Our analysis is based on comparing Whitestone REIT with the following peers – Realty Income Corporation, One Liberty Properties, Inc., Alexander’s, Inc., Saul Centers, Inc., Urstadt Biddle Properties Inc. Class A, Ramco-Gershenson Properties Trust and EPR Properties (O-US, OLP-US, ALX-US, BFS-US, UBA-US, RPT-US and EPR-US).
Whitestone REIT’s dividend yield is 9.16 percent and its dividend payout is 798.88 percent. This compares to a peer median dividend yield of 5.31 percent and a payout level of 128.31 percent. This type of dividend performance might make it a good stock for dividend investors. However, the company’s relatively low dividend quality score of 25 out of a possible score of 100 raises questions on the sustainability of its robust payout ratio.
Dividend Quality Overview
- Over the last twelve months (prior to December 31, 2016), WSR-US paid a medium quality dividend, which represents a yield of 9.16% at the current price.
- Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 3 were medium quality and 2 were low quality.
- The ending cash balance is less than the last full year dividend payment and cannot be relied on to cushion any significant reduction of cash flows in the future.
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Over the last twelve months (prior to December 31, 2016), WSR-US paid a medium quality dividend.
The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 1.23x), investing cash flow (coverage of -2.37x), issuance cash flow (coverage of 2.19x) and twelve-month prior cash (coverage of 0.31x), for a total dividend coverage of 1.36x.
These coverage ratio factors imply that the firm’s net cash inflow from issuance was required (in addition to operating and investment cash) to pay the dividend, which suggests a medium dividend quality.
|Dividend Yield (%)||6.44||6.92||7.4||8.78||7.53||9.16|
|Dividend Payout (%)||11067.96||548.08||463.23||457.1||798.88||798.88|
A complete list of metrics and analysis is available on the company page.
Whitestone REIT is a real estate company, which acquires, owns, manages, develops, and redevelops commercial properties in markets in major metropolitan areas. The company was founded on August 20, 1998 and is headquartered in Houston, TX.
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