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Opening Glance: REITs up on retail, jobless data

By Associated Press
June 5, 2008 | Comments (0)

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Shares of real estate investment trusts traded higher Thursday morning, even as home foreclosures and late payments set records over the first three months of the year.

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.

But REIT stocks followed the broader market, which was 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.

How shares of some REITs performed shortly after the market opened:

SL Green Realty Corp. gained $1.74 to $99.49.

Brookfield Properties Corp. added 16 cents to $20.37.

Boston Properties Inc. rose 68 cents to $98.44.

Kimco Realty Corp. climbed 33 cents to $39.39.

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