Jefferies Revises SNH Estimates

Jefferies is revising its Senior Housing Properties SNH 2010, 2011, and 2012 FFO/sh estimates to $1.69, $1.78, and $1.95, from $1.71, $1.84, and $1.98, respectively. “Our adjustments primarily reflect earlier-than-expected dilution from the recent equity raise (14.375M shares), as we had initially modeled a $250M debt offering in 1Q 2011 and a $250M equity issuance in 2Q 2011,” Jefferies writes. “We are maintaining a $200M debt offering in 1Q 2011 as permanent funding for the closing of the remaining portion of the CWH deal ($243.6M). Our 12-month price target remains unchanged at $27.” Senior Housing Properties closed Monday at $21.27.