at$1.87 and $1.92, respectively.

The analyst wrote in a research report: "SNH is an ownerof high-quality senior living facilities and medical office buildings located throughoutthe U.S. It has very little exposure to government reimbursement, and, in our view,the REIT is somewhat misunderstood by many investors. Despite its name, only 53%of NOI comes from senior housing. Also, supply growth in healthcare and senior housingis controlled in 35 states by "certificate of need" laws. We believe thatas investors focus more on SNH's increasingly high-quality MOBs, they may beginbuilding positions in this high-yielding investment-grade REIT."