Check it yourself, in the right order.
Working documents built from the same method used in the research. Free, no subscription.
REIT Dividend Checklist
Included with Report No. 001, the free 25-page flagship report.
A 10-point structural review to run before relying on an equity REIT’s headline dividend yield. One page, printable, with a line on what to look for at each step.
Delivered as a PDF. Email required for delivery.
- Property type and quality
- Geographic concentration
- Tenant quality and concentration
- Occupancy and lease expirations
- Rent growth and lease escalators
- FFO and AFFO trend
- Payout ratio against AFFO
- Recurring capital requirements
- Debt maturities and refinancing cost
- Liquidity and access to capital
Use the public research library
Business development companies
How BDC income, PIK, non-accruals, leverage and distribution coverage fit together.
Field guide · FreeFFO, AFFO and the denominator
Why REIT payout ratios depend on the issuer-defined measure underneath the dividend.
Methodology · FreeSource and calculation discipline
Transaction states, issuer definitions, reproducible arithmetic and unresolved questions, with reference notes for earlier research.
Additional worksheets and checklists will be published when the files are complete. DFB does not take payment or reservations for unreleased tools.