Ridiculous "analogy"...
Stocks are not "fully owned real estate with  25 year leases..."
Just  as an aside;ENB is more like a house that has been  mortgaged to the hilt and has huge monthly operating costs [dividend payments].......and the tenants are upset over bad pipes in the basement....
but I digress...
You cannot have income without capital...

I think JH himself here makes it pretty clear that he is specifically recommending "buy and hold dividend investing" for the ? 74% of the population who are working and adding to their investments.
I have no quarrel with that.
.
I just hope retired folks do not think that they are bullet proof ways to get 5% dividends every year...forever.
They are risky and (currently) overbought/vulnerable
As I have said many times.... (imo) a  GoC at 4% will put ENB at $40
Recent examples of "risk";
Look at HCG...
Or take a look at  Enbridge Energy Partners
I am not sure what the best (investing) strategy for seniors is but  it has to be diversified ++