Look for this to be the continuing model for all mREITs. A slow grinding away of dividends, (the thing that made them so attractive in the first place), until the stock is bought and sold only for a tiny profit made on the swings in pps. Between bad management and the Fed, REITs don't stand a chance anymore. I've taken a huge beating on pps and dividend. mea culpa
Their investment policy has been trying to apply logic to a completely schizophrenic Fed. The Fed is now boxed in as the economy this year and next continues to be weak and housing us cooling. Rates aren't going anywhere whether they taper or not. They're going to start growing their BV again.