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We Will Be Removing CubeSmart and Adding Altria to the High Yield Dividend Newsletter Portfolio

publication date: Oct 25, 2023
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Entities with large net cash positions and substantial free cash flow generation have outperformed not only the broader stock market, but also key high yield areas, including REITs, mortgage REITs and master limited partnerships during the past 10 years.
Image: Entities with large net cash positions and substantial free cash flow generation have outperformed not only the broader stock market, but also key high yield areas, including REITs, mortgage REITs and master limited partnerships during the past 10 years. 

We’re going to continue to lessen our exposure to the equity REIT space, removing CubeSmart from the High Yield Dividend Newsletter portfolio on November 1 and replacing it with Altria. We’re going to keep CUBE-rival Public Storage in the High Yield Dividend Newsletter portfolio for now, but the self-storage space has come under some pressure as consumers may be balking at storage prices as they reassess their spending habits amid higher inflation. Altria doesn’t have a great balance sheet, but the firm does comfortably cover cash dividends paid with free cash flow generation, and the firm does have sizable stakes in Anheuser-Busch-Inbev and Cronos that offer it considerable financial flexibility. Shares of Altria look cheap, too. The swap out of CubeSmart and swap in of Altria within the High Yield Dividend Newsletter portfolio will be effective upon the release of the November edition of the High Yield Dividend Newsletter on November 1.


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