Here's Why This REIT Plunged by 23% on Thursday
Industrial real estate investment trusts (REITs) are popular among investors for their growth potential and predictable income streams. And they tend to be less volatile than the average S&P 500 company. But that's not the case for Industrial Logistics Properties Trust (NASDAQ: ILPT), which owns more than 400 properties across the U.S.
On Thursday, the REIT had a terrible day, plunging by 23%, as of 3 p.m. ET.
The reason for the drop is that Industrial Logistics Properties Trust announced a dividend cut. And not just a small one -- the company slashed its quarterly payout from $0.33 per share to just $0.01.
Source Fool.com