I never expected such a large dividend cut. Of course, they had to refund the low paying ARPS at full face value, and cash in stocks and preferreds, at a reduced price no doubt to accomplish this. I may need to reduce my living standards.
t was expected and I was persuaded to stay away from real estate. I've been watching IGR for their fantastic dividend of 24% but the market sentiment was right: "IGR declared a monthly distribution of $0.045 per share for the month of November 2008. The previous monthly distribution amount was $0.115 per share. IGR’s current distribution rate represents an annualized yield of 11.0% based on the closing market price of $4.90 on November 13, 2008 and a 9.9% yield on a closing NAV of $5.48 as of the same date." http://www.marketguru.com/opinions/0,43,1