— our #3 monthly dividend stock — was founded in 1966 as the Capital Cable Television Company. It has since grown to become Western Canada’s leading content and network provider, catering to both consumers and businesses. The company produces about $4 billion USD in annual revenue.
At the end of fiscal 2020, net debt leverage stood at 2.3x compared to its target leverage range of 2.5x to 3.0x. The company is now stating that they expect to deliver adjusted EBITDA growth in fiscal 2021, along with free cash flow of approximately C$800 million, which supports current dividend levels.
In late January, SLG reported financial results for the fourth quarter of fiscal 2020. Its same-store net operating income decreased -5.9% over the prior year’s quarter and its occupancy rate dipped from 94.2% at the end of the previous quarter to 93.4%. Due to the effect of the pandemic on its business, funds from operations have stumbled this year but they have remained fairly resilient. We expect SLG to grow its funds from operations per share at a 5.0% average annual rate over the next five years.
This means that the properties are viable for many different tenants, including government services, healthcare services, and entertainment. Realty Income is a large-cap stock with a market capitalization above $21 billion.
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