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AFFO captures the effect of this CAPEX which is why I consider it to be a superior metric for data center REITs.
BIP's peak pessimism was easily observed as its forward AFFO per share multiple fell to 8.77x at its October lows, well below its 10Y average of 14x.
Currently, CPT is priced at a P/AFFO multiple of 17.74x which is well under their normal AFFO multiple of 22.00x.
Source: https://seekingalpha.com/article/4607727-5-reits-for-the-old-geezer?source=feed_all_articles
However, this year, compared to others, we place a higher weighting on our AFFO growth model and dividend model.
Source: https://seekingalpha.com/article/4567666-2023-chilton-reit-forecast?source=feed_all_articles
I believe that this is fairly safe because the company has paid a dividend for 29 years, has been steadily increasing it in the last 5 years, and the payout ratio is 72.04% based on AFFO.
I currently have no position, as I don't expect the AFFO per share to suddenly increase again until we have gone through the refinancing cycle.
I expect Plaza to report a full-year AFFO of C$0.32-0.34, and this will likely remain pretty stable given the stacked maturity dates of the mortgages.
I'm not counting on an AFFO of C$0.70 per share for this year, but it should be a target for 2024.
On an annualized basis, PDM is generating about $1.29/share in AFFO based on Q3 AFFO of approximately +$40M and their current share count of about 123.8M.
On an annualized basis, PDM is generating about $1.29/share in AFFO based on Q3 AFFO of approximately +$40M and their current share count of about 123.8M.
So, you know, you've laid out this, the multi-year AFFO target is, I believe the average over the next number of years is 10% plus, is the goal that that you've laid out.
This is why it's important to focus on AFFO which accounts for maintenance costs.
This means the 9M 2022 AFFO per share already came in at $0.733, and for the entire financial year we can probably expect a result north of US$0.95 but lower than US$1.
Unfortunately, as a result of the pandemic and forced closures, SPG's AFFO fell by -20% in 2020 and forced the company to cut its dividend from $8.30 per share in 2019 to $6.00 per share in 2020, representing a dividend cut of approximately -27.
Source: https://seekingalpha.com/article/4659268-know-when-to-fold-em?source=feed_all_articles
We can expect the AFFO per share to come in around C$0.90 in 2023 and perhaps 1-2 cents per unit higher in 2024 (depending on the refinancing strategy and rent hikes).
W.P. Carey’s ad-hoc announcement in September to spin off its office properties also did some damage to sentiment and created AFFO and dividend uncertainty in the short term.