They just refuse or are not able to understand that new equity gets levered-up with cheap debt into new properties which end up being accretive to ffo.
"NEWTON, Mass., Apr 04, 2011 (BUSINESS WIRE) -- Senior Housing Properties Trust (SNH) today announced its regular quarterly common share dividend of $0.37 per common share ($1.48 per share per year). The regular quarterly dividend will be paid to common shareholders of record as of the close of business on April 15, 2011 and distributed on or about May 12, 2011. "
If SNH earns $1.85 in FY 2011 (consensus prediction of analysts on Yahoo earnings link), the dividend will have to go up to at least .41625 per quarter right? Aren't REITs required to distribute at least 90% of earnings?