Stocks heaved sighs of relief from coast to coast to coast throughout North America Monday, as much of the uncertainty to which equity markets had been subjected appeared to have eased. Attribute the new, fresh air (at least in part) to steps the Federal Reserve could possibly soon take to ease monetary policy. The benign word from the central bank looked to give a boost to issues in the real estate sector. In New York, that sector heightened 3.6% by the end of Monday’s session.
One small cap concern which seems to be perking from the new climate is Santa Monica-based Anworth Mortgage Asset Corporation (NYSE:ANH) announced last week its board of directors declared a Series A Preferred Stock dividend of $0.539063 per share for this year’s first quarter. The Series A Preferred Stock dividend will pay out April 15 to holders of record of Series A Preferred Stock as of the close of business on March 31.
Shares in ANH flourished in the new positive atmosphere of Monday markets, and gained 13 cents, or 4%, to $3.40, on volume of 879,000.
One up-and-comer on the Canadian side is Montreal-based Fronsac Real Estate Investment Trust (TSX-Venture: FRO.UN) which, on Friday, announced the closing of two previously announced acquisitions. The first property acquired is in Farnham, Québec, composed of a Petro-Canada gas station, a Beau-Soir convenience store and a Tim Hortons restaurant.
Total consideration paid was $4.0 million and was settled in cash. The second property is in Kenora, Ontario, composed of a retail store operated under the Walmart banner. Total consideration paid for the property was $12.0 million, also, settled in cash.
The real-estate sector in Canada moved up 2.2% Monday.
Fronsac proved one of the more intrepid of the real-estate concerns, attracting volume topping 83,000 Monday, although whatever gains the units had made during the session were capped at 65 cents.
