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REITs Hit By 'Second Wave' Of Dividend Cuts

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
MFA FINANCIAL 7.39   10.4 0.71 0.80 10.81
CORECIVIC 18.06   12.0 1.51 1.76 9.83
MACERICH 33.33   43.9 0.76 3.00 8.91
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
VENTAS 71.17   51.6 1.38 3.17 4.41
HOME DEPOT 233.80   23.3 10.04 5.44 2.33
LOWES COMPANIES 113.88   35.6 3.20 2.20 1.91
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

CHERRY HILL MORTGAGE INVESTMENT - CHMI
CHERRY HILL MORTGAGE INVESTMENT - CHMI  


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