Well management basically committed to the dividend for this year in their forecasts. The payout will reach 63 or 64% of cash flow.
If that percentage would be higher - say above 2/3 then I'd probably agree with you that thats an unsustainable level. I'd like to see the number drop below 60% for 2011 and below 55% for 2012. If it does then the dividend will continue.
Lets face it, cut the dividend and the price drops like a rock. Management is aware and I think will do what they can to pay the .25 as long as they can.
"IF" you get your wish for the next 2 years, then you also will see quite a substantial move upwards in the price of the stock. It is interesting to see that WIN does "SEEM" to move in the same direction of the market, without any news to drive it either way.
So rockymt, then whats your problem? if you own the stock, sell it. if you don't own it, then don't consider buying it. But, your opinion is certainly valued in the same esteem as everyone else here. Good luck to you, and you might want to look at the following. GTY, SNH, NNN, PEG, and VOD. A few of the ones I own that have been paying dividends for years. And they all have dividend re-invest programs.
Why -- you measure these companies on free cash flow for paying dividends, not on the accounting based report which includes non-cash items.
More than likely WIN is an acquisition candidate with IWA transaction complete.