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REITs Rally Despite Mounting Dividend Cuts

Published Sat, 09 May 2020 10:00:00 -0400 on Seeking Alpha

The rebound continued for U.S. equity markets this week despite another brutal week of unemployment data. Nearly a fifth of the American workforce has filed for jobless claims since mid-March.
Investors are wagering that WWII-levels of fiscal spending combined with unprecedented levels of monetary support can help to offset the economic pain from the coronavirus shutdowns.
Real estate equities continued their recent rebound on the busiest week of real estate earnings season as more than 75 REITs reported earnings results and rent collection metrics.
Real estate earnings season has generally topped expectations. REIT dividend cuts continue to mount, however, as 41 out of 165 Equity REITs have cut dividends since the start of the pandemic.
Homebuilders and housing-related equities have led the recent rebound on mounting optimism that the housing industry will lead the eventual economic recovery amid a potential "suburban revival."
Real Estate Weekly Outlook
The rebound continued for U.S. equity markets this week despite another brutal week of unemployment data that showed that more than 33 million Americans - a fifth of the workforce - have filed for unemployment claims in the last seven weeks as the coronavirus-related shutdowns continue to inflict a devastating - but hopefully temporary - impact on the American economy. Investors are wagering that WWII-levels of fiscal spending combined with unprecedented levels of monetary support can help to offset the economic pain from the coronavirus shutdowns amid discussions over another round of stimulus and debate over the "shape" of the eventual recovery.

(Hoya Capital Real Estate, Co-Produced with Brad Thomas)
Following a decline of 0.1% last week, the S&P 500 ETF (SPY) ended the week higher by 3.4% while Mid-Cap (MDY) and Small-Cap (SLY) stocks delivered a second-straight week of strong gains of 5.6% and 4.0%, respectively. Real estate equities continued their recent rebound on the... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
WP GLIMCHER 4.18   24.6 0.17 1.00 24.10
NEW RESIDENTIAL INVESTMENT 14.98   18.0 0.83 2.00 13.28
AG MORTGAGE INVESTMENT TRUST 17.47   6.1 2.87 1.90 10.89
WHITESTONE REIT 13.84   25.2 0.55 1.14 8.62
NEW SENIOR INVESTMENT GROUP 6.41   0.0 -1.56 0.52 8.39
TANGER FACTORY OUTLET CENTERS 16.50   21.4 0.77 1.42 8.35
KITE REALTY GROUP TRUST 15.92   0.0 -0.27 1.27 8.07
ALPINE GLOBAL PREMIER PROPERTIES FUND 6.15   0.0 0.00 0.00 7.95
NUVEEN DIVERSIFIED DIVIDEND AND INCOME FUND 11.08   0.0 0.00 0.00 7.75
HERSHA HOSPITALITY TRUST 15.01   0.0 -0.54 1.12 7.42
PREFERRED APARTMENT COMMUNITIES 14.60   0.0 -1.61 1.05 7.19
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
EPR PROPERTIES 77.15   22.8 3.38 4.50 5.84
BRIXMOR PROPERTY GROUP 19.68   16.5 1.19 1.12 5.68
WEINGARTEN REALTY INV 28.14   15.3 1.84 1.58 5.62
OUTFRONT MEDIA 27.33   24.4 1.12 1.44 5.59
KIMCO REALTY 20.39   25.5 0.80 1.12 5.57
RETAIL PROPERTIES OF AMERICA 12.00   36.4 0.33 0.66 5.48
UMH PROPERTIES 13.64   0.0 -1.18 0.72 5.26
INDEPENDENCE REALTY TRUST 14.04   35.1 0.40 0.72 5.25
PEBBLEBROOK HOTEL TRUST 28.65   0.0 -0.41 1.52 5.23
SIMON PROPERTY GROUP 155.27   20.8 7.48 8.40 5.21
HOST HOTELS & RESORTS 17.08   11.5 1.48 0.80 4.59
RYMAN HOSPITALITY PROPERTIES 81.48   16.1 5.05 3.60 4.46
CORESITE REALTY 116.12   54.5 2.13 4.88 4.43
VENTAS 71.17   51.6 1.38 3.17 4.41
VORNADO REALTY TRUST 64.13   4.3 15.04 2.64 4.15
CARETRUST REIT 23.13   30.8 0.75 0.90 3.92
LIFE STORAGE 103.91   23.2 4.47 4.00 3.87
REALTY INCOME 74.49   56.9 1.31 2.72 3.69
CUBESMART 35.29   37.5 0.94 1.28 3.65
MACK-CALI REALTY 21.68   8.2 2.63 0.80 3.63
REGENCY CENTERS 69.07   40.2 1.72 2.34 3.43
DIGITAL REALTY 126.53   116.1 1.09 4.32 3.38
EXTRA SPACE STORAGE 117.00   34.7 3.37 3.60 3.11
APARTMENT INVESTMENT & MANAGEMENT 51.11   8.5 6.03 1.56 3.07
FEDERAL REALTY INVESTMENT TRUST 135.76   40.4 3.36 4.20 3.00
MID-AMERICA APARTMENT COMMUNITIES 128.66   62.2 2.07 3.84 3.00
CAMDEN PROPERTY TRUST 108.97   66.4 1.64 3.20 2.91
AVALONBAY COMMUNITIES 209.53   31.6 6.62 6.08 2.89
UDR 48.03   84.3 0.57 1.37 2.86
PROLOGIS 84.04   31.2 2.69 2.12 2.55
CYRUSONE 74.17   0.0 -0.69 2.00 2.53
DOUGLAS EMMETT 42.80   61.1 0.70 1.04 2.46
ESSEX PROPERTY TRUST 324.02   52.2 6.21 7.80 2.43
NEXPOINT RESIDENTIAL TRUST 46.28   0.0 -0.72 1.10 2.42
SUNSTONE HOTEL INVESTORS 13.67   14.5 0.94 0.20 1.46
DR HORTON 49.77   11.9 4.17 0.60 1.21
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
 

WP GLIMCHER - WPG
WP GLIMCHER - WPG  


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