UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Healthcare Realty Trust After 4Q12 Call

In a report published Monday, BMO Capital Markets reiterated its Outperform rating on Healthcare Realty Trust

, and raised its price target from $27.00 to $29.00. BMO Capital Markets noted, “The tone of the 4Q12 call was upbeat, and because of the steady progress getting the 12-property stabilization in progress (SIP) occupied, HR (usually tight to the vest about the future) even made a positive comment about the growth potential in 2014. At 60% leased and 41% occupied, the SIP portfolio will likely be 80% leased (and roughly 70% occupied) by year end. The rolling impact to future years looks meaningful to us, with most of the new NOI making it to the bottom line because no new development activity is currently underway (i.e., no offsetting earnings drag). That isn't to say HR won't start a few new developments, but the investment market for medical office has shifted to acquisitions (as evidenced by our modeling assumptions). Finally, we note that HR's new 2013 disclosure is a nice improvement and should help target analysts estimates. And expanded same store disclosure and the recent addition of NAV-related variables demonstrate a company willing to listen and make changes for the better.” Healthcare Realty Trust closed on Friday at $25.94.