Paying out greater than AFFO is quite common practice in REITs when they're undertaking a development and going through a lease-up phase. Its something to keep an eye on, but not a red flag. However I am slightly concerned about the changing risk profile of RFF, we're moving further away from a passive landlord to becoming more of a landlord and developer - spending capex to develop uncontracted orchards.
I haven't don't too much research into the demand / supply dynamics of madamias but if this were to move strongly against us we may find ourselves un-tenanted and unable to monetise this capex leaving us with a hole in our AFFO. David has a wealth of experience in agriculture and i'm sure RFM have done the work to justify this, but something to keep in mind - especially as we're now reaching share prices 20%+ above NTA.
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Paying out greater than AFFO is quite common practice in REITs...
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Last
$2.04 |
Change
-0.010(0.49%) |
Mkt cap ! $792.0M |
Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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3 | 2272 | 2.030 |
8 | 29489 | 2.020 |
13 | 83279 | 2.010 |
43 | 112904 | 2.000 |
3 | 12709 | 1.995 |
Price($) | Vol. | No. |
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2.050 | 7428 | 1 |
2.060 | 1709 | 1 |
2.070 | 6635 | 3 |
2.080 | 2009 | 2 |
2.090 | 9709 | 2 |
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