The company prudently cut the distribution soon after the pandemic hit, which was a wise move. We definitely liked that.
However, what really concerns me is shrinking top and bottom line growth.
Company has a compound annual growth rate on earnings of 0.5% and revenue of 0.44% over the last 4 years.
It's only trading at 11 times earnings, so it looks somewhat like a value play. But the thing is, 11 times earnings is actually a high price to pay for a company that essentially hasn't grown its bottom line for nearly half a decade.
Then there's the consideration that the company's dividend makes up over 92% of earnings. When earnings aren't growing, this payout ratio is concerning.
Overall, I'm not a huge fan.