- On December 31, 2007 during President Bush's second term
- On March 6, 2009, very early in President Obama's first term, which was their lowest point due to the spillover effects resulting from the 2008 financial meltdown, and
- also on January 31, 2014.
These 116 US REITs had their equal-company-weighted average stock market prices drop by a massive 61% from December 31, 2007 during President Bush's second Presidential term, to March 6, 2009, very early in President Obama's first term, which was the very lowest point for the overall stock market due to the spillover effects resulting from the disastrous 2008 Financial Meltdown.
But since March 6, 2009, the average stock prices of these same 116 US REITs have increased by a very impressive 348% through June 23, 2014. In real total return terms, the average stock price increase of 348% is markedly understated because it excludes the cash dividends that these REITs paid out.
The REIT Hotels/Motels Subsector led the pack here with an average stock market price appreciation for the five years and three months since March 6, 2009 of a spectacular 739%. But then it should also be pointed out that the REIT Hotels/Motels Subsector also experienced by far the steepest average stock market price decline of a massive 87% from December 31, 2007 to March 6, 2009.
In addition, two other REIT Subsectors had their average stock market prices advance by more than four times.....REIT Industrials up 439% and REIT Diversified up 414%.
All seven REIT Subsectors experienced average stock price increases since March 6, 2009 of more than 100% each.
The lowest stock price increase in the red hot REIT Hotels/Motels Subsector was a very impressive 328%.
There were 8 of these 116 US REITs with stock market price increases of more than 10 times since March 6, 2009, led by Newcastle Investment Corp, up a massive 35 times.
Only 3 of these 116 US REITs experienced stock market price declines since March 6, 2009.
These 116 US REITs had their average stock market prices increase sharply in the most recent five months. To illustrate this point, the average stock market prices of these same 116 US REITs had increased by a much lower 308% in the slightly less than five years from March 6, 2009 through January 31, 2014, the last time I did this study, as compared with a much higher 348% increase in the five years and three months from March 6, 2009 through June 23, 2014.
There were three REIT Sub-Sectors driving this sharp average stock market price growth in the most recent five months.....REIT Hotels/Motels with 138% higher average growth since March 6, 2009, REIT Industrials with 57% higher average growth and REIT Retail with 50% higher average growth.
In reviewing the below REIT Subsectors, it is clear which two of them have by far the least risk. From December 31, 2007 (before the 2008 financial meltdown) to June 23, 2014, ten of the eleven Healthcare Facilities REITs and fifteen of the nineteen Residential REITs experienced stock market price appreciation.
In all fairness, the investors in and employees of a clear majority of these 116 US REITs should be extremely pleased with the very positive impact of actions taken by the Obama Administration supported by both the Democratically controlled US Senate and Democratically controlled US House (at the time) and the Quantitative Easing US Fed to successfully rescue the US economy from its extremely weakened state caused by the disastrous 2008 US financial meltdown.
The 2008 financial meltdown crushed all US Real Estate and thus it only follows that the US Real Estate Investment Trust sector would plunge. What the Obama Administration and the US Fed did to resurrect the US Real Estate market from the dead was nearly miraculous.
But yet there are still many REIT executives and REIT stockholders who give the US Government little if any credit for this. This cannot be an objective assessment.
