The REIT benchmark ETF on Tuesday closed lower as did most of the individual names. The Real Estate Select Sector SPDR headed downward by 1.34%, taking back whatever had been gained in the last two trading sessions.
The worst performer among the majors was Healthpeak Properties Inc PEAK which sold off by 2.15%, almost (but not quite) wiping out the last two days of increases. It peaked at the beginning of the year near $36 per share and now trades at $25.47.
The healthcare facilities company, which IPO’ed in 1985, is paying a 4.61% dividend.
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Weyerhouser Co WY also had a rough day, off by 1.48%. It’s another REIT back to the lower end of the price level from two days ago. Note that Weyerhouser was going for $42.50 per share at the end of April and now trades for $33.39, quite a drop for a company paying a 2.12% dividend.
One REIT that was up at the close and which hit a new 52-week high before selling off is NexPoint Diversified Real Estate Trust NXDT.
The REIT has been basically up-trending since the early 2022 lows. Today’s higher high comes on significantly expanded trading volume.
This REIT’s movement this year is entirely different than most others in the sector.
We’ll be taking a closer look at NexPoint Diversified tomorrow.
Not investment advice. For educational purposes only.
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