9:55 a.m. Nov. 9, 2020
- By Tomi Kilgore
Stocks of residential, retail REITs enjoy historic gains from hopes of COVID-19 vaccineThe shares of real estate investment trusts enjoyed a broad, and in some cases very big, rallies in afternoon trading Monday, as boosted the prospects for REITs focused on residential and retail properties. SL Green Realty Corp.'s stock 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 best performer and the S&P 500's second-best performer. Elsewhere, shares of Federal Realty Investment Trust , 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 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.