DIVIDEND CUTS

Year-to-date, 2009 has seen the most dividend cuts and suspensions compared to each of the last 10 years. 46 U.S. REITs have cut their dividends so far in 2009 and 11 have suspended their dividends. Starting in May 2008, 24 U.S. REITs chose to cut their dividends and 11 suspended their dividends. All but four of these cuts and suspensions in 2008 occurred in the fourth quarter. In 2007, only seven U.S. REITs cut their dividends and only three suspended their dividends. Of the last 10 years, 2005 saw the least amount of dividend cuts and suspensions with eight in total. Source SNL