REITs Rebound | Home Sales Surge | Simon Slashes Dividend

June 29, 2020 | Hoya Capital

REITs Rebound | Home Sales Surge | Simon Slashes Dividend Uncategorized Jun 29 Written By Daily Recap U.S. equity markets finished decisively higher on Monday on data showing a continued rebound in the critical U.S. housing market despite lingering concerns over rising coronavirus case-counts in several regions. Bouncing back from last week's 2.8% decline, the S&P 500 finished higher by 1.5% today while the Dow Jones Industrial Average jumped 580-points, driven by a sharp rebound by Boeing.

Following declines of 4.8% last week, broad-based Equity REIT ETFs gained 1.9% today with 15 of 18 property sectors in positive territory while the Mortgage REIT ETF jumped 2.5%. Pending Home Sales surged a record-setting 44.3% in May compared with April as the U.S. housing sector remains the engine of the early post-lockdown economic recovery. Mall REIT Simon Property trimmed its dividend by nearly 40%, becoming the 58th equity REIT to reduce or suspend its dividend.

SPG's announcement came as a relief to some investors fearing an outright dividend suspension. To read the full report, click here to visit Seeking Alpha! Comments (0) Newest First Oldest First Newest First Most Liked Least Liked Add Comment --> Preview Edit --> Post Comment… Previous Previous Manufactured Housing REITs: Housing Shortage Intensifies Next Next Reopening Reversal? Another Rough Week For REITs