In order to be classified as a REIT, a company must pay 90% or more of it's profits out to investors. Compare the treatment of a REIT like ARR to say a casino that hordes money and pays paltry dividends. Such a casino (here being used as a normal profit making company for tax purposes as a contrast to a REIT) gains stock value as it's coffers fill and as the business model entices investors to it's future earning potential. Thus, such a casino can pay a huge dividend which they normally would have kept as cash for building new casinos, or making sure they can bridge a huge loss or w/e reason.
The point is ARR doesn't have the CASH built up for the same reasons a non-REIT will build up cash. ARR does have a lot of cash, like $900MM on their most recent balance sheet. And they normally pay $27MM per month in dividends. So they could, but they need that cash to take advantage of constantly liquid loans which are constantly pre-paying and in constant need of being replaced.
Dear Friend, why should we need special divvy? Some companies doing this is just for the purpose to attract near-sighted investors, or just wanna shake out excessive money for tax purpose. The stock price goes down by same amount, for which they issue special divvy. Like FSCI, SD is $10/share, and the price went down $10 same day, and keep going down more after that ($2 more totally). Do you want to try it?