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REIT Death List

Here's a list of REITs that we think are in danger of reducing their dividend payouts within the next 12 months. As you probably know, dividend reductions hurt shareholders in two ways. First, your dividend yield drops, and then to add insult to injury, the share price usually falls too. 

The list is generated by looking at each REIT's ratio of estimated dividends to funds from operations (FFO). Without sufficient FFO, a REIT must either cut its dividend, or pay dividends by reducing shareholder's equity. The screen looks for REITs with ratios above 100%, and also requires a declining trend in analysts' FFO forecasts. Obviously, not every stock on this list will end up cutting its dividend. 

Data: 3/14/08 Recent
Price
Expected
Annual
Dividend
Dividend
to FFO %
AKR Acadia Realty Trust 23.90 0.84 130
ANL American Land Lease 21.22 1.00 129
AMC American Mortgage Acceptance 1.35 0.00 184
AIV Apartment Investment and Management 35.24 2.40 366
BXP Boston Properties 87.23 2.72 575
CSE CapitalSource 12.24 2.40 105
CSA Cogdell Spencer 15.01 1.40 115
CLP Colonial Properties Trust 24.70 2.00 2127
CUZ Cousins Properties 24.51 1.48 142
GKK Gramercy Capital 17.16 2.52 344
LXP Lexington Realty Trust 15.13 1.32 152
MPG Maguire Properties 19.00 1.60 186
MSW Mission West Properties 9.33 0.80 119
NCT Newcastle Investment 8.86 1.00 124
 

Harry Domash's Dividend Detective

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