Unloved Landsec promises dividend restart
Listed property stocks have suffered badly this year, as investors have priced in a collapse in retail and office property values. The UK's five largest listed REITs have fallen by an average of 27% since 1 January, lagging the wider market. FTSE 100 REIT Landsec will resume dividend payments later this year. We believe the shares offer good value for patient investors.
There's no doubt that landlords with office, retail, hospitality and leisure properties have been hit by the coronavirus pandemic. But although we expect some valuations to fall, we don't think these sectors face the kind of complete collapse some commentators are suggesting.
Although bricks-and-mortar retail stores may need to evolve, we expect demand for offices to remain more robust than Zoom fans might expect. Humans are hard-wired to congregate for work and to socialise and co-location…
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