Janney Montgomery Scott Initiates Coverage on Mission West Properties (MSW) with a Buy
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Janney Montgomery Scott initiates coverage on Mission West Properties (NYSE: MSW) with a Buy. Fair Value $9.
Janney analyst says, "Mission West Properties, Inc. is an equity REIT that acquires and manages research and development (R&D) office properties in California's Silicon Valley. As of September 30, 2008, Mission West's portfolio of 8.0M sq. ft. was 66.7% occupied, and the majority of its rents came from top-tier tenants such as Microsoft (Nasdaq: MSFT) (15.1%) and Apple, Inc. (Nasdaq: AAPL)(11.1%)...We expect MSW’s return to outperform the industry average as value-oriented and non-dedicated REIT investors are attracted disproportionately to the REIT’s transparent structure, high quality earnings, low debt maturity risk, and attractive dividend. Our 12-month fair value of $9/sh would put the stock on par with reNAV, which we view to be appropriate given the REIT’s strong balance sheet."
Mission West Properties, Inc. acquires, markets, leases and manages research and development (R&D) properties, primarily located in the San Francisco Bay Area.
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