Feb. 26 at 4:56 PM
$GNL Good call. Shifting to growth/acquisition mode from balance sheet restructuring/disposition mode. Dividend is safe going forward. Sounds like they want to address the market's concern over office exposure, but will only do so opportunistically. The AFFO multiple is still below peers, and the div yld is still really high relative to peers. I still think fair value is in the
$12-13 range. This would give it a mid-high AFFO multiple and a 6% yld, which is higher than peers. Getting there will be a grind. First step is to break
$10 this week.
