Do you think CSE made a sympathy move with SPG today? Both reits and similar stocks tend to move together. Look at the fertilizer group all down because POT got downgraded from top pick to outperform. MOS and IPI both down
To answer: CSE has traded down with most REIT's in the last year; but its business is not really what is generally considered a REIT- i.e. shopping centers or apartments. Good REIT news is generally good for the company as is good specialized finance company news. In the past month CSE has run up over 20% so this pull back is mostly technical and short term trader related (IMHO).
I expect consolidation and then rapid movement forward if earnings are good (due out 5/6/08).
I'd be more careful if the dividend announcement is before earnings as it was last quarter. If earnings are good expect the "CC" to provide guidance to dividend and the announcement by the Board a few days later. They have previous paid the Div. the last day of each quarter [6/30].