Tech Trouble | REITs Steady | Dividend Cut Or Increase?

September 8, 2020 | Hoya Capital

Tech Trouble | REITs Steady | Dividend Cut Or Increase? Daily Recap Sep 8 Written By Daily Recap U.S. equity markets ended extended their sell-off Tuesday with the major averages sliding into correction territory amid a sharp momentum reversal in large-cap technology stocks. After snapping its six-week winning streak with declines of 2.3% last week, the S&P 500 ETF finished lower by another 2.7% today. The Dow Jones Industrial Average slid 632 points.

Real estate equities were again among the relative outperformers today amid the broader sell-off as the Equity REIT ETF (VNQ) finished lower by 1.3% today. The pace of dividend cuts has slowed to a trickle in the equity REIT sector. This afternoon shopping center REIT Retail Properties of America (RPAI) announced a resumption of their previously suspended dividend at roughly a third of the pre-pandemic rate. Fellow shopping center REIT Urstadt Biddle (UBA) announced earnings results, while also boosting their previously-reduced dividend.

Despite the increase, the current payout is half the pre-pandemic rate. Our Real Estate Daily Recap discusses the notable news and events in the real estate sector over the last trading day and highlights sector-by-sector performance. We publish this note every afternoon at HoyaCapital.com and occasionally on Seeking Alpha to cover significant news and events. Subscribe to our free mailing list to make sure you never miss the latest developments in the commercial and residential real estate sectors.

You can also follow our real-time commentary on Twitter and LinkedIn . U.S. equity markets ended extended their sell-off Tuesday with the major averages sliding into correction territory amid a sharp momentum reversal in large-cap technology stocks. After snapping its six-week winning streak with declines of 2.3% last week, the S&P 500 ETF ( SPY ) finished lower by another 2.7% today while the tech-heavy Nasdaq 100 ( QQQ ) dipped another 4.8% following last week's declines off 3.1%.

Real estate equities were again among the relative ...