Of course the industry is getting hit. That's hardly news. There is some risk out there. That's why we are getting paid the big bucks! Hey, 10% is discounting a lot of bleak scenarios. But, MAA is lean and mean in terms of new units, and some of their markets that are weak may have seen the bottom.
Sure, it's possible we could get a small dividend cut. They are about 15 cents over. If they cut 15 cents, big deal, the stock could go down 2-3 points, and would then yield 11-12% and be trading more than a few points under NAV. I'd love that kind of opportunity. Or, it may not go down at all, seeing that such a worst case is probably already factored in the current price. I'd put the odds of such a cut in the next year at less than 1 in 5 right now. But, the stock is cheap, with or without a cut, so enjoy and don't worry so much. Long term demographics are very reassuring.