AFFO Growth
AFFO per share grew by 4.5% compared to the same quarter last year, indicating strong earnings performance.
Investment Activity
Acquired properties ground leased to Lowe's for $21.1 million at a 6% cap rate. Year-to-date property acquisition volume totaled $60.8 million at a 7.7% cap rate. The company also originated $28.6 million in loans with a 10.6% yield during the quarter.
High Occupancy Rate
The property portfolio had an occupancy rate of approximately 99.4% at the quarter end.
Strong Loan Portfolio
Originated $74.8 million of commitments for loan investments year-to-date with a 9.9% yield. Subsequent to the quarter, originated $14.1 million for a luxury residential development loan with an initial interest rate of 17%.
Dividend Stability
Declared and paid a quarterly cash dividend of $0.285, representing an annualized yield of 8.25% with a well-covered AFFO payout ratio of 62%.