Published Sat, 20 Jun 2020 09:00:00 -0400 on Seeking Alpha
The "reopening rally" resumed for U.S. equity markets this week as concerns of a "second wave" of the coronavirus pandemic were offset by further evidence of an emerging economic rebound.
Investors remain hesitant to wager against the "unstoppable force" of WWII-levels of fiscal stimulus and unprecedented levels of monetary support with renewed hints of a forthcoming round of additional stimulus.
The reopening rally has shown signs of fading for several equity sectors, however, including several "non-essential" segments of the commercial real estate market as equity REITs dipped 2.1%.
A "second wave" of dividend cuts and suspensions hit the REIT sector during second-quarter dividend declaration season. Three more REITs cut their dividend this week, pushing the total to 57 equity REITs.
Residential real estate - along with other "essential" sectors - remains largely immune from the weakness. Mounting signs of a V-shaped recovery in the critical housing market has underlaid the broader equity rally.
Real Estate Weekly Outlook
The "reopening rally" resumed for U.S. equity markets this week as concerns of a "second wave" of the coronavirus pandemic were offset by further evidence of an emerging economic rebound, particularly in the critical U.S. housing sector. The major indexes finished higher for the fourth week out of the past five, rebounding from sharp declines last week as investors remain hesitant to wager against the "unstoppable force" of WWII-levels of fiscal stimulus and unprecedented levels of monetary support with renewed hints of a new round of fiscal stimulus on the way that could push the size of the coronavirus stimulus package towards $5 trillion, nearly twice as large as the estimated aggregate lost economic output since the start of the pandemic.
(Hoya Capital Real Estate, Co-Produced with Brad Thomas)
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|Stock name||Last trade||P/E||Earnings/Share||Dividend/Share||Dividend yield|
|CHERRY HILL MORTGAGE INVESTMENT||13.52||0.0||-3.91||1.60||14.40|
|ANNALY CAPITAL MANAGEMENT||8.60||0.0||-3.32||1.20||14.00|
|TWO HARBORS INVESTMENT||13.28||0.0||-2.81||1.60||12.02|
|PENNYMAC MORTGAGE INV TRUST||22.24||9.5||2.35||1.88||8.50|
|ARES COMMERCIAL REAL ESTATE||15.64||11.7||1.34||1.32||8.49|
|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|
|HERSHA HOSPITALITY TRUST||15.01||0.0||-0.54||1.12||7.42|
|ASHFORD HOSPITALITY TRUST||3.22||0.0||-1.82||0.24||7.34|
|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|
|SUMMIT HOTEL PROPERTIES||12.04||13.8||0.87||0.72||6.18|
|WEINGARTEN REALTY INV||28.14||15.3||1.84||1.58||5.62|
|NATIONAL HEALTH INVESTORS||82.87||23.1||3.59||4.20||5.14|
|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|
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