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Necessity Retail REIT 배당 및 자사주 매입
배당 기준 점검 2/6
Necessity Retail REIT 은(는) 현재 수익률이 11.17% 인 배당금 지급 회사입니다.
핵심 정보
11.2%
배당 수익률
-0.7%
자사주 매입 수익률
| 총 주주 수익률 | 10.5% |
| 미래 배당 수익률 | 11.2% |
| 배당 성장률 | -18.5% |
| 다음 배당 지급일 | n/a |
| 배당락일 | n/a |
| 주당 배당금 | n/a |
| 배당 성향 | 163% |
최근 배당 및 자사주 매입 업데이트
Recent updates
Seeking Alpha • Oct 19
Necessity Retail REIT: Significantly Undervalued Despite Strong FFO
Summary Necessity Retail owns and operates well-diversified properties and has a substantially strong financial position. Recently, stocks have pulled back to a lower level and are trading at about 6 times its FFO. Acquisition of CMI group has led to an all-time high FFO in the recent quarter, but due to the current adverse economic conditions faced by the retail REIT industry, the stock has become substantially undervalued. According to the earnings forecast, dividend yield per share for the year FY2022 will exceed 14%. Necessity Retail (RTL) is a real estate investment trust which operates diversified retail and office real estate; since its inception in 2013, the company has acquired substantial properties over the period. It currently owns 1056 properties, accounting for about 28.9 million rentable square feet, which includes 944 single-tenant net-leased commercial properties and 112 multi-tenant retail properties. Currently, about 90.8% of the company's portfolio is leased. The company is managed by a third-party advisor and over the period, management has taken many vital decisions which have created good value for the shareholders. RTL is financially stable and has a substantially diversified tenant base, which provides consistent solid rental income. Along with that, it has substantial liquidity with no significant near-term debt maturity except $289 million due in FY2023, which according to management, will be reduced soon through the strategic disposition of the company's underperforming properties. The investor should also note that RTL has a strong cash flow and consistent dividend payment history. Even in the adverse condition of FY2020, the company paid substantial dividends. Even in the current adverse economic conditions for REITs, where some REIT operators, such as Pennsylvania Real Estate Investment Trust (PEI), have filed for bankruptcy, RTL has been producing record-high revenue and FFO. But due to the inflationary environment and the trouble faced by retail REITs, the company's stock has been dropping and over time has become substantially undervalued; I believe the stock has a substantial upward potential at this price. Historical performance Since its inception, management has focused on acquiring primarily net leased and single-tenant service retail properties, but in December 2021, management changed its focus towards multi-tenant retail centers and signed a purchase agreement to acquire 79 multi-tenant retail centers and two single-tenant properties (CIM portfolio) for $1.3 billion; as a result, over the last few quarters debt levels have increased significantly with substantial equity dilution. As a REIT company has to pay over 90% of its taxable income through dividends, therefore debt and equity dilutions remain a significant source for the REIT to grow its operations during adverse economic conditions; if REIT fails to generate adequate cash, then it has to rely on debt and equity dilution to maintain its operations and during those periods raising funds becomes so expensive and challenging which further puts significant pressure on the company's financials, hence to analyze company's past performance in various economic conditions becomes so important to assess the overall risk. Financials (in million dollars) (Author) Due to consistent acquisitions, over the period, the company's revenue has increased substantially, it is appreciated that even in the adverse condition of FY2020, the company could generate substantial FFO and has been paying out significant cash flow as a dividend, which reflects that the company could sustain its FFO even in adverse economic conditions, also note that the company has a strong record of dividend payments. Debt and equity financing Historically, the company had substantially high-interest