If I Was Retiring In 10-20 Years With 10 REITs - Part 2

Group 1: Investment Considerations for REITs - Different stages of life require different investment considerations, particularly for retirees who need dependable income sources [1] - Mortgage REITs and lodging REITs are deemed too risky for retirees due to their reliance on debt and economic conditions [1] - Younger investors can afford to be less cautious, but should still consider a balanced approach that includes some bonds [2][3] Group 2: Broadstone Net Lease (BNL) Overview - BNL is an internally managed REIT with a market cap of approximately $3.6 billion and a portfolio of 777 properties across 44 states and 4 Canadian provinces [5] - The portfolio is diversified, with 54.6$385.5 million in annualized base rent [6] - BNL has a high occupancy rate of 99.3% and a weighted average lease term of 10.4 years [6] Group 3: Financial Metrics and Performance - BNL trades at an FFO multiple of 12.29x and offers a dividend yield of 6.34% [9] - The company has a credit rating of BBB and strong financial metrics, including a net debt to adjusted EBITDAre of 4.9x [13][15] - BNL's projected AFFO growth is modest, with expectations of 1% growth in 2023 and 2024, but a long-term growth rate of 3% is anticipated [16] Group 4: Comparison with Peers - BNL is positioned favorably compared to peers, with a competitive FFO multiple and dividend yield [10][11] - While some competitors like Agree Realty have higher quality ratings, they also trade at higher multiples and lower yields [12] - BNL's balance sheet and portfolio quality make it a strong candidate in the net lease REIT space [11][12] Group 5: CTO Realty Growth Overview - CTO Realty Growth specializes in retail properties with a market cap of approximately $448.1 million and a portfolio of 22 properties [21] - The company has a high occupancy rate of roughly 93$154.8 million [23] Group 6: STAG Industrial Overview - STAG Industrial has a market cap of approximately $7.2 billion and a portfolio of 573 properties across 41 states [26] - The company focuses on single-tenant industrial properties but is increasing its multi-tenant holdings [27] - STAG has a strong occupancy rate of 97.1% and a weighted average lease term of 4.3 years [28] Group 7: Financial Metrics and Performance of STAG - STAG has a BBB- credit rating and strong debt metrics, with a net debt to adjusted EBITDAre of 5.0x [29] - The company has consistently generated positive AFFO growth, with expectations of 5.61% growth in 2024 [31] - STAG pays a dividend yield of 3.73% and has a conservative payout ratio of 75% [32]