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After a shaky quarter topped off by April's lackluster jobs numbers, here's Bisnow's breakdown of the best and worst performers in the REIT sector last week.
WINNER: Agree Realty Corp
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Monday Opening: $38.78/share
Friday Close: $43.07/share
Change: 11%
Agree Realty reached a 52-week high—for the second week in a row. The climb comes after the retail REIT announced a 48-cent quarterly dividend per share.
WINNER: Summit Hotel Properties
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Monday Opening: $11.40/share
Friday Close: $12.61/share
Change: 10.6%
Summit Hotels followed close behind Agree Realty last week, with most of its gain coming from a spike on Wednesday. The lodging REIT saw a boost as institutional investors have taken up more shares: 89 institutional investors have increased their holdings recently.
WINNER: Preferred Apartment Communities
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Monday Opening: $12.34/share
Friday Close: $13.64/share
Change: 10.5%
Preferred Apartment Communities also saw a double-digit percentage increase last week, with the majority of the spike coming on Tuesday. The multifamily REIT saw a 5% dividend boost to 20 cents a share.
LOSER: Altisource Residential
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Monday Opening: $11.62/share
Friday Close: $10.93/share
Change: -5.9%
The biggest "loser" REIT for the week hit a low on Wednesday before seeing a slight rebound. The residential REIT has lost nearly 43% of its value over the past 12 months.
LOSER: iStar
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Monday Opening: $9.80/share
Friday Close: $9.24/share
Change: -5.7%
iStar saw a big drop on Tuesday, falling 5.9% in one day before seeing a slight recovery over the remainder of the week. Over the last year, the REIT has traded between $14.77/share and $7.59/share; its current levels are toward the lower end of that range.
LOSER: ARMOUR Residential
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Monday Opening: $21.28/share
Friday Close: $20.22/share
Change: -4.9%
ARMOUR Residential rounds out our "losers" for the week, after being downgraded to "neutral" on May 4 by some analysts. Not surprisingly, the residential REIT hit its low of $19.65/share on Wednesday before its revival towards the end of the week.
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