Below here are the stock market prices of each of these 116 US REITs on June 23, 2014, on March 6, 2009, and on December 31, 2007, broken down first by REIT Subsector and then sorted by Percentage Increase from March 6, 2009 to June 23, 2014:
| Market | Market | ||||||
| Price | Price | ||||||
| % | % | ||||||
| Change | Change | ||||||
| Market | Market | Market | 3-6-09 | 12-31-07 | |||
| Price | Price | Price | to | to | |||
| Real Estate Investment Trusts (REITs) | 6-23-14 | 3-6-09 | 12-31-07 | 6-23-14 | 3-6-09 | ||
| Diversified | |||||||
| Newcastle Investment Corp | New York | NY | 4.68 | 0.13 | 6.08 | 3497% | -98% |
| iStar | New York | NY | 14.59 | 1.09 | 26.05 | 1239% | -96% |
| Gramercy Property Trust | New York | NY | 5.93 | 0.51 | 24.31 | 1063% | -98% |
| Arbor Realty Trust | Uniondale | NY | 7.08 | 0.65 | 16.11 | 989% | -96% |
| One Liberty Properties | Great Neck | NY | 21.81 | 2.39 | 16.16 | 811% | -85% |
| Lexington Realty Trust | New York | NY | 11.44 | 1.99 | 12.88 | 474% | -85% |
| RAIT Financial Trust | Philadelphia | PA | 8.29 | 1.83 | 25.86 | 353% | -93% |
| Douglas Emmett Inc | Santa Monica | CA | 28.60 | 6.45 | 22.61 | 343% | -71% |
| Brandywine Realty Trust | Radnor | PA | 15.35 | 3.53 | 17.93 | 335% | -80% |
| Vornado Realty Trust | New York | NY | 106.34 | 29.31 | 87.95 | 263% | -67% |
| WP Carey | New York | NY | 65.32 | 18.02 | 33.20 | 262% | -46% |
| Public Storage | Glendale | CA | 171.28 | 48.83 | 73.41 | 251% | -33% |
| Corrections Corp America | Nashville | TN | 33.26 | 9.82 | 29.51 | 239% | -67% |
| American Tower | Boston | MA | 89.09 | 27.28 | 42.60 | 227% | -36% |
| Blackstone Mortgage Trust | New York | NY | 29.24 | 10.10 | 306.50 | 190% | -97% |
| National Retail Properties | Orlando | FL | 37.15 | 12.96 | 23.38 | 187% | -45% |
| PS Business Parks | Glendale | AZ | 82.64 | 30.21 | 52.55 | 174% | -43% |
| Gladstone Commercial | McLean | VA | 17.47 | 6.79 | 17.54 | 157% | -61% |
| Winthrop Realty Trust | Boston | MA | 15.35 | 6.06 | 26.45 | 153% | -77% |
| Cousins Properties Inc | Atlanta | GA | 12.35 | 5.81 | 20.56 | 112% | -72% |
| UMH Properties | Freehold | NJ | 9.90 | 5.25 | 11.77 | 89% | -55% |
| Redwood Trust | Mill Valley | CA | 19.60 | 12.45 | 34.24 | 57% | -64% |
| MFA Financial | New York | NY | 8.34 | 5.32 | 9.25 | 57% | -42% |
| Capstead Moertage Corp | Dallas | TX | 13.32 | 9.49 | 13.19 | 40% | -28% |
| Chimera Investment Corp | New York | NY | 3.25 | 2.50 | 17.88 | 30% | -86% |
| Investors Real Estate Trust | Minot | ND | 9.00 | 8.77 | 8.97 | 3% | -2% |
| Anworth Mortgage Asset | Santa Monica | CA | 5.31 | 5.54 | 8.26 | -4% | -33% |
| Annaly Capital Management | New York | NY | 11.75 | 12.88 | 18.18 | -9% | -29% |
| Average % Change all 28 Diversified REITs | 414% | -64% | |||||
| Healthcare Facilities | |||||||
| Medical Properties Trust | Birmingham | AL | 13.09 | 3.04 | 10.19 | 331% | -70% |
| Sabra Health Care REIT | Irvine | CA | 28.20 | 8.24 | 17.17 | 242% | -52% |
| Ventas | Chicago | IL | 64.34 | 20.41 | 45.25 | 215% | -55% |
| Omega Healthcare Investors | Hunt Valley | MD | 36.32 | 11.89 | 16.05 | 205% | -26% |
| The GEO Group | Boca Raton | FL | 35.13 | 11.75 | 28.00 | 199% | -58% |
| National Health Investors | Murfreesboro | TN | 62.93 | 21.84 | 27.90 | 188% | -22% |
| HCP Inc | Long Beach | CA | 41.19 | 16.08 | 34.78 | 156% | -54% |
| Health Care REIT | Toledo | OH | 63.51 | 27.27 | 44.69 | 133% | -39% |
