Since 2010, the 1,900 companies that repurchased their shares allocated an average 113% of their capital spending to buybacks and dividends, compared to only 60% in 2000.
But it does call for higher tax rates for some (and not just the top 2percentt) including cap gains and dividends (compared to current policy, that is).
Along with an attractive all-cash dividend (compared to the mostly stock dividend paid by Simon and Vornado), Mack-Cali has high-quality properties, an experienced operations group and a balance sheet strong enough to come out on the other side of the downturn looking even better.
Compared to an average of 9.3% for the S&P 500 including dividends, the outperformance is astonishing.
That compares to a 2.87% gain for the S&P 500 through July (including dividends), a 0.4% gain in the Nasdaq and a 1.32% dip in the Dow.
Our model provides a rationale for the three commonly observed features of mandatory convertibles: mandatory conversion, capped (or limited) capital appreciation, and a higher dividend yield compared to common stock.
Note, though, millions of Americans own diluted stock value through the "speculative stock market exchanges," purchased with their earnings as labor workers, their stock holdings are relatively minuscule, as are their dividend payments compared to the top 10percentt of capital owners.
% Yield – The percentage of the dividend return compared to stock price.
A pay-out of 70% resulted in a dividend of 11.5p compared to our expectations of an 80% pay-out and a 13.1p dividend…consensus was at 12.9p.
The first-quarter loss of $438.1 million before preferred dividends compared with a $240.7 million loss a year earlier, the company said.
