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REITs And Homebuilders Retreat As Yields Return To 2018 Highs

Published Fri, 20 Apr 2018 15:09:35 -0400 on Seeking Alpha

Real Estate Weekly Review
Despite a rally in the S&P 500 (SPY), REITs and homebuilders took a leg lower this week as the 10-Year yield climbed back towards 2018-highs. The REIT ETFs (VNQ and IYR) finished the week lower by 1% while homebuilders (XHB and ITB) declined 0.5%. Inflation expectations have picked up amid concern over tariffs, wages and commodity prices.
Because REIT valuations have been driven almost entirely by macroeconomic conditions in recent months, commodity prices have become an important factor to watch for real estate investors due to their impact on interest rates and inflation. The most significant culprit of rising inflation expectations has been crude oil (USO), which climbed 2% on the week and is now higher by more than 30% year over year. Despite booming US production, prices are up 30% YoY as the OPEC cartel continues to restrict production, aided by the collapse of Venezuela’s oil production capability.

(Hoya Capital Real Estate, Performance as of 1pm Friday)
In other areas of the real estate sector, mortgage REITs (REM) finished the week nearly 2.5% higher while international real estate (VNQI) finished 1% lower. Within the Equity Income categories, we note the performance and current income yield of the Utilities, Telecom, Consumer Staples, Financials, and Energy. Within the Fixed Income categories, we look at Short-, Medium-, and Long-Term Treasuries, as well as Investment Grade and High Yield Corporates, Municipal... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
CBL & ASSOCIATES PROPERTIES 1.09   0.0 -0.95 0.30 24.59
WP GLIMCHER 4.56   14.7 0.31 1.00 20.49
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 6.69   0.0 -2.15 0.84 11.54
NUVEEN REAL ESTATE INCOME FUND 10.38   0.0 0.00 0.00 7.39
COHEN & STEERS QUALITY INCOME REALTY FUND 13.21   0.0 0.00 0.00 7.28
COHEN & STEERS TOTAL RETURN REALTY FUND 13.30   0.0 0.00 0.00 7.17
COHEN & STEERS REIT 20.82   0.0 0.00 0.00 7.16
RMR REAL ESTATE INCOME FUND 18.46   0.0 0.00 0.00 7.04
KIMCO REALTY 17.96   18.7 0.96 1.12 6.19
BRIXMOR PROPERTY GROUP 17.96   14.7 1.22 1.12 6.18
BRANDYWINE REALTY TRUST 14.69   27.7 0.53 0.76 5.11
HOST HOTELS & RESORTS 18.97   13.8 1.37 0.80 4.17
SL GREEN REALTY 86.09   42.8 2.01 3.40 3.91
CORESITE REALTY 115.35   53.2 2.17 4.88 3.76
PUBLIC STORAGE 230.54   26.7 8.62 8.00 3.48
COUSINS PROPERTIES 9.17   39.9 0.23 0.29 3.11
UDR 44.33   85.2 0.52 1.37 3.05
AVALONBAY COMMUNITIES 200.55   27.7 7.25 6.08 2.99
EQUITY RESIDENTIAL 75.75   51.2 1.48 2.27 2.96
CYRUSONE 62.37   138.6 0.45 1.84 2.89
PROLOGIS 75.59   27.9 2.71 2.12 2.77
FIRST INDUSTRIAL REALTY TRUST 34.45   29.0 1.19 0.92 2.62
EASTGROUP PROPERTIES 112.44   49.1 2.29 2.88 2.54
SUN COMMUNITIES 123.23   93.4 1.32 3.00 2.39
SPDR S&P 500 ETF 283.95   0.0 0.00 5.24 1.83
SUNSTONE HOTEL INVESTORS 14.16   14.8 0.96 0.20 1.39
LENNAR 51.81   9.5 5.47 0.16 0.30
ISHARES COHEN & STEERS REALTY MAJORS INDEX FUND 111.66   0.0 0.00 0.00 0.00
ISHARES FTSE NAREIT MORTG PLUS CAPPED INDEX FUND 42.55   0.0 0.00 0.00 0.00

CBL & ASSOCIATES PROPERTIES - CBL
CBL & ASSOCIATES PROPERTIES - CBL  


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