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National Retail Properties, Inc. Message Board

  • busy26795 busy26795 Sep 25, 2013 9:37 AM Flag

    NNN Ladenburg $40 tgt.

    National Retail Properties: A Retail REIT that happens to have net leases - Ladenburg
    Ladenburg has come to believe that NNN's niche focus on single tenant net lease (STNL) retail makes shopping center REITs a better comp for NNN vs. other net lease REITs, which have become increasingly exposed to office/industrial assets. They also believe the market is unfairly valuing NNN (and other net lease REITs) on Price/FFO, which gives NNN no credit for its lack of recurring capex and leasing costs. With that in mind, they do not believe NNN's deep ~25% AFFO multiple discount to the average shopping REIT under $5B in market cap is warranted after taking a closer look at how the REIT generates AFFO growth on a comparative basis; $40 tgt.

    Sentiment: Strong Buy

44.66May 26 4:02 PMEDT