The REIT market outperformed the broader market again today, but not by much. The S&P 500 declined by -0.11%, while the REITdaily top 100 REIT index increased by only +0.06%. Volume was in line with the long-term average.
The 10 year dropped 2 bps to 2.11%.
American Realty Capital Properties (ARCP) was the top performing REIT of the day (+3.2%) following the appointment of Glenn Rufrano as CEO. The industry veteran was welcomed with open arms by the market; however, volume was below average, which suggests that the new captain hasn’t changed the investment thesis for many, and an ultimate sale of the company still seems possible.
Other top performers include: PGRE (+1.8%), HPP (+1.8%), LXP (+1.6%), CMCT (+1.6%), EQY (1.5%)
EDR had a bad day, down -2.3% on above average volume.
HCP was also particularly in negative territory, down -1.6% on above average volume.
MAC (50% above average) and TCO (106%) continued to see above average volume and investors make bets that SPG will keep up the M&A.
Other volume leaders include: KRG (162% above average), STAG (76%), PPS (75%), and MORE (59%)