AFFO per share has flat lined at ~$0.22 per quarter over past several quarters. Over the past several quarters, revenue is up from $33 million to $51 million while NOI has increased from $24 million to $40.6 million. The growth has been driven by acquisitions, financed mostly with equity.
where exactly is the accretion from any of these deals? It hasn't materialized.
I always worried about these external management structures that they prioritize getting bigger because that is what drives their "asset management fees". While AFFO per share was flat in 2022 compared to 2021, asset management fees paid to Slate increased from $6 million in 2021 to $8.5 million in 2022, an increase of 42 percent, after jumping 17 percent in 2021 vs 2020.
while this is a reasonable yield and held up pretty well thru Covid, previous statements on management calls on deal accretion quite evidently haven't come to fruition. The only parties experiencing growth in distributions here has been Slate Management (and the bankers doing the equity deals). Hope this changes going forward.