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Ventas Inc VTR

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Healthcare REITs' Uncertainty Lessens as Trajectory of Senior Housing Occupancy Improves

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

While we believe that we have yet to see the worst of the coronavirus' effect on the senior housing industry, the overall impact has been far more muted than we had originally feared. As a result, we have increased our short-term outlook for the healthcare REITs and therefore raised our fair value estimates to $32.50 per share from $30.50 for Healthpeak, to $55 per share from $50 for Ventas, and to $74 per share from $73 for Welltower. Additionally, we are improving our uncertainty rating for all three companies to medium from high as the current trajectory of occupancy declines in the senior housing industry makes an industrywide collapse far less likely. All three companies currently trade at significant discounts to our fair value estimates, and we believe that investors looking for long-term growth as the industry recovers should consider adding any of the healthcare REITs to their portfolio.

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Company Profile

Business Description

Ventas owns a diversified healthcare portfolio of over 1,200 in-place properties spread across the senior housing, medical office, hospital, life science, and skilled nursing/post-acute care. The portfolio includes over 40 properties in both Canada and the United Kingdom as the company looks for additional investment opportunities in countries with mature healthcare systems that operate similarly to the United States. The firm also owns mortgages and other loans, contributing about 3% of NOI.

353 North Clark Street, Suite 3300
Chicago, IL, 60654
T +1 877 483-6827
Sector Real Estate
Industry REIT - Healthcare Facilities
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 516