If you buy this stock, you are not buying a “high yield story.” You are buying a cash-flow policy. The company runs on long leases and high occupancy, which makes the rent stream more predictable than in many other income names.
The key detail is how management treats cash. The dividend is set so the company can keep about 27% of cash instead of paying out the maximum. That buffer is the reason the yield can be attractive without looking forced.
Top points of analysis
Dividend yield around 6%, yet the payout is not "on the edge" - cash covers it by a significant margin.
Dividend cushion is strong: for every $1 of dividend, there is roughly $1.4-1.6 of cash, depending on recent results.
Operating cash has fallen in 2025, but earnings and EBITDA have remained relatively stable - need to watch whether this was a one-off blip.
Debt is higher but manageable for now: interest servicing comes out at around 6x, reducing the risk of immediate pressure on the dividend.
Valuation-wise, it is an income…