Bookings rising
Bookings slow, capex elevated
Flip the gate: does rising AFFO still cover the dividend while capex stays elevated?
Growth-REIT dividend funded by AFFO while development capex drives FCF negative
Recurring bookings
AFFO + operating
cash flow
Growing dividend
paid off AFFO / OCF
Free cash flow
−
Reinvestment
solvent
Dividend-coverage
strain
coverage gate
negative · reinvestment
negative · coverage strain
development capex
feedback: reinvestment to contracted rent