I finally decided to cut my losses with Hoegh LNG Partners LP (HMLP). This purchase was one of my biggest errors since starting down the path of dividend investing. They were a risky play with a high dividend and it went well for about half a year until they cut their dividend by 98%. When they did that I not only lost the annual income but their stock price crashed into the basement. This was a good time to take that loss since I need to offset some gains from earlier in the year. I think when all is said and done I’ll have a net loss of around $10k at the end of the year. So I may take a look at sweeping up some profits to get the net gain/loss nearer to zero if I can.
In the mean time I picked up Office Properties Income Trust (OPI). Their current yield is 8.97% and hopefully is a safer bet. This is all happening in my high yield portfolio. Here’s a little info on OPI.
Office Properties Income Trust is a real estate investment trust (REIT). The Company’s business is focused on leasing office space to primarily single tenants and those with credit quality characteristics, such as government entities. The Company’s investment objectives include acquiring properties that produce yields that are greater than the yields of properties it is disposing in connection with its capital recycling program, as well as acquiring properties with yields that are greater than Company’s cost of capital. The Company’s properties are comprised of approximately 181 properties located in over 34 states and the District of Columbia containing approximately 24.9 million rentable square feet.https://www.opireit.com/about/default.aspx