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Q3 REIT earnings are reflecting the highs and lows of their specific sectors—from the massive shuttering of department stores in retail to the evolution of e-commerce that is boosting industrial demand.
New York-based SL Green Realty announced last week that its net operating income took a big hit following Aeropostale’s bankruptcy. The retailer closed several stores in SL Green buildings last quarter.
Logistics space owners are seeing strong results due to the growing prevalence of internet retailing. Both Prologis and EastGroup Properties had double-digit increases on expiring leases, particularly at distribution centers and warehouses on the West Coast.
Generally speaking, REITs are having a solid year as the US recovery continues to push rents and occupancy up. The sector is up 4% so far this year, compared with the S&P 500 stock index’s 5% rise. [WSJ]
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