MREIT Q1 div up 1.8% y/y

MREIT [MREIT 13.58 unch; 141% avgVol] [link] declared a Q1 dividend of P0.25047/share, payable on June 6 to shareholders of record as of May 23. The dividend is up 1.8% y/y and up 0.01% q/q, and represents a 100% distribution ratio of MREIT’s reported distributable income for the period. MREIT’s annualized yield, based on its pre-announcement price, increased to 7.37%.

  MB BOTTOM-LINE:  This is the largest dividend in MREIT’s history, and while it’s not a monster leap from either y/y or q/q perspective, it’s an important to see that MREIT’s management team has delivered four straight quarters of dividend growth after a three-quarter span of stagnation following the sudden dividend drop in Q3/23. Sure, some of this growth is attributable to the swap the SEC approved back in October 2024, but that’s how the big boys get it done. AREIT isn’t the gold standard because it tries really hard to have nice buildings. They do swap after swap to keep their REIT’s income growing and the returns to long-time shareholders increasing. RCR is emerging as a potential AREIT challenger because of its massive swap and the recent reveal that its parent company plans to lean into doing a lot more swaps over the next five years. So I guess what I’m saying here is, good job on that swap, MREIT! Now do it again.