ARE THEY BORROWING THE MONEY TO PAY THE DIVIDEND ?
No is the simple answer. But you do get that Warren Buffett borrows the Bershire Dividend right? General RE is only composed of deriviates, that is a Buffett company. Or McDondalds they borrow the dividened every single quarter. Another Buffett operative. It is a relative term.
Are they borrowing to pay a special dividend no. That time has passed.
If you don't understand swaps, maybe you might think about bonds or CD's.?