Monday, June 23, 2014

116 Largest US REITs Stock Prices Up Sharply in the Most Recent Five Months

I found 116 US Real Estate Investment Trusts (REITs) classified in the Financial Sector at Yahoo's superb Finance website with current Total Market Capitalizations of at least $100 mil each and which also had their common stocks trading on each of the following three dates:
  • 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.
The historical common stock prices of these companies were obtained from the following two excellent internet resources....  Google Finance and MarketWatch Big Charts.

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%