This is a normal course of business. They are cleaning up their balance sheet to prepare for a sell. They have become relavent. Expect them to be aquired in the 12's which is a 50% premium to current PPS. Sorry dudes. It's the way the game is played.
When a REIT cuts their rate many will come up with positive out of this action--well from my experience it is far from a positive-it can be a long road back for the company to return to the status that they maintained before the cut. That being said I for one will not sell since I think that their dividend is secure at the lower rate and with recent developments looks like they are headed in the right direction.