Ann: Dividend Policy Update, page-25

It's multi faceted IMO.
Liquidity is a function of lack of free float plus lack of coverage. The fact there is only one small boutique research house that covers them says a lot.
Having said that, you will note DDR has been historically a very stable performer SP and hasn't had the sharp gyrations of other stocks due largely to the fact is predominantly owned by management and a stable retail base.

I think a CR for the property purchase would he a great idea, but perhaps at a higher price of 180-190 . In the medium term it's not needed as they intend to sell existing facility for around 25m but it may be a good option to add another 10m shares of liquidity

The only thing about the liquidity is it probably prevents a lot of instos from buying , but I also love the idea the guys running the show are so aligned to us and shareholders - 95% of the time , it makes for wiser decisions for the benefit of all . David doesn't even take a salary does he .. How good is that