Operating Revenues up 12.6% yr / yr
Operating Expenses up 21.2% yr/yr
Net Rental Income up 9.6% yr / yr
Average Monthly rent increase up 3.2%
Funds from Operations 7 cents, down from 12 cents last year
Dividend Payout almost 142%, vs almost 81% last year
While the fundamentals look fine, the sharp decline in funds from operations combined with the very high dividend payout does not bode well in a rising interest rate environment.
My recommendation is to sell this REIT and use the proceeds to buy my three remaining REIT names, Chartwell Retirement, Canadian Apartment and Pure Industrial.