Shares of real estate investment trust (REIT) Annaly Capital Management (NYSE: NLY) rose nearly 13% in November according to data from S&P Global Market Intelligence . That's not bad, but it's well shy of the nearly 30% gain at Seritage Growth Properties (NYSE: SRG) . And that advance was bested by the 40% price increase seen in Kimco Realty's (NYSE: KIM) stock during the month. The proximal cause for the advances was coronavirus vaccine news, but clearly there's more going on.
In November Pfizer and BioNTech , AstraZeneca , and Moderna all announced that they had achieved material success with their coronavirus vaccine development efforts. For a world that's trying to muddle through a global pandemic, this is very good news. Investors were rightly excited about these updates and bid up the prices of stocks. The S&P 500 Index , using SPDR S&P 500 ETF as a proxy, was up nearly 11% in the month. The REITs here did better than that to varying degrees, which is important information for investors to digest, because it hints at the very different situations each of these REITs is in.
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Why Kimco Realty, Seritage Growth Properties, and Annaly Capital Management Rallied as Much as 40% in November