I have no idea where you are getting the $0.14. If you take their presentation off their website and look at the pro forma data associated with their recent acquisitions and the net impact on refinance of their debt, you get a potential pick-up in the dividend of $0.06 - $0.07, to $0.29 - $0.30, assuming a constant payout ratio of about 85% of FFO. My guess is they have left some dry powder so they can increase the dividend again and/or keeping some extra capital available to help fund acquisitions. They could also be negotiating with banks for some form of revolving credit lines to improve financial flexibility to fund future acquisitions. Keeping a lower payout ratio may be comforting to the banks from a credit perspective. This is a growth through acquisition vehicle and story at the end of the day in a highly attractive fragmented industry.
Dude, you have no idea what you are talking about. You want this company to make acquisitions that yield NOI of 6.5%!! The reason the dividend is going up in the second quarter is due to the recent $435 MM purchase that was accretive to the equity!! The company will pay-out an industry standard of about 85% of normalized FFO. Based on the pro forma results they reported for the 1Q, the is will result in the dividend being raised to $0.28 - $0.30 for the second quarter. They may opt for a lower payout ratio this quarter and continue to build over the course of the year. They will report 2Q and dividend roughly 1st or 2nd week of August. My guess is they go out the end of the year at $0.35 dividend, or possibly higher. At $0.35, or $1.40 annualized and a 5.5% rate, this gets you a $25 stock price.
If we do an accretive large acquisition in the rest of this year, the stock could go even higher. Lastly, SNR could become a very attractive acquisition candidate for Ventas, HCP, Brookdale, etc. given it's size.