REIT Scorecard: Last Week's Winners And Losers
The May jobs report may have just put the brakes on a June rate hike. Here's how the REIT-verse is taking the news.
WINNER: CorEnergy Infrastructure Trust
Monday Open: $23.58/share
Friday Close: $25.71/share
CorEnergy Infrastructure Trust saw an almost double-digit rise last week, as oil begins to rebound. Oil has fluctuated from under $30 to over $50/barrel this year—and the infrastructure REIT's shares have been just as volatile, with a 52-week range of $10.90 to $35/share.
WINNER: Ashford Hospitality Prime
Monday Open: $10.50/share
Friday Close: $11.19/share
Ashford Hospitality Prime saw the second-biggest gain last week, beating out its sister company (next slide). After the jump on the week, most analysts rated the stock as a "hold" going forward.
WINNER: Ashford Hospitality Trust
Monday Open: $4.95/share
Friday Close: $5.27/share
Ashford Hospitality Trust (CEO Monty Bennett, pictured) rounds out our top three from last week, as the REIT enacts its plan to shed "non-core assets." The lodging REIT closed a $146M sale on June 2 to Noble Investment Group, dumping 1,396 hotel rooms.
LOSER: Essex Property Trust
Monday Open: $226.90/share
Friday Close: $213.21/share
Essex was our biggest loser on the week, as it saw an April/May slowdown. The REIT's April/May same-property revenue growth was just 6.9%, 10 bps below the midpoint of its projected growth range.
LOSER: Equity Residential
Monday Open: $68.75/share
Friday Close: $64.95/share
Sam Zell's (pictured) Equity Residential dropped last week, as the REIT lowered its revenue forecast for the second time this year, due to softening in the NYC and S.F. markets. The Grave Dancer himself is bearish on 2016—he's been predicting a recession in the coming months.
Monday Open: $36.16/share
Friday Close: $34.20/share
UDR rounds out our losers for the week, seeing its biggest drop on Friday. The residential REIT has some good news, though, as short interest on its shares has recently decreased by over 5%.