This REIT got slaughtered today. Anyone in SNH?

[Steve Vaughan]

SNH dropped 20% today.  https://finance.yahoo.com/quote/SNH?p=SNH&.tsrc=fin-srch-v1

Oh the importance of buy limits. I've had my eye on this Senior Housing REIT for a little while. The dividend yield was 11%!

I was thinking SNH would be perfect for an IRA purchase. 11% COC min and no tenants? Sign me up!

I set a buy limit (GTC here vs for the day) like I always do, just above the 52-week low of $11.17 and carried on. What could be a better play in an aging US than Senior Housing?  

Imagine my surprise to see that it opened today at $9.50, down 22%! Anyone else have this REIT? They are restructuring and slashing their dividend from $1.58/share to $.55 to $.65. Bad management is killing this company, but they appear to be taking the drastic steps necessary to save it and have maintaining shareholder value front of mind.

My buy limit order filled this morning at $9.61. Currently trading around $9.75. I will probably execute a Trailing Stop Loss at 3% to hopefully catch the upside of the day but limit the down. I get free trades, so no transaction costs. It's also in an IRA so no tax gobbledy-gook.

Anyone else in SNH or have an opinion about it?  Vet your REITS like you would any investment purchase!