he dividend yield is now close to 20%...The average for the last 2 years is about 15%. How do you explain the difference. If the stock reverts to the mean at a 15% yield, the price per share should now be $26.5. It is trading a point below. The exodus may be over for the time being, but other have stated the BV is of more importance which is a great argument. I think they would do well to conserve as much capital as they can and reinvest at better spreads. Short rates will not go up for a long time. AS today's data shows, the economy is still not doing well.
I think REIT investors should not be all hung up on a Dividend change. The Dividend should reflect the business activity of the accounting period in question. The Dividend of a REIT could be different each period. To have the same Dividend each period smacks of playing accounting games.