BMO downgrades LTC Properties to 'underperform' on tenant uncertainty

Easterly Government Properties

16/12/2022 12:55

** Real estate investment trust (REIT) LTC Properties Inc's
shares  LTC.N  slide 1.6% to $37.7 in light premarket trading
    ** BMO downgrades stock to "underperform" from "market
perform", citing co's over valuation given its uncertain tenant
availability
    ** Brokerage sees risk in the case of Brookdale (nursing
home which is a top tenant of LTC) not renewing its lease and
potential rent degradation
    ** BMO also downgrades other REITs - Equity Residential
 EQR.N  and Easterly Government Properties Inc  DEA.N  to
"underperform", citing  recessionary risks and rising expenses
    ** Shares of EQR down 1.2% premarket in light vols, DEA
slips 0.4%
    ** Up to Thursday's close, LTC had risen 12.3% YTD, while
EQR and DEA had fallen 30.6% and 35.3% YTD, respectively
 (Reporting by Shristi  Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))