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**Really TI is meaningless right now until the portfolio matures and you get a feel for loss development. **No. TI is not meaningless. However, the implication is the portfolio must grow for dividends to either remain steady or grow.In some respects, MREITs are like E&P companies, where every new well has a natural decline. From a TI perspective, every portfolio will likewise show a decline in eearnings as LLs occur.As in the oilpatch, growth requires new equity and new equity investors reequire prospective growth. I doubt there are many prospective equity investors interested in funding the dividend.