Closing Glance: REITs rise on retail sales results
By
Associated Press
June 5, 2008
|
Shares of real estate investment trusts closed higher Thursday, as investors looked past unsettling housing data and focused on better-than-expected May retail sales and a dropoff in unemployment claims.
REIT stocks and the broader market were buoyed by a government report that the number of laid-off workers who sought unemployment benefits fell last week. Better-than-expected May retail sales results also lifted Wall Street.
In other news, a report by the Mortgage Bankers Association showed that the proportion of mortgages that fell into foreclosure soared to 0.99 percent in the January-through-March period. That surpassed the previous high of 0.83 percent over the last three months in 2007.
How shares of some REITs performed:
SL Green Realty Corp. gained $2.99, or 3.1 percent, to $100.74.
Brookfield Properties Corp. added 56 cents, or 2.8 percent, to $20.77.
Boston Properties Inc. rose $2.90, or 3 percent, to $100.66.
Kimco Realty Corp. climbed $1.12, or 2.9 percent, to $40.18.
Terms & Conditions
RSS Headlines
Fool UK