Bloomer says that as long as capital remains tight and banks aren't willing to refinance debt that's coming due, we're going to see more stress in the space. "As things are right now the pain is definitely not over," he says. "If lending does return in a short amount of time, things will improve. But the problem is we're not overly optimistic that that's going to happen yet.
"Dividend cuts will probably become more common," he adds, "and they're not going to return until that capital picture improves and they know they can rely on the banks to roll over their debt on reasonable terms. And it's very hard to predict but all indications now are that we're still at least year or two away from that."