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Nov. 9, 2020, 1:56 p.m. EST

Stocks of residential, retail REITs enjoy historic gains from hopes of COVID-19 vaccine

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By Tomi Kilgore

The shares of real estate investment trusts enjoyed a broad, and in some cases very big, rallies in afternoon trading Monday, as positive news on a potential COVID-19 vaccine boosted the prospects for REITs focused on residential and retail properties. SL Green Realty Corp.'s stock /zigman2/quotes/208985878/composite SLG +3.54% soared 33.4%, which puts it on track for the second-biggest one day gain since it started trading in 1997, and the biggest gain since it soared 40.9% on Nov. 24, 2008 in the midst of the financial crisis. Shares of SL Green, which owns and manages commercial and residential real estate properties, was the SPDR Real Estate Select Sector ETF's /zigman2/quotes/207325179/composite XLRE -0.41% best performer and the S&P 500's /zigman2/quotes/210599714/realtime SPX +1.28% second-best performer. Elsewhere, shares of Federal Realty Investment Trust /zigman2/quotes/202394259/composite FRT +1.26% , which owns and manages retail properties, soared 31.3%, to be on track for a record one-day gain; Regency Centers Corp.'s stock powered up 31.5%, which would be the shopping center REIT's best day on record; and Kimco Realty Corp. shares /zigman2/quotes/202836571/composite KIM +0.57% charged 31.0% higher, which would be the open-air shopping center REIT's second biggest-ever gain. The REIT ETF rose 5.1% in afternoon trading, and has now lost 3.2% year to date, while the S&P 500 has climbed 12.0% this year.

/zigman2/quotes/208985878/composite
US : U.S.: NYSE
$ 72.65
+2.49 +3.54%
Volume: 553,912
Sept. 23, 2021 12:12p
P/E Ratio
17.84
Dividend Yield
5.01%
Market Cap
$4.91 billion
Rev. per Employee
$1.33M
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/zigman2/quotes/207325179/composite
US : U.S.: NYSE Arca
$ 46.48
-0.19 -0.41%
Volume: 2.45M
Sept. 23, 2021 12:13p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,451.88
+56.24 +1.28%
Volume: 850.84M
Sept. 23, 2021 12:13p
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/zigman2/quotes/202394259/composite
US : U.S.: NYSE
$ 120.15
+1.49 +1.26%
Volume: 163,633
Sept. 23, 2021 12:11p
P/E Ratio
50.54
Dividend Yield
3.57%
Market Cap
$9.31 billion
Rev. per Employee
$2.67M
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/zigman2/quotes/202836571/composite
US : U.S.: NYSE
$ 21.97
+0.13 +0.57%
Volume: 1.53M
Sept. 23, 2021 12:13p
P/E Ratio
24.28
Dividend Yield
3.09%
Market Cap
$13.39 billion
Rev. per Employee
$2.19M
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