Bisnow REIT Roundup: The Best And Worst
Big news is coming to the REIT world soon, as REITs try to educate money managers on their benefits ahead of the creation of a separate real estate grouping on the S&P 500. Here's Bisnow's breakdown of the best and worst REIT performers for the week.
WINNER: CorEnergy Infrastructure Trust
Monday Open: $21.74/share
Friday Close: $22.45/share
Our biggest winner on the week, CorEnergy Infrastructure Trust, spiked up to $23.23/share on Tuesday, before leveling out to $22.45/share for the week. The infrastructure REIT reported Q1 earnings/share of $1.10, up from $0.60 last year.
WINNER: Colony Starwood Homes
Monday Open: $25.50/share
Friday Close: $26.29/share
Colony Starwood's gain has it closing in on a 52-week high, and news broke Thursday that John Khoury's Long Pond Capital increased its stake in Colony Starwood by 42% over Q1. The residential REIT's fortunes may change soon, though, as Wells Fargo analysts downgraded its stock Friday.
WINNER: Howard Hughes Corp
Monday Open: $105/share
Friday Close: $106.95/share
Howard Hughes Corp rounds out our top three winners for the week, just barely outdoing its Monday prices. The diversified REIT is sitting towards the lower end of its 52-week range (between $79.33 and $151.63/share), while Citigroup rated the stock at "buy" on May 13.
LOSER: RLJ Lodging Trust
Monday Open: $21.66/share
Friday Close: $19.09/share
Bob Johnson's (pictured) RLJ Lodging Trust was our biggest loser of the week. The lodging REIT recently lost its co-founder and long time CEO Thomas Baltimore, who left RLJ to head up Hilton's new REIT spinoff.
LOSER: Ashford Hospitality Trust
Monday Open: $5.52/share
Friday Close: $4.90/share
LOSER: Altisource Residential
Monday Open: $11.05/share
Friday Close: $9.85/share
Altisource Residential rounds out our worst performers for the week with another with a double-digit drop. While the residential REIT did poorly on the week, its portfolio manager, Altisource Asset Management, saw an increase of over 6% on Friday alone.