I think it's worth a little over $10. Price to FFO and yield for the quality of the portfolio is slightly better than other triple-net REITs of similar quality. Price to book is OK. The management team is good, and that really matters in the changing rate environment. I got most of mine a little under $10 right before the tapering speculation came out, so all REITs took in on the chin, but I kept buying at $9.78, $9.31, and $9.07. The company is really solid, but the environment for REITs isn't the best with the rising bond rates and jittery stock market. On the other hand, newly listed formerly private REITs historically have had a pretty good trajectory, so I'm holding for the long term. After the dutch auction, price to FFO will improve by about 5% so that's something.
Splendid answer, hi_concept. I had really been wondering about the track record of newly listed private REITs. This the first time I have invested in such situations. The numbers look good, but I was worried that there was some sting in the tail.
I probably would have bought more, but they didn't support the offering very well. They should have waited until a time they could get more buying interest. I don't like when an ipo breaks issue price. You are right that other Reits have done well recently...except this one.