No. of Recommendations: 5
- Triple net REIT,
- with $0.8 dividend
- 100% occupancy as of Dec 2020 and for Oct, NOV & Dec
- 100% rent collection
- exposure to the casual dining sector was reduced from 4.5% to 2.2%
- no exposure to any theater, health club or early childhood education tenants
- For 2021, Net acquisition is expected to be $320 M
Given, 4.5% yield, with a small price appreciation, expect 10% return. I have opened a 1.5% position.
No. of Recommendations: 1
How do they fund acquisitions? Disposals and reallocation or are they tapping a credit facility?
No. of Recommendations: 1
They have credit facility that is not drawn much.
No. of Recommendations: 0
They also have $93 million in cash
No. of Recommendations: 1
Cash is from their IPO in September no? It's a good portfolio. I don't know that much about management or why they decided to go public. Assuming NTST was a private REIT or PE portfolio before going public. Any idea who the largest shareholders are?
No. of Recommendations: 1
No new surprises in the 4Q results.
- $92 M cash
- $320 M acquisition planed;
- I expect the company to issue at least $50 to $75 m equity
- Still not clear how all this acquisition will convert into AFFO
