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Is 力拓 REIT (TSX:REI-UN) Stock on Road to Recovery?

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的股票价格 力拓 REIT  (TSX:REI-UN) 该公司第三季度盈余超过预期,并使其每月股息维持在0.12美元,该股上涨2.9%。投资者最大的担忧是削减股息的风险,这使该股下跌了2%。但其86.2%的派息率表明,它有足够的运营资金(FFO)来继续派发股息。

力拓’的收益表明了经济复苏的前景。加拿大看到COVID-19案件复活,但这一次它赢了’t lead to a nationwide lockdown like March. The government is well-prepared to handle a pandemic. Amid this uncertainty, the economic recovery will be modest 和 uneven. Despite this, 力拓 expects to maintain its 2020 FFO per unit in the $1.60 range, which will help it pay out an annual dividend of $1.44.

Is this the start of 力拓 stocks’ recovery? 

力拓 stock will take some time to recover as its financial figures are still lower than last year. These four key metrics show the earnings are recovering in the  第三季度  与上一季度相比

  • 力拓’的总租金收入从73.3%提高到93.4%。由于大多数租户支付了递延租金,所以两个季度的租金总和提高到88.9%。
  • 房地产投资信托基金拨出1,440万美元用于减租和呆账,上一季度为1,990万美元。这些准备金不是实际的现金损失。加拿大紧急商业租金援助(CECRA)涵盖了两个季度合并拨款(3350万美元)中的约1420万美元。
  • 在第三季度,人们关注的是它的承诺 入住率 , which fell to 96% from 96.4% in the previous quarter 和 97.2% in the last year quarter. The 入住率 fell as declining non-essential retailers, like Moores 和 Globo Shoes, closed some or all of their stores. 力拓 earned 0.9% rental income from these stores.
  • 封闭商店损失的租金(占总租金收入的0.9%)被签订新的租金(租金差价提高9.2%)所抵消。其续约租赁息差为4.6%。

所有 these four factors helped 力拓 report a net profit of $117.6 million 和 FFO of $128.8 million in the 第三季度 . This was a recovery from the previous quarter’净亏损3.508亿美元,FFO为1.099亿美元。

However, it will take 力拓 stock a little longer to recover to the pre-pandemic level of $27. For that, it needs to get back to 100% rent collection 和 over 97% 入住率 .

力拓 dividends are here to stay: Here’s more proof 

The improvement in cash flow shows that 力拓 will continue to pay the same dividend rate. The REIT maintained its dividend per share even when its FFO fell significantly. Moreover, it has $803 million in liquidity, which is sufficient to help it withstand a crisis in the short term. If needed, the REIT can raise capital against its $8.7 billion worth of unencumbered assets.

力拓 is also monetizing the projects under development. It is disposing of a partial or complete interest in some of the properties. It has so far earned $54.9 million of gross sale proceeds from disposition. 力拓 plans to dispose of some more developing 和 income-producing properties, which will fetch it $276.1 million in aggregate sales proceeds.

所有 these efforts show that 力拓 dividends are here to stay. It has ample cash 和 several ways of earning more of it.

你应该买股票吗? 

While the pandemic has impacted several financial metrics of 力拓, it has not reduced its dividend per share. Hence, the stock is down 46% to its 2009 level, but its dividend yield is high at 9.97%. This is a good time to lock in a high yield for a lifetime.

In the 2008-2009 financial crisis, 力拓 stock fell 43% 和 recovered in three years, growing 117% above its pre-crisis level. Taking a conservative approach, 力拓 stock could recover in three years by 2023 to the pre-pandemic level of $27, which represents an 85% upside from its current price.

If you invest $5,000 in 力拓, you could get $5,745 in investment income over 和 above your contribution (~$1,450 in dividends 和 $4,250 in capital appreciation). That’被动收入的丰厚回报。

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