RE:RE:RE:RE:LISTENING TO CC NOWYou guys heard the call and get it but I am pasting my yahoo comment here too Listened to the earnings call, here are the things that stood out to me: The business is doing fine and in line with projections. They have cut the dividend out of caution and the share consolidation is for optics. The retained cash from reduced dividend is used to attract and lease new tenants. They spend 6-8$ a square foot furnishing each space for a lease. And the un distributed cash serves to lease 200,000 sq feet for the long run. This keeps the tenants in growing rents and keeps building values up. This is smart as their main ace in the hole is very high and rising rents. Without the dividend cut you get less occupancy and future profits. They plan to keep the Dir units forever as its a good investment. They plan to sell 50million for additional liquidity, likely a piece of land. This is all good and these decisions make the company more stable, rather than dumping valuable assets in an illiquid market for short term concerns. A .50 basis point decrease in interest rates will add 1.2 to ffo. So in summary, if you dump this now right before rates are cut you are likely selling at a trough in profitability. I think they will sell buildings but not at this moment when the values are uncertain. All their moves are about getting to the other side of this economic uncertainty and are considered not as a panicked necessity but as strategy for long term value. The dividend cut is a small annoyance for owning a company worth 3x the trading price.