Buybacks are the keyAt 7.5% - 8%, the buyback return is greater than any available North American cap rate, with no additional maintenance/administrative expenses. Its a no brainer. They could easily just buyback their way through a down cycle of any kind, or any rise in interest rates over periods of time. They just need to keep buying away, since at the moment issuing equity is generally non-accretive. Debt needs to addressed at the same time, so the debt/equity ratio doesnt get out of hand, which they have been doing. This is an oversimplification, but I would view the dividend as fully safe.