Financial PerformanceThe combined company has a slightly higher than average level of debt and preferred at approximately 74%, indicating potential financial strain compared to industry norms.
Uncertainty In StrategyDespite recent progress, the de-leveraging plan is likely to extend into 2025, creating uncertainty and suggesting a discounted valuation is appropriate.
ValuationLeverage is considerably above net-lease REIT peers, suggesting a valuation discount is appropriate due to the financial risk.