Ann: Dividend/Distribution - TOT, page-8

I understand that, but
a) the market clearly doesnt think its a dollar worth of assets, hence the large discount that this (and other REITs trade at,
b) we have some pretty expensive debt, which Id rather clear before doing a buyback as it is the biggest risk to dividend yield, and
c) I just fundamentally don't think a buyback is going to move the price much here - it is an illiquid stock with not a lot of buyers, so I think the strategy should be focused on getting people compelled to buy, and I think the best way to do that is to provide more confidence in the distributions / security of the distributions rather than buybacks. A buyback is a great if there is actually a market for the stock but I dont think it will be enough