rates on its debt facilities, but with time, due to its strong balance sheet and a well-diversified portfolio, RTL could obtain financial debt at a reasonable cost. Over the last two years, debt has increased significantly, primarily due to strategic acquisitions to expand the property base and add high-yielding rental properties. Also, note that recently borrowed debt has more attractive interest rates than the historical level. Debt Maturity (Annual Report) In the current adverse economic environment, many retail REIT operators are facing considerable problems in renewing debt facilities. Some REIT operators have filed for bankruptcy because of their inability to comply with debt maturities, but in the case of Necessity Retail, there is no significant debt maturity till 2025, except for $289 million due in FY2023, which according to management will be reduced soon through the strategic disposition of the company's underperforming properties. Investors should also consider that management has strategically reduced the effect of interest rate fluctuation by locking interest rates at reasonable levels; currently, about 83% of the company's total debt has fixed interest rates, which has enabled the company to keep interest rates at moderate levels when the overall interest rates in the United States are hiked due to an inflationary environment. Strength in the business model Having a much stronger customer base and a well-diversified tenant portfolio gives the business model substantial strength even in adverse economic conditions. Diversified tenant base Tenant Portfolio (Investor Presentation) The significant risk for REITs lies in their customer concentration; if these high revenue contributing leases goes bankrupt, REIT's ability to comply with financial obligations affects severely, which leads to significant deterioration in shareholder value, but in the case of RTL, the tenant base is substantially diversified amongst the various industries, which helps the company to earn stable rental earnings even in adverse economic conditions. Well-balanced lease maturity Lease Maturity Schedule (Investor Presentation) RTL has a well-balanced lease maturity with a weighted average remaining term of 7.3 years, which will produce significant rental income for a more extended period. Also, RTL doesn't have any considerable lease expiry in the next two years, majority of the company's contracts are for the much longer term, which will help the company produce good cash flows even if the current economic situation takes longer time to recover, but the investor must concern that, during recessionary environment, many retailers can go bankrupt, which might affect the company's rental income and cash flows. Strong customer base Investment Grade Tenant (Investor Presentation) RTL has a strong and solvent customer base with substantially good investment ratings by Moody's; approximately 57.9% of tenants in the single-tenant portfolio were considered "investment grade," and about 30.0% of the anchor tenants in the multi-tenant portfolio were considered "investment grade." Along with it, the company has a higher percentage of investment grade, service-oriented tenets compared to its peers, reflecting that the management's approach towards selecting tenets is extremely conservative compared to its peers. Due to management's conservative approach in selecting tenets, the company's portfolio remains free of tenant bankruptcies even when the other retail property owners are facing a lot of trouble. Second quarter highlights Quarterly Income Statement (Annual Report)Seeking Alpha • Oct 03
Necessity Retail REIT declares $0.2125 dividend
Necessity Retail REIT (NASDAQ:RTL) declares $0.2125/share quarterly dividend, in line with previous. Forward yield 14.46% Payable Oct. 17; for shareholders of record Oct. 13; ex-div Oct. 12. See RTL Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Aug 18
Necessity Retail REIT: 10% Yield, 40% Upside, Deep In Debt
