Investors need to discard history and believe in several improbabilities to buy DUET at current levels. Most importantly, investors need to believe the oxygen supply from DUET’s promised distributions will deny the forces of fundamental valuation’s gravity. Dividends can be solid indicators of company health, but equally can mask chronic issues. We know the pitfalls of the yield bait set by sellers of spivvy property investments, but we rightly expect to be able to rely on yield guidance provided by top 50 ASX companies. DUET has issued equity (excluding equity issued to fund acquisitions) equivalent to more than 100% of its cash distributions to shareholders over the last five years. The lack of free cash flow to fund DUET’s distributions has been demonstrably chronic; issuing equity to fund increasing distributions reinforces the chronicity of the lack of cash flow, makes no economic sense if we put to one side a desire to maintain a certain stock price and, most importantly, will ultimately be cut.