I looked at DXC and optically it's cheaper but it also has negatives which make it uninvestable except for when it's grossly misspriced.
I think WPR is mostly reacting to the over-renting commentary. If your whole portfolio is 5-10% over rented, the cap rate is 5.7% and your whole portfolio expires over the next 9 years, then it can get ugly.
Net rents go down rather than up, distributions decrease particularly as debt costs are rising and you get left with some sites where VEA do not exercise their option. Depending on the location of the site, it can be very difficult to sell vacant ones as the cost to remediate and demolish the existing structures are high. Well located sites will typically have their option exercised, so you generally will be left with the bad sites vacant too.
WPR Price at posting:
$2.34 Sentiment: Hold Disclosure: Held
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