Net Lease REITs are the third-best performing REIT sector so far this year. Necessity Retail has not kept pace with Net Lease REITs, but its 4.99% total return has widely outpaced the VNQ thus far. This 10% yielder has 40% upside, according to Wall Street analysts. Management went on an epic buying spree in the first half, financing it with debt and share issuance. This article examines growth, balance sheet, dividend, and valuation metrics for this small-cap REIT. Net Lease REITs are the third-best performing REIT sector so far this year. According to Hoya Capital Income Builder, Net Lease REITs as a whole have returned a gain of +1.13% YTD, while the Equity REIT average shows a loss of (-12.32)%. Hoya Capital Income Builder Necessity Retail's (RTL) 4.99% total return has outpaced the Net Lease REIT sector as well as the VNQ thus far. RTL Total Return Level data by YCharts What is the secret of this company's success, and is it likely to continue? Meet the company Necessity Retail Founded in 2013 and headquartered in New York, Necessity Retail is a small-cap Net Lease REIT, with a market cap of $1.07 billion. The company owns 1,057 properties in 48 U.S. states, with just 90.9% occupancy, earning $389 million per year in SLR (straight-line rent), on leases with a remaining average term of 7.2 years. RTL is externally managed by AR Global, which also manages mousetrap REIT Global Net Lease (GNL). RTL divides its portfolio into 4 segments: Single-Tenant portfolio (48% of SLR), rented long term to primarily stable investment grade tenants, this segment includes 941 properties, comprising 12.3 million square feet, with occupancy of 95.7% (much higher than the total portfolio average), 9.9-year average remaining lease term, 81% leased to retail and 17% leased to industrial tenants. Power Center portfolio (28% of SLR) anchored by national brand retailers. Anchored Center portfolio (13% of SLR) featuring multiple big box stores. Grocery Center portfolio (11% of SLR), anchored by grocery stores and highly resistant to economic downturns due to necessity-driven and in-person nature of grocery shopping. RTL website The Power, Anchored, and Grocery-centered segments, also known as the "open-air portfolio," combine for 113 properties across just 29 states, with 17.0 million square feet, and occupancy of just 87.6%. Only 41% of the tenant are investment grade, and average remaining lease term much shorter, at 4.6 years. However, these three segments still account for 52% of SLR when combined. Management aims to raise occupancy by about 5%, to the low-to-mid 90's. The overall tenant base is appropriately diversified, with the top customer (Trust Bank) accounting for just 3.9% of SLR, and the top 10 together contributing just under 30%. Tenants include many well-recognized national brands. RTL website RTL is highly diverse geographically. Although 57% of SLR comes from the Sunbelt, the balance is spread all across the country, especially in dense suburbs with "community-centric lifestyles." The heaviest concentration is in Georgia, which accounts for only 10% of SLR. RTL website Tenants are also highly diverse by industry. Out of 44 industries represented in the tenant base, gas/convenience stores lead the way at just 8% of SLR, followed by discount and specialty retailers, at 7% each. RTL website The company's acquisition strategy focuses on: Credit-worthy tenants with robust unit-level financial metrics and competitive advantages in sustainable industries, and Locations that serve as a central neighborhood destination for nearby residents, In secondary U.S. markets with strong growth profiles and demographics. For their single-tenant segment, they seek service-oriented retail properties. For the open-air segment, they look for necessity-based and downturn-resistant retail. Management went on a buying spree in H1, adding 79 multi-tenant properties to the open-air segment, and 12 single-tenant properties. The open-air center acquisitions cost a staggering $1.3 billion, growing the company's total square footage by about 10 million, an increase of 45%. Quarterly results Here are the Q2 highlights, according to the company's 10-Q for Q2 2022: Revenue from tenants was up 43.3% YoY (year-over-year), at $116.9 million. Operating expenses exploded by 144% YoY, to $153.5 million. Property operating expense more than doubled to $27.5 million, G&A expense more than doubled to $8.4 million, and the company showed a huge leap in "impairment of real estate investments," from $91 