IMO there is no more dangerous red flag warning than questionable accounting regardless of the reason. What is so difficult about filing a report that is 8-9 months past due?
When Enron was suddenly rumored to have questionable accounting practices and the stock was suddenly tanking, I bought the stock telling myself that this is the 7th largest corporation in America and they certainly aren't going out of business. A week later the 7th largest company in America WAS out of business! Lesson learned.
Questionable accounting practices seldom turn out good. Forget about the dividend and start being concerned about what is most important - questionable accounting. There IS a reason why this report has not been filed. IMO, collect the dividend and sell, or sell and forget about the dividend. The risk is not worth it. There are too many other high yield REITs that do not have accounting issues.