In one or more of his annual letters, WEB has specified when BRK would pay a dividend. It would happen when the company could not find a use for the funds more valuable than a payout that is taxable for shareholders.
while real estate is about location, the REIT business is about income, not share price. not book value. income. Share price is related to BV indirectly. SP=BV plus or minus some complicated function of investor sentiment. issues of new shares or buybacks of existing shares are simple in execution but complicated in practice. buying back one share costs about $18 in capital. at 4X leverage, that's about $90 worth of Fannie or Freddie paper, which is where the income comes from. Moreover, "selling" the company is rather difficult when faced with REIT ownership limitations. Management does not "own" the company as far as the ability to sell it. nor can a limited number of individuals own enough shares to constitute a majority.