Correlation is dominating price movements. Fundamentals are taking a back seat. The mREITs and eREITs are extremely different vehicles. They have very different fundamentals. I believe this is the same factor hurting share prices for the commercial mortgage REITs. Investors are focused on implications for the residential mREITs and the stampede is catching the commercial mREITs. Today's REIT Trust still has strong long-term fundamentals. I will break down the numbers for the Q4 2017 earnings release. I wish management would communicate better with the market.
Granite Point Mortgage Trust (GPMT) is sliding in share price as it faces correlation with other mortgage REITs. The same issue has lowered the share price on Blackstone Mortgage Trust (BXMT). Nothing fundamentally bad has occurred for either of the mREITs. The quick increase in bond yields since late December coincides with expectations for more hikes in the Fed Funds rate. That would help commercial mREITs like GPMT and BXMT grow their core EPS faster in 2018 and 2019.
Source: Seeking Alpha
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