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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 1.38   0.0 -0.95 0.35 27.34
WP GLIMCHER 4.18   24.6 0.17 1.00 24.10
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 5.68   0.0 -1.81 0.84 14.58
NUVEEN REAL ESTATE INCOME FUND 10.71   0.0 0.00 0.00 6.99
RMR REAL ESTATE INCOME FUND 20.04   0.0 0.00 0.00 6.66
COHEN & STEERS TOTAL RETURN REALTY FUND 14.98   0.0 0.00 0.00 6.56
COHEN & STEERS REIT 23.56   0.0 0.00 0.00 6.38
COHEN & STEERS QUALITY INCOME REALTY FUND 15.60   0.0 0.00 0.00 6.30
BRIXMOR PROPERTY GROUP 19.68   16.5 1.19 1.12 5.68
KIMCO REALTY 20.39   25.5 0.80 1.12 5.57
BRANDYWINE REALTY TRUST 14.85   29.7 0.50 0.76 5.08
HOST HOTELS & RESORTS 17.08   11.5 1.48 0.80 4.59
CORESITE REALTY 116.12   54.5 2.13 4.88 4.43
SL GREEN REALTY 82.69   30.0 2.76 3.40 4.12
COUSINS PROPERTIES 36.02   69.3 0.52 1.16 3.25
PUBLIC STORAGE 249.58   29.8 8.38 8.00 3.20
AVALONBAY COMMUNITIES 209.53   31.6 6.62 6.08 2.89
UDR 48.03   84.3 0.57 1.37 2.86
EQUITY RESIDENTIAL 85.36   42.7 2.00 2.27 2.69
PROLOGIS 84.04   31.2 2.69 2.12 2.55
CYRUSONE 74.17   0.0 -0.69 2.00 2.53
FIRST INDUSTRIAL REALTY TRUST 39.03   34.2 1.14 0.92 2.39
EASTGROUP PROPERTIES 125.56   50.2 2.50 3.00 2.34
SUN COMMUNITIES 145.94   95.4 1.53 3.00 2.14
SPDR S&P 500 ETF 301.29   0.0 0.00 5.42 1.82
SUNSTONE HOTEL INVESTORS 13.67   14.5 0.94 0.20 1.46
LENNAR 54.58   9.4 5.83 0.16 0.30
ISHARES COHEN & STEERS REALTY MAJORS INDEX FUND 118.41   0.0 0.00 0.00 0.00
ISHARES FTSE NAREIT MORTG PLUS CAPPED INDEX FUND 41.97   0.0 0.00 0.00 0.00

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


Older articles featuring Cbl & Associates Properties (CBL):
Dividend Cuts And Overdue Rent: REIT Earnings Recap
Our High Yield REIT Portfolio - Optimizing Rebound Potential
Now Is Not The Time To Be A High-Yield REIT Investor
Macerich: Debunking Three Bear Theses, Including Why I Want A Dividend Cut
Introducing This Growing Dividend Portfolio
Washington Prime Is Undervalued Regardless If It Cuts The Dividend
Our 2020 High Yield REIT Portfolio
These REITs Are Likely To Cut Their Dividend In 2020
The Retiree's Dividend Portfolio - Jane's November Update: A Reminder Why We Sold Shares Of CBL.PD
The Mystery Of REIT Dividend Cuts In The Great Recession

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