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Great Day for Retail REITs


You don't need me to tell you how crazy a day its been on the markets. The Dow was down huge right from the open. Federal Reserve Chairman Benjamin Bernanke slashed the federal funds rate target. The market rebounded. The Dow ended the day down 128.11 points--which is about 300 points better than it started the day. Meanwhile the dollar suffered its biggest drop against many of the currencies its traded against in a while.

The most interesting thing from my perspective was that retail REITs enjoyed a serious rally.

Company Change for Jan. 22
Simon Property Group 7.40%
Kimco Realty Corp 5.47%
Colonial Properties Trust 5.27%
Pennsylvania REIT 4.95%
General Growth Properies 4.78%
Weingarten Realty 4.48%
Developers Diversified 4.33%
Saul Centers 4.25%
Capital Lease Funding 4.22%
CBL & Associates Properties 3.96%
Cousins Properies 3.69%
Glimcher Realty Trust 3.32%
Kite Realty Group 3.29%
Equity One 3.27%
Cedar Shopping Centers 3.26%
Realty Income 3.21%
Macerich 3.16%
Inland Realty Corp 2.78%
Ramco-Gershenson 2.72%
Vornado Realty 2.60%
Acadia Realty Trust 2.40%
Regency Centers 2.30%
Federal Realty Trust 1.95%
Urstadt Biddle 1.30%
Taubman Centers 1.06%
Tanger Outlets 0.51%
Agree Realty Corp. -1.98%
National Retail Properties -1.98%
Feldman Mall Properties -5.03%

Nearly every REIT that is all or part retail gained today and gained pretty big. At one point, some REITs were up more than 7 percent on the day before settling down a bit by the end of trading. Still, given how badly REITs were getting beat up, this classifies as a great day.

Any thoughts as to why people suddenly flooded back to REITs? Is the hunt for dividend payments?

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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