thousand to $59 million. This impairment charge reflected the company's decision to remove from their books a property in Minnesota that they intend to sell. Once interest expenses are added in, the company lost $50.5 million in Q2, compared to a loss of "only" $1.5 million in Q2 2021. Net loss per share was (-$0.43), compared to (-$0.07) in Q2 2021. RTL increased share count by 19.6% over the past 12 months. Net cash from operations was $104.6 million, up 60% YoY. Total capex $1.8 million, down from $4.4 million YoY. Same-store NOI of $16.5 million, down 13.5% YoY. Newly-acquired stores posted $21.1 million in NOI. FFO of $35.7 million, up 42.6% YoY, thanks to acquisitions. FFO per share $0.27, up 17.4% YoY. Completed acquisition of $1.3 billion worth of open-air shopping centers. For the first half of 2022, these are the highlights: Revenue from tenants of $211.9 million, up 31.8% YoY. Net operating income of $44.2 million, up 28.5% YoY Net loss of (-$4.65) million, compared to (-$5.24) million in H1 2021, after factoring in interest expense. Net loss per share of (-$0.13), compared to (-$0.16) in H1 2021. Share count increased by 19.1% YoY. Total assets of $4.7 billion, up sharply from $3.8 billion YoY. Total capex $5.2 million, down from $6.8 million YoY. Base rent revenues in 2023 will be $353 million, tapering off each year to just $223 million by 2027. Company 10-Q for Q2 2022 Rent collections for RTY were hit hard during the 2020 pandemic, but have recovered to 99% as of Q2. Growth metrics Here are the 3-year growth figures for FFO (funds from operations), TCFO (total cash from operations), and market cap. Metric 2019 2020 2021 2022* 3-year CAGR FFO (millions) $98.6 $97.0 $97.3 $137.2 -- FFO Growth % -- (-1.6) 0.0 41.0 11.6% FFO per share $0.93 $0.90 $0.83 $1.03 -- FFO per share growth % -- (-3.2) (-7.8) 24.1 3.5% TCFO (millions) $105.6 $92.7 $145.3 $210.0 -- TCFO Growth % -- (-12.2) 57.7 44.5 25.75% *Projected, based on H1 2022 results Source: TD Ameritrade, CompaniesMarketCap.com, and author calculations The picture above tells a clear story. Of course, like all retail, RTY was hit by COVID, but because of the essential nature of its stores, the setback to FFO was relatively mild, and the 41% surge this year results in double-digit 3-year growth. But FFO/share is another matter, lagging FFO every year, and growing by only 3.5% as an annual average. This means the company is issuing new shares faster than it is growing revenue. Meanwhile, cash flow took a hit in 2020, but has roared back in each of the last two years at phenomenal rates. Meanwhile, here is how the stock price has done over the past 3 twelve-month periods, compared to the REIT average as represented by the Vanguard Real Estate ETF (VNQ). Metric 2019 2020 2021 2022 3-yr CAGR RTY share price Aug. 15 $12.24 $7.45 $8.57 $8.02 -- RTY share price Gain % -- (-39.1) 15.0 (-6.4) (-13.14)% VNQ share price $90.25 $81.15 $106.76 $102.26 -- VNQ share price Gain % -- (-10.1) 31.6 (-4.2) 4.25% Source: MarketWatch.com and author calculations RTY's share price has underperformed the VNQ in each of the past 3 years. Investors have seen an average annual loss of (-13.14)%, compared to the VNQ's plodding 4.25% gain. RTY's superior dividend yield does not cover that 17.4% gap. It has been a mousetrap of significant proportions. Balance sheet metrics Here are the key balance sheet metrics, and this is where RTY presents the greatest cause for concern for investors. Company Liquidity Ratio Debt Ratio Debt/EBITDA Bond Rating RTL 1.58 55% 17.4 BB Source: Hoya Capital Income Builder, TD Ameritrade, and author calculations The company's Liquidity Ratio of 1.58 is down considerably from the 1.81 mark they held at the close of 2021. The company's total debt for mortgage notes, senior notes, and credit facility loans comes to $2.75 billion as of June 30. The weighted average interest rate is 3.8%. RTL's weighted average debt maturity is 4.6 years, and 83% of its total debt is fixed rate. The company has cash and equivalents of $87 million through Q2, down from $237 million in H1 2021, despite a $390 million jump in cash from financing in H1 2022. Cash from investments netted (-$686 million) in H1, nearly 10 times the outflow in H1 2021. Total liquidity, including undrawn available credit, stood at just $108 million on June 30.Seeking Alpha • Aug 03
