DEA
Brought a small position in DEA today at $10.59. here is what I like.
1) DEA where I brought it has an impressive 10% yield so that alone since I think they can continue to pay it, makes it attractive.
2) DEA trades at a discount to book value. Which is another plus.
3) DEA Has guided for Core FFO for $1.15-1.17 in fy 24 and $1.17-1.21 in FY 25. What I liked is q3 Last quarter they show CORE FFo Growth on the EPS level last quarter, and I expect that to continue in q4 and beyond. I believe this Stock is worthy of a 12x on core FFO, hence I feel FV is in the $14-15 range.
4) DEA made a new 52 week low today, so it definetly at low end of the range to say the least.
5) DEA, the concern is office with the govenment may come under pressure, but I thnk the nervousness on the type of properties they rent out is waaaaaaaaaaaaaay overblown. Plus they have long-term leases that on average are 10 years out.
Conclusion: I think DEA is yet another beat up special, it offers a stock at 52 week lows, paying a 10% divy where i brought, trades at a discount to book, and Core FFO if anything is actually starting to show positive comps going foward. Time will tell. But I think DEA is worth the risk here. All is just my opinion and I could always be wrong though.
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