A dividend would be required only if 90% of this year's income has not yet been distributed (in order to retain REIT status).
My guess is that if at least 90% of 2011's income has not yet been distributed, a dividend will be approved.
I also have a hunch (and nothing more than that), that the Board does not really have a fire lighting under its collected posteriors (to declare a dividend on the publicly traded Series "D" shares, as these are non-cumulative, and there is absolutely no penalty to them if the dividends get skipped.
The Series "B" Preferreds continue to receive ALL their dividends (eventually), as those ARE cumulative.
Each quarter's dividends skipped on the D's saves 'em about/only around $800,000.
I seem them trying to redeem these as quickly as possible, but I could flat-out be wrong!