| LTC Properties | Westlake Village | CA | 38.89 | 16.74 | 25.05 | 132% | -33% |
| Healthcare Realty Trust Inc | Nashville | TN | 25.23 | 12.78 | 25.39 | 97% | -50% |
| Universal Health Realty Income | King of Prussia | PA | 42.94 | 25.93 | 35.44 | 66% | -27% |
| Average % Change all 11 Healthcare Facilities REITs | 179% | -44% | |||||
| Hotels/Motels | |||||||
| Strategic Hotels & Resorts | Chicago | IL | 11.72 | 0.77 | 16.73 | 1422% | -95% |
| FelCor Lodging Trust | Irving | TX | 10.04 | 0.94 | 15.59 | 968% | -94% |
| Ryman Hospitality Properties | Nashville | TN | 47.98 | 4.99 | 40.47 | 862% | -88% |
| LaSalle Hotel Properties | Bethesda | MD | 35.68 | 3.91 | 31.90 | 813% | -88% |
| Sunstone Hotel Investors | Aliso Viejo | CA | 14.85 | 2.11 | 18.29 | 604% | -88% |
| Host Hotels & Resorts | Bethesda | MD | 22.35 | 3.54 | 17.04 | 531% | -79% |
| Hersha Hospitality Trust | Philadelphia | PA | 6.50 | 1.35 | 9.50 | 381% | -86% |
| Diamondrock Hospitality | Bethesda | MD | 12.84 | 3.00 | 14.98 | 328% | -80% |
| Average % Change all 8 Hotels/Motels REITs | 739% | -87% | |||||
| Industrial | |||||||
| CubeSmart | Malvern | PA | 18.61 | 1.50 | 9.16 | 1141% | -84% |
| Extra Space Storage | Salt Lake City | UT | 53.50 | 5.18 | 14.29 | 933% | -64% |
| First Industrial Realty Trust | Chicago | IL | 18.47 | 2.51 | 34.60 | 636% | -93% |
| Sovran Self Storage | Williamsville | NY | 76.84 | 17.10 | 40.10 | 349% | -57% |
| Prologis | San Francisco | CA | 41.21 | 9.72 | 57.56 | 324% | -83% |
| Duke Realty | Indianapolis | IN | 17.88 | 4.48 | 26.08 | 299% | -83% |
| BioMed Realty Trust | San Diego | CA | 22.00 | 6.98 | 23.17 | 215% | -70% |
| DCT Industrial Trust | Denver | CO | 8.12 | 2.64 | 9.31 | 208% | -72% |
| EastGroup Properties | Jackson | MS | 63.75 | 21.54 | 41.85 | 196% | -49% |
| Monmouth Real Estate Investment | Freehold | NJ | 9.55 | 5.09 | 8.10 | 88% | -37% |
| Average % Change all 10 Industrials REITs | 439% | -69% | |||||
| Office | |||||||
| Kilroy Realty | Los Angeles | CA | 62.52 | 15.52 | 54.96 | 303% | -72% |
| Boston Properties | Boston | MA | 118.25 | 31.73 | 91.81 | 273% | -65% |
| CommonWealth REIT | Newton | MA | 27.62 | 10.88 | 30.92 | 154% | -65% |
| Highwoods Properties | Raleigh | NC | 42.03 | 16.72 | 29.38 | 151% | -43% |
| Alexandria Real Estate Equities | Pasadena | CA | 76.78 | 32.83 | 101.67 | 134% | -68% |
| Parkway Properties | Orlando | FL | 21.01 | 9.11 | 36.98 | 131% | -75% |
| Liberty Property Trust | Malvern | PA | 37.99 | 16.95 | 28.81 | 124% | -41% |
| Digital Realty Trust | San Francisco | CA | 57.47 | 26.33 | 38.37 | 118% | -31% |
| First Potomac Realty Trust | Bethesda | MD | 13.02 | 6.46 | 17.29 | 102% | -63% |
| Mack-Cali Realty | Edison | NJ | 22.06 | 14.63 | 34.00 | 51% | -57% |
| Corporate Office Properties Trust | Columbia | MD | 28.83 | 21.72 | 31.50 | 33% | -31% |
| Franklin Street Properties | Wakefield | MA | 12.61 | 10.80 | 14.80 | 17% | -27% |
| Average % Change all 12 Office REITs | 132% | -53% | |||||
| Residential | |||||||
| Sun Communities | Southfield | MI | 50.45 | 7.71 | 21.07 | 554% | -63% |
| Apartment Investment & Management | Denver | CO | 32.05 | 4.94 | 29.11 | 549% | -83% |
| Post Properties | Atlanta | GA | 53.35 | 10.15 | 35.12 | 426% | -71% |
| UDR Inc | Highlands Ranch | CO | 28.18 | 7.23 | 19.85 | 290% | -64% |
| Education Realty Trust | Memphis | TN | 10.66 | 2.86 | 11.24 | 273% | -75% |
| Equity Residential | Chicago | IL | 61.96 | 17.09 | 36.47 | 263% | -53% |
