UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Healthcare Trust of America Following Solid 1Q13 Results

In a report published Monday, BMO Capital Markets analyst Richard. C. Anderson reiterated a Market Perform rating on Healthcare Trust of America

, and raised the price target from $12.00 to $14.00. In the report, Anderson noted, “HTA reported solid 1Q13 results with 3.4% same-store NOI growth (above its ~2.5% long-term average). HTA's deep acquisition pipeline and declining AFFO payout ratio (108%) were among the other positive takeaways. We estimate HTA will achieve <100% dividend coverage by the second half of 2014, ahead of our 2015 estimate when we initiated coverage about a month ago. The 85% tenant retention rate represents progress toward the company's 90%+ target, although we enter the debate as to whether this could be above the efficient frontier – possibly leaving some rent growth on the table. No evidence of this so far considering the strong organic growth achieved in the quarter. Overall, we think HTA has made a successful first impression on the public stage having raised $400mm+ through public debt and equity markets, beating its historical SS growth average, and maintaining its investment momentum (although we will be watchful for quality versus quantity on the issue of acquisitions).” Healthcare Trust of America closed on Friday at $12.99.