The company is organized as a MLP, not a regular corporation. It is REQUIRED to pass on its earnings to the partners. Therefore the payout ratio is not a valid way to rate it. When it grows its business by making new acquisitions, it must either issue more shares or borrow money. Often they issue more shares and use part of the proceeds to pay off previous borrowings and 'other' expenses. The 'dividends' are not regular dividends and some of the payments may be return of capital and not taxed now, but when you sell your basis is lowered and your capital gain is more. You get an annual K1 statement which gives you the figures and tax info. I hope this is helpful.