Go to the nrf website and review the taxability history. Last year was 100% taxable and, of course, not qualified for the lower dividend tax rate.
NRF will not release an estimate of taxability (I've asked). The fact of 100% taxable last year means all net operating loss and/or capital loss carryovers have been used up. Plus, 2013 will include some discharge of debt income (cod) which was deferred from 2009 and 2010. Amount is not disclosed.
However, huge shift to leveraged equity reit investments means much more noncash depreciation. When depreciation exceeds principal paybacks, cash income is lower than taxable income. Plus, preferred carries out taxable income first. Common dividends are taxable only to the extent that taxable income exceeds preferred dividends.
To me, the deferred cod income is the wildcard. Otherwise, I think some of 2013 common dividends might be roc.
OOPs, correction: When depreciation exceeds principal payback, cash income is HIGHER than taxable income. This makes it possible to have dividends (cash) exceed taxable income (reduced by depreciation, but not principal reduction) thus resulting in a return of capital which is not currently taxable but which does reduce the tax basis of the underlying stock.