There are still a few REITs that stand out for yield-seeking investors.
With asset values surging due to low interest rates, it’s getting harder to find an attractive yield. Even yields on real estate investment trusts (REITs) are falling as their stock prices rise. The average REIT now yields less than 3% following this year’s nearly 30% rally in the sector. However, that’s still more than double the yield of the S&P 500.
On the bright side, there are still a few REITs that stand out for yield-seeking investors. EPR Properties (NYSE: EPR), Medical Properties Trust (NYSE: MPW), and SL Green Realty (NYSE: SLG) all currently yield more than 5%. Add in their upside potential, and they’re appealing REITs for investors desiring a bit more income these days.
Back In Action
EPR Properties is a specialty REIT focused on owning experiential real estate, like movie theaters, eat and play venues, and other attractions. The pandemic had an outsized impact on these properties, causing many of the company’s tenants to fall behind on their rent. That forced EPR Properties to suspend its dividend last year.
However, with vaccines rolling out, allowing for some return to normalcy, people are enjoying these experiences once again. As a result, EPR’s rental collection rate improved to 85% during the second quarter. Further, it collected a significant portion of the rent it deferred to help tenants through the pandemic. That allowed the company to reinstate its monthly dividend, which currently yields 5.9%.
EPR also has more than $500 million of cash on hand and an undrawn $1 billion credit facility. That gives it ample financial flexibility to expand its portfolio. While it plans to reduce its exposure to the movie theater sector in the future, it aims to grow its portfolio by acquiring ski, gaming, cultural, and experiential lodging properties. Those future additions should provide additional support to its high-yielding dividend and give it room to grow.
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