Dividend coverage, leverage and the gap between market cap and enterprise value, across equity and mortgage REITs.
Omega Healthcare Investors is distributing 96.19% of its operating cash flow as dividends, a ratio that leaves little cushion for a $14.2 billion REIT with $4.26 billion in total debt and 2.75x net debt to EBITDA.
BRT Apartments Corp. is paying out more in dividends than its operating cash flow covers, at 127.74%, while carrying leverage of 12.76x net debt to EBITDA, raising questions about the sustainability of its payout at current levels.
Bluerock Homes Trust carries a 16.95x net debt to EBITDA ratio and a $289M enterprise value versus a $34.7M market cap, a disparity that follows a…
Alexander's Inc. distributes $18 per share annually against $14.30 of operating cash flow per share, a 125.85% payout ratio, while leverage remains…
American Strategic Investment Co.'s enterprise value of $366M dwarfs its $19.6M market cap, with 87% debt-to-capital and negative operating cash flow…
Adamas Trust, formerly New York Mortgage Trust, shows a 28.01x net-debt/EBITDA ratio and 13.2% yield post-rebrand. The figures highlight how leverage metrics differ for mortgage REITs financed through repo markets versus equity REITs.
Ares Commercial Real Estate offers a dividend yield near 13.89%, but its 29.14x net debt/EBITDA, 154% payout ratio and $0.06 distributable EPS raise questions about the sustainability of that payout.
KKR Real Estate Finance Trust posted -$0.06 distributable EPS in Q1 2026 alongside a 38.46x net debt/EBITDA ratio, one of the highest among mortgage REITs, raising questions about earnings coverage and leverage within its commercial…
Janus Living, a senior-housing REIT formed in December 2025, shows a rare -10.38x net debt/EBITDA ratio, with enterprise value below market cap, drawing investor attention to its balance sheet and post-IPO trading.
Lument Finance Trust trades with a market cap far below its enterprise value, a 23% dividend yield and 28.37x net debt/EBITDA, following a reverse…
AH Realty Trust cut its dividend 31.7% in 2026, but its GAAP-based payout ratio still sits at 1,342%, well above earnings, even as its 8.85% yield draws attention from income-focused investors watching REIT payout coverage.
Hudson Pacific Properties reported AFFO of -$0.17 per share in Q1 2026 alongside positive FFO of $0.27, while maintaining its dividend, a gap that…
Generation Income Properties' enterprise value of $57.7M stands far above its sub-$1M market cap, while its balance sheet shows negative equity…
NexPoint Real Estate Finance pays an 11.61% dividend yield while its payout equals 437% of operating cash flow and debt reaches 92% of book capital, per its Q1 2026 filing, raising leverage and coverage questions for a mortgage REIT.
Alexandria Real Estate Equities shares dropped toward $50.34, a decline of roughly 4% from the prior close, as office REIT weakness continued despite…
Farmland Partners reported Q1 2026 FFO of $0.04 per share and AFFO of $0.05, while its dividend payout equaled 105.89% of operating cash flow, a gap…
Federal Realty Investment Trust has raised its dividend for 54 consecutive years, the longest active streak in the REIT sector, while its payout remains at roughly 64% of operating cash flow, according to its latest earnings filing.
Annaly Capital's dividend payout equals 277% of GAAP operating cash flow while debt reaches 88% of book capital, highlighting the leverage-driven structure behind its 13.2% yield, according to its latest quarterly filings.
TPG Mortgage Investment Trust's enterprise value of $7.5 billion is about 35 times its $216 million market cap, a gap driven by $8.1 billion in debt…
MFA Financial pays out nearly 199% of operating cash flow in dividends while its yield exceeds 16%, a gap that highlights how mortgage REITs are valued on different metrics than traditional payout coverage.
MacKenzie Realty Capital's enterprise value of $145.15M towers over its $3.43M market cap, with negative operating cash flow per share and net debt…
Rexford Industrial Realty's payout ratio sits at 199.28% of GAAP earnings, a figure that on its face suggests an unsustainable dividend, even as the REIT's 12-year streak of increases continues and yield sits near 4.73%.
CoreCivic's dividend payout ratio has climbed to roughly 97% of operating cash flow, per its Q1 2026 8-K, even as net debt stays at a modest 2.8x adjusted EBITDA, raising questions about the cushion behind future payouts.
Douglas Emmett's enterprise value of $7.30 billion dwarfs its $1.91 billion market cap, a gap driven by $5.57 billion in total debt and a…
Diversified Healthcare Trust reported negative operating cash flow per share and net debt of 11.32x EBITDA in its Q1 2026 filing, figures that raise questions about dividend coverage even as some institutional buyers added shares.
Cousins Properties pays a 4.40%-yielding dividend that equals more than five times its GAAP earnings per share, a gap tied to REIT accounting norms, while its payout has shown no growth for three straight years.
Crown Castle's debt-to-book-capital ratio has reached 116%, pushing shareholders' equity negative, while FFO per share remains near $4 and the payout…
Cherry Hill Mortgage Investment Corp pays a 13.51% dividend yield while GAAP operating cash flow per share sits at -$0.13, producing a payout ratio of -310% of OCF, a gap that comes as the company faces a proposed sale under shareholder…
Clipper Realty's tiny $52M market cap sits beneath a $1.29B enterprise value, negative $30.7M book equity and 20.56x net debt/EBITDA, underscoring…
Brandywine Realty Trust's dividend yield near 10.3% is paired with a 13.55x net debt/EBITDA ratio and 79.33% debt/book capital, underscoring ongoing office-sector balance-sheet pressure even as recent tender offers target 2028 and 2029…