Filinvest REIT [FILRT 6.74 0.59%] [link] declared a Q2 dividend of P0.088/share, payable on September 20 to shareholders of record on August 31.
The dividend amount is about 24% smaller than its Q1 dividend, which itself was 4% larger than FILRT’s Q4/21 dividend.
This is the first time that FILRT has declared a dividend that is not larger or at least the same size as the previous dividend. Annualized, and assuming a stock price of P6.76/share, the Q2 dividend represents a yield of 5.21%, down from the 6.86% based on the annualized Q1 dividend.
The total return on FILRT’s stock, represented as a percentage gain or loss as a combination of FILRT’s stock price movement and lifetime dividends, increased from 3.0% to 4.3% as a result of this dividend.
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Anyare?! What is this? REITs are supposed to be calm and boring, but this dud of a dividend is definitely spicy.
In a game of inches, FILRT just came up a few feet short, and we have no idea why yet.
I mean, we could make a ton of guesses, but they’d all just be completely speculative until we get a better idea of what’s happened from FILRT’s Q2 earnings report.
One thing to note is that FILRT isn’t required to dividend out 90% of its distributable income each quarter; it can dividend out more or less than this amount, provided that it ends up dividending out at least 90% of FY22’s distributable income.
So maybe FILRT is pulling some kind of Mario Kart strategy by purposefully dogging it at the start of the year, only to use that catch-up-logic tailwind to make its later out-sized dividends look way better than they are?
That would be absolutely hilarious, but I feel like I’m probably getting a little ahead of the data here, and I’m probably trying to see scenarios that are a lot more interesting than reality of the boring situation, which is that, for some reason, FILRT’s Q2 just wasn’t as good.
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