A.G. Edwards analyst Bill Camp says he continues to believe that, among the publicly traded equity REITs, Spieker remains among the top in terms of FFO/share growth projections into 2001.
At projected growth of 19.4% for 2000 and 13.8% for 2001, Spieker remains attractively valued despite its above average Price/FFO multiple (13.3x), says Camp.
"Despite the nearly 50% increase in share price, we believe SPK offers investors an opportunity to capture one of the highest FFO/share growth projections in the REIT industry," said Camp. "Investors can capture this at a below average growth multiple (0.7x for 1999-2001 versus a peer group average 1.0x). Additionally, SPK shares trade at an approximate 10% discount to our estimated NAV of $59.81."
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