Mission West Properties, Inc. (NASDAQOTH:MSW)

CAPS Rating: No stars

The Company acquires, markets, leases, and manages research and development properties, primarily located in the Silicon Valley portion of the San Francisco Bay Area.

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Member Avatar cottagetrees (< 20) Submitted: 3/10/2007 12:23:52 PM : Outperform Start Price: $12.97 MSW Score: -79.41

MSW is one of the largest pureplay REITs focussed on the volatile Silicon Valley, CA market. Although the company's revenues and FFO have underperformed most other nationwide office REITS over the last 5 years, the company is significantly undervalued based on current market values for its underlying assets. The silicon valley job market recently turned the corner in Q1 '07, and this will provide a stabilizing influence to the declining lease rates of the last 5 years that have hurt MSW. Another likely upside opportunity would be a private equity buyout at potential 2X today's levels. The company's controlling shareholder is past retirement age for most real estate moguls.

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