J.P. Morgan Adjusts HCN Estimates

J.P. Morgan has adjusted its normalized 2011 and 2012 FFO estimates on Health Care REIT Inc. (NYSE: HCN) to $3.39 and $3.80/share from $3.37 and $3.81/share, respectively.

“These estimates exclude the impact of one-time items and acquisition costs,” J.P. Morgan writes. “Our revised estimates reflect the closing date of the recently announced $1.4 billion unsecured bond issuance as well as an update on the timing of a number of recently announced acquisitions.

“Our revised 2011 estimate sits $0.02/share above the midpoint of the revised guidance range of $3.32 to $3.42/share. We note that this guidance was increased on April 4, 2011 by $0.07/share at the midpoint from $3.25 to $3.35/share previously.”

Health Care REIT closed Wednesday at $52.74.