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Getting Ready For The Next Bear Market: High-Yielding Alternatives

Published Sat, 12 Oct 2019 09:00:00 -0400 on Seeking Alpha

With interest rates at multi-decade lows, investors have had no other option than to move into riskier assets. P/E ratios have expanded for stocks, and opportunities are getting ever rarer for the active investor.
At the same time, we are likely to be in a late-cycle economy, and as the cycle finally turns, these high valuations are at risk of crashing down.
If you are having a tough time finding high-yielding bargains in 2019, this article is for you. We present three nichey sub-sectors that continue to offer:
Opportunistic valuations Recession resilience High income This is exactly what we look for at High Yield Landlord. We are value investors at heart and predominantly invest in sectors that offer high income and resilience in a late-cycle economy.

More specifically, we spend the majority of our time analyzing various “real asset” sectors, including REITs, MLPs, Infrastructure, Utilities and Energy. This is because we have found that “leasing” assets to operators is much safer and predictable than “operating” the assets yourself.
This seemingly small distinction makes a world of difference, especially during recessions. The owner of the assets participates in the profit earned by its tenants through rents that are contractually guaranteed - often for many years to come.
It protects property owners from changing market conditions, and therefore, it's common for real asset earnings to remain perfectly steady even in a recession.... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
CBL & ASSOCIATES PROPERTIES 1.38   0.0 -0.95 0.35 27.34
BRIXMOR PROPERTY GROUP 19.68   16.5 1.19 1.12 5.68
KIMCO REALTY 20.39   25.5 0.80 1.12 5.57
MEDICAL PROPERTIES TRUST 18.94   7.3 2.61 1.04 5.30
CHEVRON 121.42   15.7 7.72 4.76 3.91
NATIONAL RETAIL PROPERTIES 54.39   35.8 1.52 2.06 3.81
REALTY INCOME 74.49   56.9 1.31 2.72 3.69
CVS CAREMARK 63.90   17.9 3.57 2.00 3.14
FEDERAL REALTY INVESTMENT TRUST 135.76   40.4 3.36 4.20 3.00
BROOKFIELD ASSET MANAGEMENT 53.61   18.4 2.92 0.64 1.22
DOLLAR GENERAL 157.10   25.2 6.23 1.28 0.81


Older articles featuring Cbl & Associates Properties (CBL):
Retail REITs: Double-Digit Yields, Secular Shifts And Mean-Reversion
We Need To Talk About Dividend Cuts - They Are A Necessary Evil
REIT Preferreds: Higher-Yield Without Excess Risk
Dividend Cuts And Overdue Rent: REIT Earnings Recap
Our High Yield REIT Portfolio - Optimizing Rebound Potential
Now Is Not The Time To Be A High-Yield REIT Investor
Macerich: Debunking Three Bear Theses, Including Why I Want A Dividend Cut
Introducing This Growing Dividend Portfolio
Washington Prime Is Undervalued Regardless If It Cuts The Dividend
Our 2020 High Yield REIT Portfolio