Necessity Retail REIT FFO of $0.27 beats by $0.01, revenue of $116.9M beats by $14.44M
Necessity Retail REIT press release (NASDAQ:RTL): Q2 FFO of $0.27 beats by $0.01. Revenue of $116.9M (+43.3% Y/Y) beats by $14.44M.Seeking Alpha • Jul 01
Necessity Retail REIT declares $0.2125 dividend
Necessity Retail REIT (NASDAQ:RTL) declares $0.2125/share quarterly dividend, in line with previous. Forward yield 11.68% Payable July 15; for shareholders of record July 11; ex-div July 8. See RTL Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Jun 08
Necessity Retail REIT: High Yield, Low Debt, Longer-Term Investment
An ATM program for RTL’s equity and preference shares is in existence for the past 3 years, which has demotivated investors to a large extent. RTL’s portfolio of service-oriented and traditional retail and distribution-related commercial real estate properties has high occupancy rates. Soon after the shares of RTL started effectively trading in the market, it has been generating a double-digit dividend yield.Seeking Alpha • Mar 28
Necessity Retail REIT: 11% Yield But We Prefer The Preferreds
We had a trade on common shares of The Necessity Retail REIT when we last covered it. We had also suggested that the preferred shares offered one of the most resilient choices in that universe. We go over where we stand with both today.Seeking Alpha • Dec 09
American Finance Trust: A Good Risk-Reward Setup
We last covered American Finance Trust and told you why we thought the preferred shares had merit. We go over some more recent developments and explain how that has validated our thinking. The preferred shares remain a rare strong piece of high yield in this market that we can get behind.Seeking Alpha • Sep 22
American Finance: Preferred Shares Offer Good Buffer For Rising Rates
American Finance Trust is a triple net REIT offering a high dividend yield. The preferred shares though have a very large buffer from an asset coverage and FFO coverage. We explore the value of paying over par for these today.Seeking Alpha • Sep 11
American Finance Trust: 7.375% Shares Are Still Attractive Thanks To Superior Dividend And Asset Coverage Ratio
American Finance Trust's preferred shares are in good shape thanks to AFIN's strong balance sheet and FFO. AFIN continues to sell its own shares (and preferred shares) on the market, which further boosts the equity side of its balance sheet. I own AFINO and I'm not chasing the stock here as I already have a full position, but I would for sure add on weakness.분석 기사 • Feb 20
What Type Of Returns Would American Finance Trust's(NASDAQ:AFIN) Shareholders Have Earned If They Purchased Their SharesYear Ago?
While not a mind-blowing move, it is good to see that the American Finance Trust, Inc. ( NASDAQ:AFIN ) share price has...지급의 안정성과 성장
배당 데이터 가져오는 중
안정적인 배당: RTL 10년 미만 동안 배당금을 지급해 왔으며 이 기간 동안 지급액은 휘발성이었습니다.
배당금 증가: RTL 5 년 동안만 배당금을 지급해 왔으며 그 이후 지급액이 감소했습니다.
배당 수익률 vs 시장
| Necessity Retail REIT 배당 수익률 vs 시장 |
|---|
| 구분 | 배당 수익률 |
|---|---|
| 회사 (RTL) | 11.2% |
| 시장 하위 25% (US) | 1.4% |
| 시장 상위 25% (US) | 4.2% |
| 업계 평균 (Retail REITs) | 4.5% |
| 분석가 예측 (RTL) (최대 3년) | 11.2% |
주목할만한 배당금: RTL 의 배당금( 11.17% )은 US 시장에서 배당금 지급자의 하위 25%( 1.41% )보다 높습니다.
고배당: RTL 의 배당금( 11.17% )은 US 시장( 4.24% )
주주 대상 이익 배당
수익 보장: 지급 비율 ( 163.1% )이 높기 때문에 RTL 의 배당금 지급은 수익으로 잘 충당되지 않습니다.
주주 현금 배당
현금 흐름 범위: 현금 지급 비율 ( 195.1% )이 높기 때문에 RTL 의 배당금 지급은 현금 흐름으로 잘 충당되지 않습니다.
높은 배당을 제공하는 우량 기업 찾기
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2023/09/13 22:02 |
| 종가 | 2023/09/11 00:00 |
| 수익 | 2023/06/30 |
| 연간 수익 | 2022/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
|
|
| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
|
* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
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분석 모델 및 스노우플레이크
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산업 및 섹터 지표
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분석가 소스
The Necessity Retail REIT, Inc.는 5명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Brian Hollenden | Aegis Capital Corporation |
| Bryan Maher | B. Riley Securities, Inc. |
| Mitchell Germain | Citizens JMP Securities, LLC |