Thanks for your response. Perhaps I don't truly understand the nuances of return of capital, and why if the NAV falls that it means more of the dividend is return of capital. Maybe you can explain that to me. I would be appreciative. I'm happy you believe that the dividend won't be cut until the stock trades, but I definitely don't understand why you think that.
Given what is going on in such a back and forth market, I feel comfortable owning AWP and using the hedge of selling higher priced strike calls on IYR. While AWP has largely underperformed IYR, it does move generally in some correlation with the directional movement, and the premiums are rich enough on IYR to allow for a reasonable rally and not end up losing money in that rally because of those premiums. And AWP does appreciate for the most part with the rally in IYR, perhaps not quite as much sometimes but now that it's at such a steep discount to NAV again, I don't worry so much about it's further underperformance. Also there is that 16% exposure to Brazilian reits and with that then is also exposure to the same extent to the Brazilian Real. The worst of the panic selling in the Real seems to have taken place, and the Brazil story is still one I like unless the global economy falls into a recession. Also, one of those 15% yielders I found during my quick perusal of the holdings of AWP was a Brazilian reit.
Have you considered that AWP could rally significantly as EWZ recovers?