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No. of Recommendations: 16
Here's a look at O's CF numbers going back 6 quarters to 2Q19, using rolling 4Q to even out single quarter up/down spikes

......Rev/Sh...CFFO/Sh..POR...Cash at end of quarter

2Q19 1.16 $0.79 84% 40
3Q19 1.17 $0.83 80% 259
4Q19 1.18 $0.84 80% 71
1Q20 1.20 $0.86 79% 137
2Q20 1.20 $0.82 84% 130
3Q20 1.20 $0.81 85% 739

O's Sales are doing fine albeit flat, but should come as no surprise. CFFO has dropped a small amount, and I suspect this will not grow as it has in past pre 2020 quarters, for obvious reasons.

My only concern is the debt they have added which is a bit more than they usually take in that is in excess of their CapEx expenditures. But their interest expense, Rolling 4Q, has not really moved...

2Q19 22.9%
3Q19 21.8%
4Q19 21.4%
1Q20 20.9%
2Q20 21.6%
3Q20 21.7%

So as usual, O management is demonstrating their ability to adapt. My guess is we'll see dividend growth slow a bit from the previous 3 years growth rate of 3.17%, 3% and 4.12% for 2020/19/18.

At a current yield (price $61) of 4.6%, an income investor could do much worse.

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