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8:55 a.m. Nov. 9, 2020 - By Tomi Kilgore
Stocks of residential, retail REITs enjoy historic gains from hopes of COVID-19 vaccineThe shares of real estate investment trusts enjoyed a broad, and in some cases very big, rallies in afternoon trading Monday, as boosted the prospects for REITs focused on residential and retail properties. SL Green Realty Corp.'s stock soared 33.4%, which puts it on track for the second-biggest one day gain since it started trading in 1997, and the biggest gain since it soared 40.9% on Nov. 24, 2008 in the midst of the financial crisis. Shares of SL Green, which owns and manages commercial and residential real estate properties, was the SPDR Real Estate Select Sector ETF's best performer and the S&P 500's second-best performer. Elsewhere, shares of Federal Realty Investment Trust , which owns and manages retail properties, soared 31.3%, to be on track for a record one-day gain; Regency Centers Corp.'s stock powered up 31.5%, which would be the shopping center REIT's best day on record; and Kimco Realty Corp. shares charged 31.0% higher, which would be the open-air shopping center REIT's second biggest-ever gain. The REIT ETF rose 5.1% in afternoon trading, and has now lost 3.2% year to date, while the S&P 500 has climbed 12.0% this year.
9:13 a.m. Sept. 3, 2020 - By Ciara Linnane
Shopping center REIT Kimco Realty to pay quarterly cash dividend as August rent collections improve to 85%Kimco Realty Corp. said Tuesday its board has approved a quarterly cash dividend of 10 cents a share, reinstating the payment after suspending it at the peak of the pandemic. The dividend will be payable Sept. 24 to shareholders of record as of Sept. 10. The shopping center real estate investment trust said it continues to see improvement in foot traffic at malls as tenants re-open, boosting rent collections to 85% in August from 82% in July and 76% in June. The company has granted rent deferrals of about 2% of base rent for the month of August, it said in a statement. "We expect to establish a more normalized and well-covered dividend level based on our adjusted funds from operations and REIT taxable income in 2021," Chief Executive Conor Flynn said in a statement. Shares were down 0.9% premarket and have fallen 42% in the year to date, while the S&P 500 has gained 8%.
1:30 a.m. April 6, 2020 - By Tomi Kilgore
Kimco CEO tests positive for COVID-19, continues to perform CEO responsibilitiesKimco Realty Corp. disclosed Monday that Chief Executive Conor Flynn has tested positive for the COVID-19 virus. The real estate investment trust, which operates open-air shopping centers, said Flynn was tested after showing mild symptoms. He has continued to perform his responsibilities as CEO "at all times," the company said. "The company maintains full succession plans for all senior executives including temporary delegation of responsibilities to other leaders within the organization if necessary for any reason," Kimco said in a filing with the Securities and Exchange Commission. The stock, which rose 4.4% in premarket trading, has tumbled 62.5% year to date through Friday, while the SPDR Real Estate Select Sector ETF has lost 24.2% and the S&P 500 has declined 23.0%.
8:53 a.m. March 3, 2020 - By Tomi Kilgore
REIT sector the best performer as high dividend yields provides support as Treasury yields tumbleThe SPDR Real Estate Select Sector ETF slipped 0.1%, but was the best performing SPDR sector ETF amid a broader stock market selloff, as the sector's relatively high dividend yield helped provide support as Treasury yields made tumbled toward record lows. The REIT ETF's yield was 3.07%, compared with the implied yield for the S&P 500 of 2.03%. The 10-year Treasury yield dropped 7.4 basis points to a record low of 1.014%, after the Federal Reserve cut its target rate on overnight rates by 50 basis points to 1.00% to 1.25%. Among the SPDR REIT ETF's more-active components, shares of Host Hotels & Resorts Inc. sank 4.9%, Ventas Inc. slipped 0.1%, Welltower Inc. hiked up 2.5% and Kimco Realty Corp. climbed 0.5%.
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