ROC is a tax benefit written into the IRS code that allows property owners to depreciate properties and is a non-cash expense and is non-taxable because represents a reduction in the cost of the property (ROC) but real estate generally doesn't depreciate except the building and over long periods rise in value. It simply converts income to capital gains and you must reduce your basis in the stock by the ROC. All reits have some form of ROC and still increase dvidends. IGR simply passes to its shareholders what it gets from its investments. When your basis gets to zero all ROC is fully taxable.