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Cohen & Steers Reit and Preferr Message Board

  • joelndll joelndll Nov 4, 2008 11:17 AM Flag

    Anticipating a dividend cut?

    A dividend cut is a distinct impediment to RNP
    growing to where it was a few months ago. From the 09/30/2008 "Statement of Operations"
    I noted that Investment Income less Expenses was $39,000,000. This does not include the interest expense of the AMPS ( leverage ). Since a REITs qualifications demand that 90% of the Income after expenses be disbursed to shareholders, " Does anyone know the cost of the AMPS", so we can deduct that expense
    and see the actual Net Investment Income? If
    we divide that value by 48,250,000 shareholders, we can determine the annual dividend to be paid or better yet, see how
    much they can cut. If long term holders ever
    hope to get back their capital,the dividend
    payout is crucial. At today's closing price of of $8.82 with a annual dividend of $2.40 yields 27%. If the dividend is maintained then the upside for RNP is $24+ in 2009.

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