New outflows from dedicated real estate mutual funds amounted to $19.2 million for the week ending April 18 although due to an increase in market value total assets increased $100 million to $10.3 billion. Average trading volume for these funds over the last 30 days rose 3.7%, to 16.9 million shares, from the previous week.
At the end of the week, the RMS dividend yield moved up 15 basis points to 7.28%, the spread over the S&P 500 moved from 591 bps to 589 while the spread over the 10-year Treasury shot up 252 bps from 218.
Next week, 21 REITs are scheduled to report their first quarter earnings. Based on its coverage universe, Bear Stearns expects funds from operation per share growth of 8.7%.
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