A Growth REIT At A Cheap Price, 5.6% Yield, And 30% Upside [Seeking Alpha]
GRAMERCY PROPERTY TRUST (GPT)
Last gramercy property trust earnings: 4/30 05:17 pm
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US:NYSE Investor Relations:
ir.gptreit.com
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Source: Seeking Alpha
A Growth REIT At A Cheap Price, 5.6% Yield, And 30% UpsideSummaryIndustrial REITs are one of the most expensive sub-sectors of the REIT market today – trading at an average valuation of 21.6 times 2018 FFO.Industrial space benefits today from high demand and above average NOI growth, but this appears to be more than priced in for most REITs.One value opportunity remains. Despite now generating about 77% of its NOI from industrial assets, Gramercy Property Trust continues to sell at up to 40% discount to industrial peers.The short-term growth will be limited as Gramercy finalizes its portfolio repositioning; however, over the longer term, we expect Gramercy to outperform as it closes its valuation gap with peers.The 5.6% dividend yield is well covered and is set for strong growth as Gramercy returns to being a net acquirer of properties.
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