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Recent Articles
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Energy Transfer’s Lofty Distributions Are Much More Sustainable These Days
Feb 19, 2024
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Image: Energy Transfer covered its distributions with traditional free cash flow in 2023, and the company offers investors an elevated distribution yield.
Energy Transfer reported mixed fourth-quarter results on February 14, but the company’s traditional free cash flow metrics continue to hold up well, providing support to its lofty distribution. Years ago, pipeline entities were spending much more than they reasonably could to be able to sustain their distributions at prior levels, and many have readjusted both their capital spending trajectories as well as their distributions over the years. These days, pipeline entities such as Energy Transfer, with their geographically diversified portfolio of assets, are in much better shape to sustain their payouts. Units of Energy Transfer yield ~8.7% at the time of this writing.
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Tanger’s External Growth Activity Looks Encouraging
Feb 17, 2024
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Image Source: Tanger Inc.
Tanger Inc. is an owner and operator of outlet and open-air retail shopping destinations, and the REIT has done a great job of late, with shares advancing more than 50% during the past year. While traditional real estate equities have languished, Tanger has managed to keep moving in the right direction. The REIT reported better than expected fourth-quarter results February 15, and its ~3.6% dividend yield isn’t too shabby. For investors looking to take a leap into retail REITs, Tanger may be among the top considerations.
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Digital Realty Trust Has Bucked Broader REIT Sector Weakness
Feb 17, 2024
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Image: Digital Realty Trust has outperformed the broader REIT sector by quite the margin since the beginning of 2023.
Real estate investors have had a difficult time the past year, with shares of the Vanguard Real Estate Index ETF falling roughly 6% versus a 22%+ return on the S&P 500, both measured on a price-only basis. Data center REIT Digital Realty, however, has bucked the trend of the broader real estate sector’s weakness advancing 20% over the same time period on a price only basis. Digital Realty’s fourth-quarter results and guidance for 2024, released February 15, weren’t great, but the company is much better positioned than other REITs, in our view. Shares yield ~3.6% at the time of this writing.
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Latest Report Updates
Feb 16, 2024
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Check out the latest report updates on the website.
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