URF Options, page-2

If the properties go up in value, and they are revalued by a 3rd party and this is realised through the P&L, then they would have grounds to pay a dividend, even though they have negative operating cashflow.
That said they'd need to borrow the funds from a lender against the higher property value's - and by the looks of things they're in a long-term fixed 4% loan which they can't break. This would require them to borrow at mezzanine rates, which almost defeats the purpose.
The stock is much like Australian Negatively Geared property owned by individuals, they're making a cash loss (e.g. no divi's) but hope to recover this and some via leveraging capital gains; because property always goes up right?

I hold URFPA's only.