Annaly Capital's Dividend, BV, And Valuation Vs. 20 mREIT Peers - Part 2 (Includes Q4 2020 Dividend Projection)
Published Oct 6, 2020 on Seeking Alpha

Seeking AlphaREITsAnnaly Capital's Dividend, BV, And Valuation Vs. 20 mREIT Peers - Part 2 (Includes Q4 2020 Dividend Projection)Oct. 6, 2020 2:54 AM ET|| About: Annaly Capital Management, Inc. (NLY), Includes: AGNC, AGNCM, AGNCN, AGNCO, AGNCP, AI, AI.PB, AI.PC, AIC, AIW, ANH, ANH.PA, ANH.PB, ANH.PC, ARR, ARR.PC, BXMT, CHMI, CHMI.PA, CHMI.PB, CIM, CIM.PA, CIM.PB, CIM.PC, CIM.PD, CMO, CMO.PE, DX, DX.PB, DX.PC, EFC, EFC.PA, GPMT, IVR, IVR.PA, IVR.PB, IVR.PC, MFA, MFA.PB, MFA.PC, MFO, MITT, MITT.PA, MITT.PB, MITT.PC, MORT, NLY.PD, NLY.PF, NLY.PG, NLY.PI, NRZ, NRZ.PA, NRZ.PB, NRZ.PC, NYMT, NYMTM, NYMTN, NYMTO, NYMTP, ORC, PMT, PMT.PA, PMT.PB, REM, REML, TWO, TWO.PA, TWO.PB, TWO.PC, TWO.PD, TWO.PE, WMCby: Scott KennedyScott Kennedy The REIT ForumThe #1 REIT Service Measured By Total ReturnsSummaryThis article compares NLY’s recent dividend per share rates, yield percentages, and several dividend sustainability metrics to twenty mREIT peers.
This includes an analysis of NLY’s quarterly estimated REIT taxable income, estimated core earnings, and normalized core earnings which directly impact the company's dividend sustainability.
This article also discusses NLY’s dividend decrease for the second quarter of 2019 and 2020 and projects NLY’s dividend sustainability for the fourth quarter of 2020.
This article also discusses NLY’s projected performance during the third quarter of 2020 when compared to the company’s fixed-rate agency mREIT peers.
My current NLY buy, sell, or hold recommendation and current BV projection (BV as of 9/30/2020) are stated in the “Conclusions Drawn” section of the article.
Focus of Article:
The focus of this two-part article is to provide a very detailed analysis comparing Annaly Capital Management Inc. (NLY) to all the mortgage real estate investment trust (mREIT) peers I currently cover. I am writing this two-part article due to the continued requests that such an analysis be specifically performed on NLY and... Read more