Are you saying that PZN will "have to" increase the dividend soon because FFO will increase because of how they are handling the accounting of the fees? I understand that because of how they are handling the fees that Income (and ffo) will appear considerably higher than it otherwise would. However, I didn't think PZN was so close to "the 95% rule" that they would be Required to increase the dividend that soon.
If I understand how this thing works, they would not be required to increase the dividend above the present $2.20 until income got to $2.32 per share, since $2.32*.95= $2.204. Do you really see them exceeding $2.32 per share in EARNINGS soon?