I own a few trust units of the company in my DRiP portfolio, where it holds a very smal place. This is the third time in less than a year that this income trust has reduced its monthly distributions:
- From $0.225 to $0.17 starting January 15, 2009;
- From $0.17 to $0.10 starting March 16, 2009; and now
- From $0.10 to $0.07 starting November 16, 2009.
So in a year, unitholders have seen their distributions decrease by almost 70%.
On the one hand, I can't say that I'm happy about this, even though this will have only a small impact on my portfolio. It is still a reduction of $12 to my dividends for next year.
On the other hand, I can't blame the board for finally looking to the long-term well-being of the company and its unitholders. I had not been putting much money into that company, and this confirms that it will remain only a small part of my portfolio.