Hey there. We've actually answered a ton of questions on SGR recently. So, if you're looking for some extended information, head up to the search bar and just type in "SGR" and you'll get all the history.
As for the dividend safety, I'll copy and paste you a very recent answer about a week ago on it:
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We've looked at SGR a couple of times. As it claims to be a 'grocery pure play' we figured it would hold up well. However, a few key things to consider. First, while it claims to be a grocery pureplay, its not. While its properties may be anchored by grocers, it only derives 39% of rent grocers and supermarkets.
In terms of the dividends, I wouldn't go out and say with 100% the dividend is safe. In 2020, the dividend accounted for around 80% of FFO and 100% of AFFO. There are pretty high and above the 2019 payout ratios of 72% and 87% respectively. The good news is that last quarter was their best one of the year as AFFO had a payout ration of 98.9% - the first time it was below 100 this year.
In light of RioCan's cut from earlier this year, anyone with exposure to retail should be on watch. Not to say that a dividend cut is imminent, but I'd say none in the retail industry can be deemed safe with 100% certainty at this point. I do think those payout ratios will begin to normalize this year, but I still don't think it is fully out of the woods just yet.
Mat
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In terms of our dividend safety screener, REITs are somewhat unpredictable just because of the need to calculate payouts based on funds from operations, and we're currently working on a solution.
Cheers!
Dan