2025-03-14 Quick Portfolio Update with AHH Purchase

Put in $600, then purchased:

• $600 for AHH

I wrote an update for AHH on 03/13 after the dividend cut news: "On one hand, it helps the cash flow of the company a lot by having more retained cash flow to repay debt. On the other hand, the new dividend rate will be a better gauge for the sustainability of the company's dividend level that is fully covered by property income alone, and thus a new decreased valuation is warranted."

The market disappointment of the stock gave me a good price to average down. Yes, my buy below price went down, which is not a good sign, but AHH has good properties and now liquidity and debt is a lesser concern. It's a more solid company after the dividend cut and it's trading quite cheaply at about (1-7.6/9.33) = 18.5% discount of my buy below price:

Price	$7.6
Div	$0.56 (7.36% dividend yield, payout ratio 70%)
AFFO	$0.8  (P/AFFO = 9.5)
Expected annual growth	5%
Buy below price	$0.56/0.06 = $9.33 (based on requiring 6% dividend yield)

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Recent and upcoming dividend distributions

Portfolio

All-time return:

Breakdown by categories (real-time):

All-time returns for individual holdings:

Last prices: