Year Affo Distribution
2023.
$0.63. $0.60 2022. $0.94. $0.60*
2021. $0.96. $0.59*
2020. $1.02. $0.54
2019. $1.05. $0.54
2018. $0.97. $0.99
The company paid a special distribution in 2022 * and 2021 * of $0.16 and $2.39 respectively.
I've computed the average price to affo ratio using year end share prices and ttm affo.
The following chart is the distribution yield using year end prices. I've excluded the special distribution.
Year Price/unit Yield P/affo
2023. $6.63. 9%. 10.52
2022. $9.01. 6.65%. 9.58
2021. $11.94. 4.94%. 12.43
2020. $10.66. 5.06%. 10.45
2019. $11.90. 4.53%. 11.33
2018 $9.24 10.7%. 9.52
The range for the yield is as low as 4.94% in 2021 and as high as 10.7% in 2018. The average yield is 6.81%. The current ttm yield is 9.52%. This is a significant difference.
The range for the price to affo multiple is as low as 9.52 in 2018 and as high as 11.33 in 2019. The average multiple is
10.63. The current ttm price to affo multiple is 10.34 or slightly below the average.
A few things worth noting. The distribution is converging with affo and should be monitored going forward. Even if we exclude 2023 as an outlier year, there hasnt been any growth in its affo/unit since at least 2018. Still, there is potential they can at least get back to 2022 levels when interest rates normalize.