WASHINGTON, DC-Shares of real estate investment trusts were considered one of 2008's best hiding places, however, now that REITs are about to issue third-quarter earnings and financial reports, they seem as vulnerable as other financial investments, according to the Washington Post.
However, REITs that own health property have been the best performers during this punishing October stretch, as well as for the year. Leading names include Healthcare Realty Trust, Health Care REIT and National Health Investors, which have all lost 10% in the past week, but they're generally steadier as real estate trusts go, the article says.
In other news, shares of several major REITs fell on Monday, according to a Marketwatch report. Analysts at Keefe Bruyette & Woods wrote in their Monday report that "the reality of an inevitable recession and frozen capital markets will lead to a much more cautious tone and some lower guidance revisions from company managements as we move through REIT earnings, the bulk of which will take place in late October and early November." In early trading, Equity Residential shares fell 9%, CB Richard Ellis fell 8.3%, Vornado fell 5.6% and Simon Property fell 4.4%.
Read the full Washington Post story here.
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