VACANCIES SLOWLY RISE

Vacancies rose for the 11th straight quarter at shopping centers, according to Reis Inc.'s latest data. However, absorption at 8.1 million square feet was the highest since the fourth quarter of 2005. Further, asking and effective rents also continued to rise, although effective rents grew at just 0.4 percent for the second straight quarter — the slowest pace since 2003.

U.S. RETAIL MARKET
Net Absorption* Asking Rent Percent Change Effective Rent Percent Change Vacancy Rate
Q1 03 6.7 $16.78 0.5% $15.34 0.4% 7.2%
Q2 03 5.6 16.88 0.6 15.39 0.3 7.2
Q3 03 4.6 17.00 0.7 15.49 0.6 7.3
Q4 03 10.2 17.15 0.9 15.64 1.0 7.2
Q1 04 3.8 17.24 0.5 15.73 0.6 7.2
Q2 04 9.2 17.35 0.6 15.84 0.7 7.1
Q3 04 8.1 17.51 0.9 15.99 0.9 7.0
Q4 04 12.0 17.65 0.8 16.10 0.7 7.0
Q1 05 6.2 17.76 0.6 16.20 0.6 7.0
Q2 05 11.5 17.90 0.8 16.32 0.7 6.7
Q3 05 7.7 18.08 1.0 16.47 0.9 6.8
Q4 05 10.1 18.24 0.9 16.62 0.9 6.8
Q1 06 5.3 18.37 0.7 16.72 0.6 6.9
Q2 06 6.1 18.52 0.8 16.86 0.8 6.9
Q3 06 4.9 18.75 1.2 17.03 1.0 7.0
Q4 06 4.6 18.94 1.0 17.19 0.9 7.1
Q1 07 5.3 19.11 0.9 17.33 0.8 7.1
Q2 07 2.6 19.26 0.8 17.46 0.8 7.3
Q3 07 5.5 19.37 0.6 17.53 0.4 7.3
Q4 07 8.1 19.49 0.6 17.60 0.4 7.5
* Millions of square feet
Source: Reis Inc.

REITS ENJOY STRONG FEBRUARY

Has it been a year already since the market turned? Apparently so. Some REITs 52-week highs are lower than they were a month ago since the stock's high points are now more than 52 weeks old. On the bright side, many REITs posted large gains in the past month.

RETAIL REIT SCORECARD
Symbol Price* 52-week High Chg 52-week Low Chg One Month Chg Dec. 31, 2007 YTD Chg
Developers Diversified Realty Corp. DDR $40.58 $69.48 -41.59% $32.20 26.02% $32.92 23.27% $38.29 5.98%
Cousins Properties Inc. CUZ 25.90 37.89 -32.94 19.53 30.11 20.75 22.46 21.10 14.98
Ramco Gershenson Properties Trust RPT 24.04 38.75 -37.96 19.04 26.26 19.97 20.38 21.37 12.49
Colonial Properties Trust CLP 26.11 50.59 -48.39 19.46 34.17 21.85 19.50 22.63 15.38
Feldman Mall Properties FMP 3.44 13.00 -73.54 2.42 42.15 2.91 18.21 3.69 -6.78
Weingarten Realty Investors WRI 33.28 51.76 -35.70 27.59 20.62 28.39 17.22 31.44 5.85
Realty Income Corp. O 24.83 30.70 -19.12 20.27 22.50 21.72 14.32 27.02 -8.11
Kimco Realty Corp. KIM 35.17 53.60 -34.38 29.00 21.28 30.92 13.75 36.40 -3.38
Federal Realty Investment Trust FRT 75.07 95.36 -21.28 61.60 21.87 66.36 13.13 82.15 -8.62
Kite Realty Group KRG 13.72 21.80 -37.06 11.50 19.30 12.18 12.64 15.27 -10.15
Capital Lease Funding LSE 8.27 11.77 -29.74 6.85 20.73 7.37 12.21 8.42 -1.78
Simon Property Group SPG 89.16 120.50 -26.01 74.80 19.20 79.54 12.09 86.86 2.65
General Growth Properties GGP 37.37 67.43 -44.58 31.00 20.55 33.40 11.89 41.18 -9.25
Inland Real Estate Corp. IRC 14.06 20.91 -32.76 10.84 29.70 12.68 10.88 14.16 -0.71
The Macerich Co. MAC 66.70 99.39 -32.89 57.50 16.00 60.37 10.49 71.06 -6.14
Vornado Realty Trust VNO 90.14 136.00 -33.72 77.39 16.47 81.80 10.20 87.95 2.49
Cedar Shopping Centers CDR 11.77 16.75 -29.73 9.42 24.95 10.69 10.10 10.23 15.05
Taubman Centers TCO 50.52 63.87 -20.90 41.30 22.32 46.01 9.80 49.19 2.70
Pennsylvania REIT PEI 25.37 50.39 -49.65 22.00 15.32 23.21 9.31 29.68 -14.52
Regency Centers Corp. REG 60.35 89.24 -32.37% 52.61 14.71 55.41 8.92 64.49 -6.42
Equity One Inc. EQY 22.64 30.88 -26.68 20.11 12.58 20.90 8.33 23.03 -1.69
Tanger Factory Outlet Centers SKT 36.87 44.43 -17.02 32.32 14.08 35.07 5.13 37.71 -2.23
National Retail Properties NNN 22.41 26.15 -14.30 19.87 12.78 21.37 4.87 23.38 -4.15
Acadia Realty Trust AKR 23.91 29.00 -17.55 21.17 12.94 22.90 4.41 25.61 -6.64
Agree Realty Corp. ADC 29.68 35.47 -16.32 27.29 8.76 28.76 3.20 30.10 -1.40
Urstadt Biddle Properties Inc. UBA 15.08 19.73 -23.57 13.58 11.05 14.93 1.00 15.50 -2.71
CBL & Associates Properties CBL 22.82 49.53 -53.93 21.12 8.05 22.60 0.97 23.91 -4.56
Saul Centers BFS 48.32 62.74 -22.98 41.86 15.43 50.43 -4.18 53.43 -9.56
Glimcher Realty Trust GRT 11.89 29.50 -59.69 11.09 7.21 12.98 -8.40 14.29 -16.79
* As of 2/19/2008; Yellow indicates new 52-week highs and lows.
Source:
Retail Traffic