Forward AFFO Payout Ratios

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

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

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 all U.S. equity REIT sectors, according to S&P Global Market Intelligence data, outperforming the broader SNL U.S. REIT Equity Index.

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.

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.

Dividend yield by sector As of Feb. 3, 2017. Source: SNL Financial