** Shares of real estate investment trust CMCT drop ~4% to $1.91 after halving quarterly dividend

** Co to pay dividend of $0.04/shr vs prior payout of $0.085/shr

** CMCT also shelves planned asset sale, says will borrow against the assets instead of via a refinancing arrangement

** Received fair offers for the assets but the would-be buyer was unable to close the deal, CMCT says

** Proceeds from the refinancing will be used to repay debt and invest in premier multifamily properties - CMCT

** CMCT also plans to redeem some preferred shares to shore up capital

** Preferred shares can be burdensome for a company since they carry higher dividends

** YTD as of Friday, stock had lost ~46%

(Reporting by Niket Nishant in Bengaluru)

((Niket.Nishant@thomsonreuters.com))