Hi Tiago, just reading the above from back in Feb, and with O now dropped to $57.60 per share approx 15%

Do you see further downside for this company ? Was also looking at MAIN who are down Aporox 20+%

Would love to get your views on these 2 REIT’s



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There's always potential downside, and particularly in a rising interest rate environment we will likely find that the "hidden earnings" we've been seeing with REITS over the past decade will be replaced with "hidden losses".

Ultimately it's a question of what are the true earnings of the business, and I remain unconvinced that AFFO is a solid metric to judge that, so I must default to regular earnings, which gives us a significantly lower value.

I don't feel the company is particularly undervalued at this time, though given its ongoing customer commitments and inflation adjustments in the contract, the dividend is unlikely to be at risk. If you're purely an income investor, $O is probably fairly attractive right now, though I wouldn't expect any real growth.

Main is not a REIT, they are a BDC which do have similar regulatory framework. I used to own it, and I honestly quite liked it, but I haven't had a look at their books in a while.

I might look into them again soon.

Best regards!


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