That means it is considering a sale, a merger, bringing on a partner, a recapitalization of some or all of its properties, or acquiring another company. Last November, the company hired Bear Stearns to explore those alternatives. Bill Atkins, the company's chairman and chief executive officer, told analysts he received many phone calls when the plan was announced last year. He says he will be disappointed if AmeriVest hasn't chosen an option within the next six months. At that time, AmeriVest will be a different company than it is today, he says.

The stock dropped by almost 11% after the announcement to a 52-week low. Analyst Marti Tirinnanzi, who follows the stock for Washington, DC-based Ferris, Baker, Watts Inc., says that's because many people buy the stock for its high yield. Without a dividend, investors now would be those looking for a value play, she says.

Atkins told Tirinnanzi and other analysts at a conference call that the real estate market "remains frothy," with a lot of money chasing relatively few assets. That bodes well for AmeriVest to receive a premium for its properties, if it decides to sell, she tells GlobeSt.com. Likely buyers would include pension funds or large REITs, she adds.