These 3 NYSE-Traded REITs All Hit New 12-Month Lows
Higher interest rates — and the expectation that even higher rates are on the way — have made the real estate investment trust (REIT) game a difficult one lately. There are other factors, to be sure,…
The real estate investment trust (REIT), has been struggling lately due to higher interest rates and expectations of even higher rates. While there are many other factors that can affect the industry's interest rate sensitive nature, this one has been difficult this year. These three REITs are all listed on the New York Stock Exchange and have fallen to new 52-week lows. Apartment Income REIT Corp., based in Denver (NYSE:AIRC), focuses on managing residential communities. According to the company's website, it owns 26,600 apartments in eight core markets. With a market capitalization in excess of $5.41 trillion, the REIT is large. Apartment Income pays a dividend at 5.11%. The daily price chart shows that the Dec. 16 drop is accompanied with very heavy volume. This confirms downward pressure on Apartment Income. Easterly Government Properties Inc., NYSE:DEA, has headquarters in Washington, D.C., San Diego, and buys, manages, and develops U.S. Government properties, primarily through the General Services Administration. The market capitalization of $1.35 billion is smaller than major REITs. Easterly Government Properties receives a dividend of 7.52 percent. Here is the daily price chart: The REIT's Dec. 16 drop of plus five percent puts it below its declining 50- and 200 day moving averages. Extra Space Storage Inc. (NYSE.EXR), which is headquartered in Salt Lake City, Utah, has a total of 2,000 self-storage properties that it owns or manages in 41 states and Washington, D.C., according its website. The company's market cap is $20.84 million. Extra Space Storage pays a dividend of 4.02%. This REIT's price has fallen below the summertime low on heavy volume after a stunning rally from its June low to its mid-August peak. Weekly REIT Report: REITs can be one of the most confusing investment options. Investors often don't see incredible opportunities until too late. Benzinga has an in-house team of real estate researchers that have been hard at work to find the best opportunities in today's market. You can sign up for the Weekly REIT Report to get access for free. StockCharts Chart