WSR - Cigar-Butt Investing: Covid Discounts Among 4 REITs Offering 20-50% Upside

• The stock market and real estate companies are trading much higher than February 2020 levels. However, a few select deep values have yet to return to pre-Covid pricing levels.
• American Finance Trust and Whitestone both own various types of retail properties. They have outperformed their peers in terms of net operating income and rent collection levels.
• Both AFIN and WSR trade at massive valuation discounts compared to peer net lease and shopping center companies, measured by earnings multiples and net asset value.
• Franklin Street Properties and Columbia Property Trust are office REITs that have maintained steady and high rental collection rates, yet their stock prices are down significantly due to Covid.
• FSP trades at a steep discount to its peers, similar to AFIN and WSR. CXP, in contrast, presents a strong value proposition mostly due to its recent buyout offer.

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