So here's an explanation of "EX" date and "PAYABLE DATE" -- because they're different.
The "EX" date is the date on which anyone that owns the shares on that DATE is going to be paid the dividend on the Pay date.
You can sell the shares the next day and still pick up the dividend -- or you can buy the shares the day before (maybe even the day of but don't count on it) and get the dividend.
Some "TRADERS" do nothing but try to buy shares - pick up the dividend - and move on.
A typical news release showing the EX and PAY dates -- I happen to own these shares.
The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 40.5 cents per share payable November 15, 2013 to common shareholders of record on October 31, 2013. National Retail Properties is one of only four publicly traded REITs and 102 publicly traded companies in America to have increased annual dividends for 24 or more consecutive years.
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