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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (33814)	3/16/2009 11:41:26 PM
From: Paul Senior	Read Replies (3) of 78757

Reits: stock in lieu of cash dividends. Someone's told me that this only applies to the common shares. The preferreds have to be paid in cash. Which if true, is good news for preferred shareholders. I haven't been able to confirm. I Googled and got IRS Revnue Procedure 2008-68 where it talks about the distribution possibilities for the reit common shares. No mention of preferred shares. ------ I got my impression from the below Dow Jones report that reits were permitted to issue stock for preferred dividends. The article said, referring to Jay Leupp, a portfolio manager for Grubb & Ellis AGA Realty Income Fund: "Leupp noted, so far, no REIT has elected to pay part of its preferred dividend in stock." news.morningstar.com

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