be careful with this one, sheryl. while profits have risen, so has the number of shares. always look at the per share numbers, not the profits. In addition, as others have long noted, ax is one of the few that does not give affo. the 81% POR is meaningless without affo, and they are probably paying more than they are taking in, counting on drip and offering new shares to pay the bills. I don't know for sure. I do have a little bit of this one, but was planning to sell it when they did this offering which took the price down. i think they are very lucky, as their costs are going down (as with all reits) as they renew mortgages, while rents are going up. So, I am no alarmed even though this one is probably not as profitable as the AAA reits, like hr, dundee, etc. (Note that dundee's POR was 89% last aurter, using affo, and I fully expect it to decrease and a distribution increase sometime this year. i have a 2x core position in dundee. look for the ones that can increase distributions year after year - that's where the best money is in trusts imho, as you get increasing income as well as cap gains.