Bisnow's REIT Breakdown For The Week
Big news in the REIT world this week as two names merged to create the $8.4B JBG Realty Trust. Here's Bisnow's breakdown of how the REIT sector is taking it.
Monday Open: $3.03/share
Friday Close: $3.32/share
Change: 9.57%
This cheap REIT saw the biggest gain on the week, nearing double digits. The diversified REIT is up from $2.70/share on the year, after falling below $2 during February's slump.
Monday Open: $13.12/share
Friday Close: $13.98/share
Change: 6.55%
Preferred Apartment Communities (CEO John Williams pictured) had a good week as well. The good week for the residential REIT comes as it announced a 300-unit multifamily community in Hampton, VA—netting $10.5M to the firm.
Monday Open: $9.52/share
Friday Close: $10.10/share
Change: 6%
iStar (CEO Jay Sugarman, pictured) rounds out Bisnow's top three this week, as an analysis was released of the firm's $336M Long Island luxury apartment project. Despite a good week, the mortgage REIT hasn't seen the same recovery from the early year slump as the rest of the sector—it started the year at $11.73/share.
Monday Open: $10.29/share
Friday Close: $9.53/share
Change: -7.38%
For the second week this month, CBL & Associates (CEO Stephen D. Lebovitz, pictured) neared a double-digit drop. The retail REIT has lost nearly 20% in value since its last earnings at the end of April.
Monday Open: $9.58/share
Friday Close: $9.18/share
Change: -4.17%
New York REIT's poor week isn't surprising, as Wall Street was none too happy about the firm's merger with the JBG Cos— forming JBG Realty Trust. New York REIT owns 19 assets in New York City, while JBG owns 72 assets in the greater DC region.
Monday Open: $10.95/share
Friday Close: $10.50/share
Change: -4.1%
Ashford Hospitality Prime had a second poor showing in a row this week, as its sister company, Ashford Hospitality Trust, climbed 1%. The lodging REIT has sunk from $14.50/share since starting the year.
