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These real estate investment trusts just hit new 52-week highs at a time when some REITs are finding it difficult. The main reason for the strong showing: the dividend-paying securities benefit from the expectation that interest rate cuts are coming. Almost all interest rate sensitive sectors are strong on this anticipation.
The really nice thing about REITs is the requirement by law that they pay out 90% of their taxable income in dividend form. Other factors making the sector more popular than ever include the ease with which to invest in real estate: no down payment, just buy one or two shares or however many you can afford.
Here is the daily price chart for the iShares U. S. Real Estate ETF, showing how the sector as a whole is performing so well lately:
4 REITs Hitting New Highs.
CubeSmart (NYSE: CUBE) is a self-storage operator headquartered in Malvern, Pennsylvania with 1500 facilities in the United States. The company offers different types of storehouse including climate-controlled units, vehicle and RV units and business storage.
Market capitalization comes to $11.06 billion. The price-earnings ratio is 27.52 and the stock trades at 3.99 times book value. Earnings this year are off by 5.18% and up over the past 5 years by 28.185. The debt-to-equity ratio is 1.07. CubeSmart pays a dividend of 4.11%.
Here’s the daily price chart:
Public Storage (NYSE: PSA) began business in 1972 and now operates thousands of locations in the U. S. and Europe with an estimated 170 million square feet. The company emphasizes “sustainability” including the use of LED lighting, solar power generation and making available recycled moving materials.
Market cap is $56.98 billion. The price-earnings ratio is 30. The debt-to equity is .97. This year’s earnings are down by 6.48% and up over the past 5 years by 5.31%. Public Storage pays a 3.69% dividend. BofA Securities in early August downgraded the stock from “buy” to “neutral” with a price target of $318.
VICI Properties (NYSE: VICI) owns well-known gaming and resort locations such as Caesars Palace in Las Vegas, MGM Grand and the Venetian Resort in Las Vegas. The company holds 93 such assets around the country which includes more than 60,000 hotel rooms and 500 or so restaurants.
The market capitalization is $$33.50 billion. With a price-earnings ratio of 12,57, the stock trades at 1.13 times its book value. The debt-to-equity ratio is .60. VICI Properties offers investors a dividend of 5.19%. Goldman in December 2023 initiated coverage with a “buy” and a price target of $36.
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Vornado Realty Trust (NYSE: VNO) owns, manages and develops office and retail locations with a focus on New York City, Chicago and San Francisco. The REIT oversees 26 million square feet of property. The company has a 34% interest in Alexander’s (NYSE: ALX) including the Bloomberg building on Lexington Avenue.
Market cap is $6.37 billion. This year’s earnings are down by 111% and down over the past 5 years by 35%. The debt-to-equity ratio is 1.60. Vornado pays a .90% dividend. Piper Sandler in early August upgraded the stock from “underweight” to “neutral” with a price target of $30.
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