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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
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Monday Open: $21.74/share
Friday Close: $22.45/share
Change: 3.2%
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
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Monday Open: $25.50/share
Friday Close: $26.29/share
Change: 3%
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
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Monday Open: $105/share
Friday Close: $106.95/share
Change: 1.85%
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
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Monday Open: $21.66/share
Friday Close: $19.09/share
Change: -11.86%
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
Change: -11.23%
Another lodging REIT with a double-digit fall last week, Ashford Hospitality Trust, dropped over 6% on Thursday alone. Analysts have set a consensus price target of $7.37 on Ashford shares.
LOSER: Altisource Residential
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Monday Open: $11.05/share
Friday Close: $9.85/share
Change: -10.85%
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.
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