REIT Scorecard: Last Week's Winners And Losers
With REITs dumping assets through Q1—a big change from asset grabbing in 2015—here's Bisnow's breakdown of REITs where the strategy is paying off, and others that aren't looking so hot, as of last Friday.
Chatham Lodging Trust was the biggest winner last week, jumping 6.67% from $20.08 to $21.42/share. The lodging REIT may not be one of the biggest in its sector, but CEO Jeffrey Fisher (pictured) must be doing something right, as shares jumped over 6% in just one day last week.
Hersha Hospitality Trust wasn't far behind, climbing 6.57% from $19.92 to $21.23/share last week. News broke last week that both the California State Teachers Retirement System and the New York State Common Retirement Fund cut their stakes in the lodging REIT during Q4.
Mack-Cali Realty rounds out our top three winners for last week, rising 4.82% from $23.02 to $24.13/share. The diversified office and multifamily REIT just scheduled the release date of its Q1 earnings for April 28.
Last weeks biggest loser was CorEnergy Infrastructure Trust, dropping 5.17% from $21.08 to $19.99/share. The infrastructure REIT has been all over the place in the early part of the year, joining the "opposite team" after a two-week streak on the winner list.
Mid-America Apartment Communities fell neck-and-neck with CorEnergy, dropping 5.13% from $101.33 to $96.13/share through last week. The drop comes after several institutional investors upped their stakes in the diversified REIT through 2015.
Rounding out our losers for the week is Sam Zell's Equity Residential, falling 4.3% from $72.49 to $69.37/share. The billionaire mogul has been dumping real estate as of late, and is predicting a recession in the coming year.
