It's time to revisit the issue.

I've held shares long for over 3 years and enjoyed the stable dividend returns along the way. However, in Q1 last year, the CEO stated the dividend policy would be re-evaluated in December of this year based on current market conditions and pending debt obligations.

Judging by VGR's non-participation in the general market upturn, one might suspect the dividend is about to get cut. One major reason could be continued real estate losses. VGR wrote off poor investments in the Florida market and expected the California investments to eventually pan out. While I also believed the Cali investments were opportunistic, California is deteriorating faster than expected. VGR needs real estate cash flows to start offsetting cigarrete volume declines. Unfortunately, I just dont see that happening.

Please share your thoughts longs. I may be unloading all the shares soon. I can get similar yields with energy MLP's and much less risk.