I wouldn't wait. It's worth the risk. With no dividend cut one makes almost 30% in dividends. If they cut it by 66%, one still makes almost 10%. What is wrong with 10% dividend. Sit back and enjoy it. If they come above number / esimates, you don't get the pop. If they come below, how much further can they fall anyway.
The Risk/Reward is heavily tilted towards investors at the moment, atleast in NRF.
issuing equity at such a high dividend rate makes buying properties unprofitable, meaning, no increase in FFO/share, as has been the case for most of the last year. They had already issued a bit of extra equity; the debt was 36% of equity, generally mngt has indicated that they want it to be around 40%, so now they are issuing debt at a lower cost (4% vs 7% for equity).
They might overshoot the 40% a bit, maybe up to 45%, probably not more. This is the reason dividend growth has slowed considerably recently. STAG wants to reduce it's payout ratio so that they may have some internal growth. The best internal growth comes from developing ones own properties with long term renters (prologis), unfortunately those are two things management has decided it doesn't want to do.
A recession in manufacturing is keeping STAG down (price), and it will keep it down for a while 12 - 18 months IMO.