SVC - REITs post weekly gains led by QTS Colony; losses marginal amid stable sector developments
Funtap/iStock via Getty Images Real Estate sector experienced traction in the past week amid the Nareit Conference Week; iShares Residential and Multisector Real Estate ETF (REZ) and iShares Mortgage Real Estate ETF (REM) reported 2.4% and 2.1% respectively in the past 5 day trading session. As per presenters at Nareit's REITweek Investor Conference, occupancy rates likely have bottomed out, and growth opportunities are on the rise. Mortgage rates inched lower to 2.96% in the week ended June 10 compared to 2.99% from prior week. In the Nareit Conference, Residential REITs indicated a positive FY21 outlook with multifamily properties, single-family houses growth significant. Among the weekly gainers in the real estate sector (of stocks Mid, over $2B), QTS Realty (QTS) stock rallied 20.1% after it announced acquisition by Blackstone (BX) in an all-cash transaction valued at ~$10B. Colony Capital (CLNY) and Service Properties Trust (SVC) followed with 14.7% and 10% gains respectively.
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REITs post weekly gains led by QTS, Colony; losses marginal amid stable sector developments