Look at TBT from the 1st of the year. They use TBT to hedge against an interest rate rise but rates went down and TBT lost over 30 plus percent. TBT is a bad interest rate hedge because treasuries have been a fear proxy with interest rates falling for treasuries much further than for other interest rate sensitive investments like mortgages. Treasuries prices are also kept artificially way down because of QE worldwide. So you lose a ton and it isn't a good hedge for the portfolio. If it were a good hedge your portfolio should have made gains to mostly offset the loss on the hedge. That's why it's called a hedge.
Total # shares outstanding went up 22% from the prior year. Did you get any shares....All these shares went to MGMT/BOD. So again, any increase or improvement in the business is going solely to MGMT/BOD. And they are borrowing against the company's assets to pay your dividend.
For those who don't know a financial statement from the lies CEOs tell.
1. All measurements on a per share basis versus same QTR last year. No movement. None.
2. The dividend was funded from the credit facility.
Distributions paid to common shareholders (7,711 ) (6,526 )
Distributions paid to OP unit holders (139 ) (113)
Proceeds from revolving credit facility, net 7,000 9,000
3. All gains went directly to officers and BOD. Shareholders gained nothing just the added risk of the debt used to fund the dividend.