dividend increase? Are you serious - in this market? Most companies are cutting or suspending their dividends. Other REITs are having problems with their loans, cash flow, etc. The fact that IRC continues to maintain their dividend (and as they announced today, continue it in January), month after month, is a great sign. Personally, I'm pleased and would rather they maintain the capital they would have put into an increase for operating expenses, paying down debt, and purchasing back shares. That is LIKE a dividend increase, especially in this market, by helping to maintain the dividend.
IRC was created as a private REIT that started with a much lower dividend yield. The REIT went public about 4 years ago and I would not expect the dividend to change much again unless they find oil under their retail holdings. Dividend declines are more likely since their current private holdings are looking at short term capital conservation techniques.