The fact that 100% of the capital gain is unrecaptured section 1250 gain means that dividends paid did not exceed accumulated depreciation on the buildings sold.
This from post 6578 on 3/13/18:
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"Get ready for a capital gain dividend from NRE in 2018 due to the pending sale of the Maarstoren building for 190 million. It's on the books for less than 149 million at 12/31.
Because the property is so new and purchased for cash, I think book value is pretty close to tax basis. So, allowing for selling expenses of 3% , we are probably looking at a taxable gain of around 35 million. Instead of 55.8 million, after the buyback we might be looking at 48 million. 35/48 = 73 cents per share of capital gain."
Well, maybe it's 70 cents. In any event, I think they had undistributed taxable income at 12/31/18 just from Maarstoren. If they do not defer the tower gain with 1031 exchanges, we are going to get a monster special dividend before mid September this year. But I think we'll know the endgame long before then.