Dividend Cuts | Rent Collection Steady | Strong Earnings
U.S. equity markets finished lower Thursday after a disappointing slate of economic data that showed a mild reacceleration in unemployment filings while GDP data showed a record-breaking decline in output.
After gaining 1.2% yesterday, the S&P 500 finished lower by 0.4% today while the Dow Jones Industrial Average dipped 226 points following yesterday's 161 point-gain.
Still among the strongest-performing sectors this week, the Equity REIT ETF finished lower by 0.7% with 11 of 18 property sectors in negative territory amid a frenetic 48-hours of earnings.
Office REIT Vornado Realty announced a 20% cut in their quarterly dividend, becoming the 60th equity REIT out of our universe of 170 that have now announced a cut or suspension of their common dividend.
On a frenetic day of REIT and big-tech earnings, data center REIT Digital Realty reported a record quarter for leasing activity driven by a surge in leasing demand for cloud computing applications.