Independent structural research

Dividend research that starts with the cash, not the yield.

Filing-anchored analysis of REITs, business development companies, payout coverage and credit risk. No positions. No recommendations.

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Learn

Understand the machinery

What a REIT actually owns, why the sector reports FFO and AFFO instead of earnings per share, and where a dividend physically comes from.

Start with the basics → Research

Read the diagnostics

Company and sector work built from earnings releases and filings. Two comparable issuers, one structural question, checkable numbers.

Browse the archive → Tools

Check before you trust

Checklists and guides for reviewing an income asset yourself, in the order the cash actually moves.

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The method

A yield is one number divided by another.

It tells you what the market currently pays for a stream of cash, but not whether that stream will hold. Everything published here works in the same order.

The Order

Start with the property.
Trace the rent.
Check the debt.
Then judge the payout.

Filing-anchored

Every figure traces back to a company disclosure. Sources are named at the foot of each piece.

Peer-relative

A payout ratio means little alone. It is read beside a comparable issuer, with the definition differences stated.

Recent

Latest work

Agree Realty vs NNN REIT: Two 70% Payouts, 4x Unsettled Equity Two payout ratios half a percentage point apart, and two entirely different capital timetables underneath them. 2026-08-07 · Net lease Mid-America vs W. P. Carey: Why One Dividend Claimed 86% of Core AFFO Two REIT dividends and two different amounts of room, read from the same quarter’s supplementals. 2026-08-05 · Residential and net lease UPS vs FedEx: Why One Dividend Claimed 99% of Free Cash Flow Two familiar dividend names. Two very different amounts of cash left after the payout. 2026-07-30 · Industrials AT&T and Verizon: The Higher Yield Has the Thinner Cushion The larger yield does not automatically leave more room. Coverage reveals what the percentage hides. 2026-06 · Telecom Agree Realty and Global Net Lease: One Yields 4%, One Yields 8% A similar tax structure can hide very different financing costs. The yield gap begins with the balance sheet. 2026-06 · Net lease

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Report No. 001 · MAA vs. W. P. Carey

Two REIT dividends read on each issuer’s own adjusted measure. Twenty-five pages in two volumes, built only from filings.

Core Report · 15pp

Payout coverage on the quarter and on full-year guidance, the Three Clocks™ framework, and Buffer Half-Life™.

Technical Appendix · 10pp

Debt maturity schedules rebuilt from both issuers’ Q2 supplementals, covenant tables, and a reconciliation check.

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Free with email. Includes the REIT Dividend Checklist.

Why it can be checked

Built to tie

Eight reconstructed schedules. Eight exact reconciliations to issuer-reported totals. The appendix shows the arithmetic rather than asserting it.

Reconciliation check: eight schedules tied exactly to issuer-reported totals — Technical Appendix · page 10

MAA debt maturity schedule rebuilt by year and debt type — Technical Appendix · page 2 · the ladder, rebuilt