Alexander D. Goldfarb, Managing Director and Senior REIT Analyst in the research department of Sandler O’Neill + Partners, is currently recommending Spirit Realty Capital, Inc (SRC) even though the stock has recently been beaten up.
“Triple net may not be in vogue these days, but when you look at Spirit you are going to get 7% dividend yield, and you are getting 10%-ish earnings growth,” Goldfarb says. “That’s pretty compelling.”
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Despite concerns over interest rates, Goldfarb says investors are still getting 7% based on where Spirit’s stock is trading. He expects the company to post at least high-single, if not double-digit, earnings growth.
“And you have a company that continues to reduce its exposure to a major tenant, Shopko, which has weighed on the shares, so as they continue to reduce that, that should be a catalyst,” Goldfarb says.
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