We value AKR triangulating among NAV, AFFO multiples, and earnings and dividend growth valuations. Our target price methodology factors in company-specific premiums/discounts and takes into account capital needs (debt/developments), liquidity available, leverage levels, growth trajectory, and dividend security. Our $21 target price compares to our $21.81 NAV estimate.

Downside risks to our target price include weaker fundamental trends and higher market cap rates. Upside risks to our target price include stronger fundamental trends and lower market cap rates.