Surging interest rates this week had investors pulling money from income favorites like REITs and utilities, and rotating into yield-starved banks, insurance companies, and brokerages.
With the bond market closed for Veteran's Day, rates are taking the day off, and REITs and utilities (XLU +0.3%) are seeing a sizable bounce. VNQ +1.1%, IYR +0.9%
Retails rates are thought to be more exposed than most to rising rates, and they were among the hardest hit. Today: Realty Income (O +1.6%), Vereit (VER +4.3%), National Retail (NNN +1%), Store Capital (STOR +4.3%)
Other equity REITs: Omega (OHI +0.5%), LTC Properties (LTC +2%), Healthcare Trust (HTA +2.2%), Gramercy Property (GPT +3%), Gladstone Commercial (GOOD +4.3%), Lexington Realty (LXP +2.4%), General Growth (GGP +1%), Simon Property (SPG +1%), Retail Opportunity (ROIC +2.5%), Life Storage (LSI +1.4%), First Potomac (FPO +7.5%), Stag Industrial (STAG +1.5%)
Gladstone (NASDAQ:GOOD) signed a lease totaling 20.7K previously vacant square feet at its 55.5K square foot industrial property in Bolingbrook, IL. The new lease expires in 2024 and brings the property's occupancy to 100%.
The five-story, 119.2K square foot, single-tenant office building was purchased by Gladstone (NASDAQ:GOOD) for an average cap rate of 8.3%. The property is leased to Citrix, and sits adjacent to the company's HQ. It's been occupied by Citrix since 1997.