Don't Count Out Net Lease REITs [Seeking Alpha]
STORE Capital Corporation (STOR)
Last store capital corporation earnings: 2/20 06:45 am
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US:NYSE Investor Relations:
storecapital.com
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Source: Seeking Alpha
Don't Count Out Net Lease REITsSummaryNet lease REITs were crushed by the recent rise in interest rates, which have been the kryptonite for the otherwise healthy sector. Investors remain wary of rate-sensitive real estate sectors.Solid 1Q18 earnings, combined with signs of stabilization in the rate markets, have prompted a rally and restored the coveted NAV premium. Fundamentals remain strong across the sector.Low valuations, however, can be a problem for the business model. Net Lease REITs have historically relied on equity issued at a NAV premium to accretively fuel their acquisition pipeline.Through challenging times, investors have applauded these REITs' ability to effectively and nimbly adapt their capital allocation strategy based on market conditions.Realty Income, National Retail, and STORE Capital continue to plow ahead with accretive acquisitions. Spirit and VEREIT, meanwhile, are slowly but surely regaining investor confidence with prudent capital management.
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