Spirit Realty Capital (NYSE:SRC) sinks 4.3% after Raymond James analyst Collin Mings downgrades the REIT on the view that less favorable cost of equity vs. its peers will limit its FFO/AFFO per share growth.
Cut to underperform from market perform, partly due to higher interest expense projections as the company addresses upcoming debt maturities.
Valuation spread with peers likely to persist in near term as growth seen lagging, Mings writes.
Source: Bloomberg First Word.
Analyst ratings: 3 buys, 9 holds, 1 underperform/sell.
Previously: More on Spirit Realty Q3: Reaffirms year FFO guidance (Nov. 5)
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