-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們維持對NNN未來12個月的目標價不變，仍為47美元，相當於2026年FFO（營運資金）預估值的13.1倍，高於三年平均（12.7倍），這主要得益於NNN近期收購的物業表現良好。我們維持對NNN 2026年和2027年FFO預估值不變，分別為3.58美元和3.77美元。管理階層持續表示，日益激烈的市場競爭導致資本化率下降15-25個基點，我們認為這將是長期的不利因素。 NNN的收購項目儲備依然強勁，但我們不確定第一季1.45億美元、7.5%的資本化率是否可持續，並認為今年的初始資本化率可能會下降。管理層指出，隨著企業尋求替代融資和資產負債表管理方案，售後回租交易日益增多，這為 NNN 提供了大量基於關係的交易機會。我們認為，與 2024 年和 2025 年相比，租戶信用風險正在降低，因為管理層近年來積極尋找更具韌性、不易受電子商務成長影響的租戶。
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