Was having this conversation with one of my friends (non-strawman member) yesterday in regards to DDR's 100% NPAT dividend payout. I believe this decision is related to the fact that CEO and Founder David Dicker doesn't collect a wage and this is his only source of income (correct me if I'm wrong).

I personally don't see too many negatives to this given the history of DDR and their prudent capital allocation however my friend argues that this could be a subtle way for David to slowly phase out of the business. As in, they could easily retain some profit to further grow the business which may in turn result in better results in future years.

Thought I'd put this question out to the Strawman community and see what others think of this.

Disc: I hold DDR IRL and on Strawman.