Last week saw the retail sector tumble as some Fed officials made the case for June rate hikes—here's our breakdown of how the REIT sector did amid this noise.
WINNER: Invesco Mortgage
Monday Open: $12.99/share
Friday Close: $13.95/share
Change: 7%
Invesco's mortgage REIT was our biggest winner for the week, as it was buoyed along with the rest of the sector. Mortgage REITs have seen a 22% climb since the early-year market turmoil, but are still 17% below last year's price levels.
WINNER: Bluerock
Monday Open: $11.33/shares
Friday Close: $12.11/shares
Change: 6.8%
Shorts on Bluerock decreased 5% over last week, down from 597,900 to 567,800 shares. The residential REIT continues to be one of the better stocks for monthly dividends.
WINNER: iStar
)
Monday Open: $9.24/shares
Friday Close: $9.71/shares
Change: 5%
iStar (CEO Jay Sugarman, pictured) rounds out our top three this week, after coming off the "loser's" list last week. Over the last year, the REIT has traded between $7.59/share and $14.77/share.
LOSER: CBL Associates
Monday Open: $12.18/share
Friday Close: $10.95/share
Change: -10%
CBL (CEO Stephen D. Lebovitz, pictured) saw a steady drop this week, with most of its 10% fall coming on Wednesday and Thursday. Work on a 25k SF expansion to the REIT's 330k SF Wisconsin shopping center just got underway.
LOSER: WP Glimcher
Monday Open: $11.24/share
Friday Close: $10.26/share
Change: -8.7%
WP Glimcher's fall on the week came alongside a 8.14% increase in shorted shares, up to 2.74 million from 2.53 million. Some analysts expect the REIT's shares to hit $9.33 over the next year.
LOSER: Simon Property Group
)
Monday Open: $210.82/share
Friday Close: $196.49/share
Change: -6.8%
The largest retail REIT (CEO David Simon, pictured) had a poor showing this past week—along with the retail sector as a whole, as Macy's, Kohl's and others saw their stocks sinking. Still, despite the retail headwinds, Simon Property Group saw a 52-week high last week.
)
)
)
)
)
)
)
)
)
)
)
)