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Leisureworld Senior Care PT Lifted To $12.50 By CIBC, 'Sector Performer' Maintained

 May 29, 2012 04:10 PM


(By Balaseshan) CIBC World Markets Inc. analyst Troy MacLean raised his price target on shares of Leisureworld Senior Care Corp. (TSE:LW) to $12.50 from $12.25, while maintaining his "Sector Performer" rating.

The brokerage increased its 2012 EPS estimate to $0.98 from $0.93 and its 2013 estimate to $1.04 from $0.99.

The company's Q1 FFO was $0.24/share versus $0.20 last year and MacLean's $0.21 estimate. FFO was boosted by increased LTC funding, acquisitions, and higher contract volumes for PHCS. Average occupancy in the LTC portfolio was 98.5% in Q1-2012 versus 98.6% in Q4-2011 and 98.0% last year.

On May 24, Leisureworld acquired three luxury retirement residences in the greater Vancouver area for about $119.8 million at an estimated cap rate of about 7.5% on stabilized net operating income. The three properties have a total of 392 residential suites (about $305,000/suite).

[Related -Tripadvisor Inc. (TRIP) Q2 Earnings Preview: On Target Enough?]

On May 24, LW issued 4.7 million shares at $12.05/share for gross proceeds of about $56.4 million. In addition, LW issued 82,988 common shares to the vendor to complete the BC acquisition. At Q1-2012, LW's debt to GBV assets was 51.8%, and its cash balance was $28.6 million or about $1.17 per share.

Leisureworld Senior Care provides long-term care (LTC) services in Ontario, Canada. As of May 15, 2012, it owned and operated 26 LTC homes, representing 4,314 beds; 3 retirement residences comprising 323 suites; and 1 independent living residence with 53 apartments.

LW closed Tuesday's regular session down 1.00% at $11.88.

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