REITs outstripped the S&P 500 in May, seeing a total return of 2.3% compared to the S&P's 1.8%. Here are the best and worst REIT performers from last week.
WINNER: Ashford Hospitality Prime
Monday Open: $11.19
Friday Close: $13.80
Change: 23.3%
Our biggest winner, Ashford Hospitality, jumped more than 20% last week, with over 7% of that rise coming on June 10. The lodging REIT's shares were boosted this week by an unsolicited $1.48B takeover offer from the Weisman Group.
WINNER: WP Glimcher
Monday Open: $10.31/share
Friday Close: $11.63/share
Change: 12.8%
WP Glimcher rose by double digits this week, a jump that would normally lock in the list's top spot. Following Ashford's lead, the REIT is in merger talks with fellow retail landlord Kite Realty.
WINNER: Urstadt Biddle
Monday Open: $21.51
Friday Close: $23.13
Change: 7.5%
Urstadt Biddle (CEO Willing Biddle, pictured) rounds out our top three for last week as another well-performing retail REIT. Urstadt hit a new 52-week high of $23.25/share on June 9 before settling at $23.13 for the week.
LOSER: Altisource Residential
Monday Open: $10.60/share
Friday Close: $9.46/share
Change: -10.7%
Our biggest loser for the week, Altisource fell over 7% on June 9 alone, from $22.10 to $20.66/share. A large chunk of that drop came from Luxor Capital selling over $1M in Altisource stock.
LOSER: CubeSmart
Monday Open: $32/share
Friday Close: $29.58/share
Change: -7.5%
One of just five self-storage REITs, CubeSmart saw a slow but steady descent this week to its Friday closing price. The firm's shares have been on a downward trend since hitting a 2016 high of $33.10/share on March 31.
LOSER: Kite Realty
Monday Open: $27.82/share
Friday Close: $25.72/share
Change: -7.5%
Kite Realty rounds out our three losers for last week—the firm didn't see the same boost as WP Glimcher from the two REITs' pending merger. Over the past three months, though, institutions have increased their holdings of Kite by 1.86%.
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