RE:RE:REITsFrom the news release,
Management has undertaken an analysis of the REIT's distribution payments, with a specific focus on expected 2024 operating results and cash flows, including the maturity of the in-place interest rate caps in Q1 2024 (which is expected to decrease the REIT's AFFO per unit by approximately $0.16 - $0.20 per annum).
Q2 AFFO was only 13 cents. However, adjusting for the non-recurring component of management fees, AFFO would have been 15 cents; equivalent to 60 cents annually.
Management is guiding to a 2024 AFFO decrease of 16 - 20 cents.
So, we're looking at 40 something, maybe an 80% payout ratio.
Not great.
At an 8% dividend yield, stock price would be $4.50.
Allied Properties and Dream Office both yield over 9%.