Ann: Dividend/Distribution - DDR, page-40

I see this discussion is around risk, i.e. declaring dividends quarterly and the final div before the declaration of the yearly accounts. Is that it?

I see the issue is more relevant as the company pretty much pay out 100% of net income (I haven't checked this for a while). It has concerned me with such a high payout margin for the interim divs before the 4th quarter / yearly results are known is risky. In the past I've said if they want to payout 100% of NPATetc, then at least delay the payment by a quarter.

HOWEVER, the way I see this company is that they know their business better than most. They probably see their performance on a weekly / monthly basis. They operate on low margins (from memory but high volumes. I think they have their finger on the pulse and see this as a cashflow business, hence operate as they do. Personally, I'd prefer a margin, especially as they run debt (again from past memory when analysing this company.
Compared to more historical pricing, the SP is ~20+% down, hence the high yield. If the market was more comfortable, this would be priced higher, with the same dividend amounts / cashflow. I take that as an indication that the market has factored the risk aspects into the SP.
Please forgive my "general statements" without checking my statements in this case. I am sure if wrong I will be corrected.
Thanks for the discussion, it's good. Good luck all.