Forward AFFO Payout Ratios

The projected proportion of earnings to be paid as dividends, cycling among other REIT subcategories.

The specialty sector raised $25.9 billion in capital year-to-date through Sept. 29, with communications REITs raising more than 40 percent of that total, according to S&P Global Market Intelligence data.

As of Sept. 1, 2017, the manufactured homes sector led all publicly traded U.S. Equity REIT sectors in terms of the last twelve months funds from operations (LTM FFO) multiple.

Condor Hospitality Trust, Inc., a Hotel REIT, recorded a 398 percent SNL AFFO payout ratio estimate, the highest among US REITs.

Among the U.S. Multifamily-focused REITs, Bluerock Residential Growth REIT, Inc. posted the highest payout ratio estimate, at 195.9 percent.

The two sectors were among the leaders of all publicly traded U.S. equity REITs in terms of the last 12 months funds from operations, according to S&P Global Market Intelligence data.

The hotel sector posted the highest one-year average dividend yield among the group, at 5.3 percent, outperforming the broader SNL U.S. REIT Equity Index by 1.5 percentage points.

Among the SNL U.S. REIT sector indexes, the manufactured homes sector recorded the highest one-year total return at 23.5 percent, beating the broader U.S. Equity REIT index by 18.4 percentage points.

The Health Care REIT sector traded at the largest median premium to NAV, at 13.10 percent. Manufactured Home and the other Retail REIT sectors followed next trading at median premiums to NAV of 10.19 and 7.92 percent, respectively.

Among the REITs focused on manufactured homes, Sun Communities, Inc. had the highest multiple of 24.9x, and finished March 31 with an $80.3 price per share.

Publicly traded U.S. REITs raised some $23.4 billion through capital offerings in the first three months of 2017, with senior debt offerings making up the majority of the capital raises.

Although the hotel sector had the lowest AFFO payout ratio, its average dividend yield of 5.0 percent was higher than several other sectors, including self-storage, shopping centers, multifamily and office.