Thanks, makes sense. I did listen to the recent call- I get the sense some analysts would therefore prefer that the company step up its share repurchases vs continuing to extinguish debt.
How much weight do you put on this pine beetle issue? It seems like right now it is helping PCL because it is hurting the Canadian companies. But if I recall this is becoming an issue in regions like Montana as well, correct?
I understand that some of the operating activities qualify as REIT status, while others like the manufacturing do not. Is this why the dividend paid can remain consistent rather than fluctuating to be a particular % of income (as I thought REITs had to do)?
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