| Avalonbay Communities | Arlington | VA | 141.72 | 42.14 | 94.14 | 236% | -55% |
| BRE Properties | San Francisco | CA | 61.00 | 18.28 | 40.53 | 234% | -55% |
| Essex Property Trust | Palo Alto | CA | 183.93 | 55.19 | 97.49 | 233% | -43% |
| Associated Estates Realty | Richmond Heights | OH | 17.68 | 5.35 | 9.44 | 230% | -43% |
| Mid-America Apartment Communities | Memphis | TN | 72.00 | 23.71 | 42.75 | 204% | -45% |
| Equity LifeStyle Properties | Chicago | IL | 44.91 | 15.29 | 22.84 | 194% | -33% |
| Resource Capital Corp | New York | NY | 5.79 | 2.07 | 9.31 | 180% | -78% |
| Home Properties | Rochester | NY | 62.78 | 25.36 | 44.85 | 148% | -43% |
| American Campus Communities | Austin | TX | 38.30 | 15.61 | 26.85 | 145% | -42% |
| Senior Housing Properties Trust | Newton | MA | 24.22 | 11.39 | 22.68 | 113% | -50% |
| Dynex Capital | Glen Allen | VA | 8.62 | 6.90 | 8.87 | 25% | -22% |
| Two Harbors Investment | Minnetonka | MN | 10.50 | 8.77 | 8.38 | 20% | 5% |
| ARMOUR Residential REIT | Vero Beach | FL | 4.28 | 9.53 | 9.05 | -55% | 5% |
| Average % Change all 19 Residential REITs | 224% | -48% | |||||
| Retail | |||||||
| SL Green Realty | New York | NY | 110.75 | 8.69 | 93.46 | 1174% | -91% |
| NorthStar Realty Finance | New York | NY | 16.65 | 1.39 | 8.92 | 1098% | -84% |
| DDR Corp | Beachwood | OH | 17.65 | 1.52 | 38.29 | 1061% | -96% |
| Glimcher Realty Trust | Columbus | OH | 10.97 | 1.08 | 14.29 | 916% | -92% |
| Macerich | Santa Monica | CA | 66.69 | 6.79 | 67.32 | 882% | -90% |
| CBL & Associates Properties | Chattanooga | TN | 18.91 | 2.09 | 23.91 | 805% | -91% |
| Pennsylvania REIT | Philadelphia | PA | 18.27 | 2.47 | 29.68 | 640% | -92% |
| Simon Property Group | Indianapolis | IN | 166.66 | 26.19 | 86.86 | 536% | -70% |
| Taubman Centers | Bloomfield Hills | MI | 74.88 | 13.56 | 49.19 | 452% | -72% |
| EPR Properties | Kansas City | MO | 55.21 | 12.79 | 47.00 | 332% | -73% |
| Ramco-Gershenson Properties Trust | Farmington Hills | MI | 16.46 | 3.88 | 21.37 | 324% | -82% |
| Weingarten Realty Investors | Houston | TX | 32.80 | 8.43 | 31.44 | 289% | -73% |
| Kimco Realty | New Hyde Park | NY | 23.47 | 7.01 | 36.40 | 235% | -81% |
| Hospitality Properties Trust | Newton | MA | 29.71 | 9.09 | 32.22 | 227% | -72% |
| Federal Realty Investment Trust | Rockville | MD | 119.98 | 39.90 | 82.15 | 201% | -51% |
| Realty Income | Escondido | CA | 44.49 | 15.03 | 27.02 | 196% | -44% |
| Tanger Factory Outlet Centers | Greensboro | NC | 35.32 | 13.20 | 18.86 | 168% | -30% |
| Alexander's | Paramus | NJ | 368.45 | 137.82 | 353.25 | 167% | -61% |
| Regency Centers | Jacksonville | FL | 55.43 | 22.02 | 64.49 | 152% | -66% |
| Equity One | North Miami Beach | FL | 23.69 | 9.74 | 23.03 | 143% | -58% |
| Saul Centers | Bethesda | MD | 48.96 | 20.44 | 53.43 | 140% | -62% |
| Kite Realty Group Trust | Indianapolis | IN | 6.17 | 2.93 | 15.27 | 111% | -81% |
| Urstadt Biddle Properties | Greenwich | CT | 20.67 | 10.37 | 15.50 | 99% | -33% |
| Cedar Realty Trust | Port Washington | NY | 6.07 | 3.32 | 10.23 | 83% | -68% |
| Inland Real Estate | Oak Brook | IL | 10.50 | 6.12 | 14.16 | 72% | -57% |
| Washington REIT | Rockville | MD | 26.07 | 15.60 | 31.41 | 67% | -50% |
| Retail Opportunity Investments | San Diego | CA | 15.58 | 9.50 | 9.17 | 64% | 4% |
| Getty Realty | Jericho | NY | 19.46 | 14.30 | 26.68 | 36% | -46% |
| Average % Change all 28 Retail REITs | 381% | -67% | |||||
| Overall Average % Change all 116 REITs | 348% | -61% | |||||
