Hi Jason,
PRV is a decent REIT - you already touched on some of the strong points so I won't go into detail on them but to say, these are all valid reasons why the company looks good. In particular, the company collected 99.2% of rent last quarter - one of the best I've seen. The company is growth revenue and cash flows and seems well positioned to continue that trend.
The current dividend looks well covered and its coverage ratios have seen massive improvements in 2020. The dividend accounted for only 91.6% of AFFO and 97% of FFO through the first 9 months of the year. Although this is still on the high side, it is a massive improvement over the 108% and 154% payout ratios it had in the same period in 2019. This looks good right? However, context is important.
PRV actually cut the dividend by 30% back in April, so the improvement is a little misleading. Even with the cut, the ratios are quite high. Given it had strong rent collections, perhaps the company grew too fast and the pace of cash flow growth did not keep up, thus putting the dividend at risk. A similar thing is happening in 2020 - in the 3rd quarter property revenue jumped by 30.7% yet AFFO only grew 15.6%. These are things to consider.
Mat