can anyone find any news on RWT
- Thread starter Sky123987
- Start date
The decline is not as large as it appears. 12/29/08 (today) is the ex-dividend (.75) date.
AZD
AZD
REIT Shrs Trade Lower Amid Retail, Real-Estate Concerns
By Shara Tibken of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of real-estate investment trusts fell in recent trading Monday as concerns about commercial real estate weighed on the stocks.
Mall REITs CBL & Associates Properties Inc. (CBL) and Macerich Co. (MAC) were among the top decliners, down 12% to $6.59 and 13% to $17.45, respectively. Developers Diversified Realty Corp. (DDR) dropped 6.2% to $4.11, while General Growth Properties Inc. (GGP) slid 5.4% to $1.22.
"There is so much negative news about retailers, I think that's hurting the mall REITs again," RBC Capital Markets analyst Richard Moore said in an interview. "The weak outlook for retailers is putting pressure on the malls."
Despite a flurry of last-minute shoppers lured by deep discounts, holiday sales plunged across most categories on shrinking consumer spending, according to data released Thursday. Total retail sales, excluding automobiles, fell over the year-earlier period by 5.5% in November and 8% in December through Christmas Eve, according to MasterCard Inc.'s (MA) SpendingPulse unit.
Other REITs trading lower included iStar Financial Inc. (SFI), down 22% to $2.24, and Sunstone Hotel Investors Inc. (SHO), down 10% to $5.20. Redwood Trust Inc. (RWT) fell 8% to $13.40, and DCT Industrial Trust Inc. (DCT) dropped 8.3% to $4.45.
"There is a general feeling that commercial real estate is going to struggle," RBC's Moore said.
Meanwhile, SL Green Realty Corp. (SLG) fell 6.9% to $25.33 after cutting its quarterly dividend almost in half Friday to preserve capital for paying debt or making investments. The REIT expects the cut to save about $95 million next year.
As the largest owner and manager of commercial properties in New York City, the company is expected to bear the brunt of the financial-services layoffs in the next year.
By Shara Tibken of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of real-estate investment trusts fell in recent trading Monday as concerns about commercial real estate weighed on the stocks.
Mall REITs CBL & Associates Properties Inc. (CBL) and Macerich Co. (MAC) were among the top decliners, down 12% to $6.59 and 13% to $17.45, respectively. Developers Diversified Realty Corp. (DDR) dropped 6.2% to $4.11, while General Growth Properties Inc. (GGP) slid 5.4% to $1.22.
"There is so much negative news about retailers, I think that's hurting the mall REITs again," RBC Capital Markets analyst Richard Moore said in an interview. "The weak outlook for retailers is putting pressure on the malls."
Despite a flurry of last-minute shoppers lured by deep discounts, holiday sales plunged across most categories on shrinking consumer spending, according to data released Thursday. Total retail sales, excluding automobiles, fell over the year-earlier period by 5.5% in November and 8% in December through Christmas Eve, according to MasterCard Inc.'s (MA) SpendingPulse unit.
Other REITs trading lower included iStar Financial Inc. (SFI), down 22% to $2.24, and Sunstone Hotel Investors Inc. (SHO), down 10% to $5.20. Redwood Trust Inc. (RWT) fell 8% to $13.40, and DCT Industrial Trust Inc. (DCT) dropped 8.3% to $4.45.
"There is a general feeling that commercial real estate is going to struggle," RBC's Moore said.
Meanwhile, SL Green Realty Corp. (SLG) fell 6.9% to $25.33 after cutting its quarterly dividend almost in half Friday to preserve capital for paying debt or making investments. The REIT expects the cut to save about $95 million next year.
As the largest owner and manager of commercial properties in New York City, the company is expected to bear the brunt of the financial-services layoffs in the next year.