UPDATE - UBS Downgraded Ventas (VTR) to Neutral; Moving To Sidelines on Likely Lease Overhang

UPDATE - UBS downgraded Ventas (NYSE: VTR) from Buy to Neutral. PT lowered from $60 to $57.

UBS analyst says, "We believe Kindred Healthcare's (NYSE: KND) announced intention to not renew the majority of lease bundles expiring in 2013 is a slight negative to VTR’s earnings. Additionally, we believe the market may begin to question the stability of future KND / VTR master lease agreements set to expire in 2015. This uncertainty is likely to cause the market to discount future KND rent payments to VTR. As such, we believe the increased uncertainty may trim the valuation and keep shares of VTR range bound."

UBS lowers FY12 EPS estimate from $3.77 to $3.71 and FY13 from $4.22 to $4.07.

To see more ratings on VTR, Click Here

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