I'm not completely with you on that. I agree that it's an improvement over last year, but when over a third of our "dividends" is our own money coming back, that still isn't anything to write home about.
BUT, I'll admit my understanding isn't real solid here. Here's what I believe: when a REIT doesn't have enough income / FFO to cover the dividend, they have two choices, either reduce the dividend, which generates lots of bad press, or give us some of our original money back, thus giving the appearance of "maintaining the dividend". Right?