Filing-anchored work on capital structure, debt, dilution, financing, refinancing, credit and payout mechanics. Each record identifies its source, period, definitions and analytical limits.
A lower exchangeable-note coupon sits inside a wider financing mix of equity settlements, revolver borrowings and a concurrent share repurchase. The next check is post-transaction Core FFO per share.
PDM / Office / refinancing / BenzingaThree financing transactions serve different functions. The recurring dividend test still sits in net investment income per share.
OTF / Technology lending / BenzingaAcquisition closings and forward equity settlements move on different schedules. The post-deal per-share result connects them.
AHR / Healthcare / BenzingaA scheduled preferred-stock redemption exchanges preferred dividend payments for common-equity funding and a changing share denominator.
MAA / Residential / BenzingaReplacing a lower-coupon maturity does not automatically resolve the gap between net investment income and the regular distribution.
SAR / Refinancing / BenzingaEquity and debt financing change the cash requirements and share count behind a pre-acquisition payout ratio.
RHP / Hospitality / BenzingaAn expanded equity base makes post-close per-share earnings more informative than the standalone payout snapshot.
PLD / SEGRO / Logistics / BenzingaTwo guidance-based payout ratios sit above different same-store operating trends and different financing structures.
PSA / EXR / Self-storage / BenzingaTwo full-year payout ratios, with issuer-defined denominators that carry different quarter-specific items underneath them.
EQIX / DLR / Data centers / DFB record / Benzinga originalThe same anticipated-repayment-date convention governs very different shares of two disclosed debt bases.
SBAC / CCI / Towers / DFB record / Benzinga originalSimilar payout claims sit above different maturity calendars; one replacement financing was already priced in the record.
VICI / GLPI / Gaming net lease / DFB record / Benzinga originalTwo payout ratios half a percentage point apart, and two entirely different capital timetables underneath them.
ADC / NNN / Net lease / DFB record / Benzinga originalTwo REIT dividends and two different amounts of room, read from the same quarter’s supplementals.
MAA / WPC / Residential and net lease / DFB record / Benzinga originalTwo familiar dividend names. Two very different amounts of cash left after the payout.
UPS / FDX / Logistics / DFB record / Benzinga originalThe larger yield does not automatically leave more room. Coverage reveals what the percentage hides.
T / VZ / Telecom / DFB record / Benzinga originalA similar tax structure can hide very different financing costs. The yield gap begins with the balance sheet.
ADC / GNL / Net lease / DFB record / Benzinga originalReported income can support a dividend before the cash is collected. PIK changes what “covered” means.
BDC / PIK / Private credit / DFB record / Benzinga originalTry a different company or keyword, or choose All research.
This is a selected archive, not the author's complete publication count. Article dates and findings refer to the original publication. More work on Benzinga ↗
Report No. 001 pairs the MAA / W. P. Carey analysis with debt ladders, covenant tables and eight reconciliations to issuer-reported totals.
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