Shares of W. P. Carey (NYSE: WPC) rallied 16% in November, according to data provided by S&P Global Market Intelligence. That was a nice bounce-back month for the real estate investment trust (REIT), which plunged 17% in September when it revealed its accelerated plan to exit the office sector. Investors seemed to come to terms with that strategy last month. That was one of a few factors driving the REIT's rally last month.

W. P. Carey caught its investors off guard in late September when the diversified REIT unveiled an accelerated plan to exit the office sector. The two-part strategy would see the company spin off part of its office portfolio into a new office REIT, Net Lease Office Properties, which it completed in November. The company planned to sell the remaining properties by early next year.

The abrupt exit from the office sector would cut into the company's cash flow. As a result, W. P. Carey expects to reduce its dividend by around 20%. That dividend cut didn't sit well with investors, especially since the company had increased its payout again one week before unveiling its strategic exit from the office space. The REIT had grown its dividend every year for nearly a quarter century.

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Source Fool.com