Is there a problem redeeming the ARPS or is this tanking solely becaue of the market? The discount is getting big again (28%) and I might buy so long as there is some positive economic news coming from anywhere in the world.
Once we bottom (real estate) we don't necessarily go back up without good news. The yield, if it is sustainable, is a great incentive to hold on once we bottom until the good news comes. Then the NAV rises and the discount closes.
THis is similar to the convertible, high yield and emerging market debt funds that tanked with the market. They all came back when the good news--no or few defaults--became obvious. Maybe the came closing of the discout will also happen with domestic and global RE? Regardless, we must have some glimmer of hope before investors come in.