Every one of these closed end real eastate and income funds are getting crushed. The market has got to be thinking that they won't be able to keep up the distributions. They can't borrow any money. They can't sell any assets because nobody can buy them because they can't get any financing either. I own IGR and have been adding. My hope is that they will be able to maintain this distrubution until the credit markets loosen up. I'm not terribly worried that their portfolio of reits/properties are not paying their rents and their distributions for the time being.....but the problem has to be that that these companies cannot buy/sell/invest/collaterize any of their assets. Everything is frozen in place. This is crazy....and my take is that this is an extreeeeeeeeme overreaction. I'm adding more this afternoon.
LOL. I'm amazed at how the average REIT looks to be down 2 to 3% today, and yet this closed end fund is down 20% today. Over-reaction? At this rate it will be at ZERO in a week, while the underlying REITs will be at $8/share. LOL LOL LOL