Citi Research recently released a huge report that took an in-depth look into trends in REIT ownership. In the report, analyst Michael Bilerman discussed the REITs that top hedge funds have been buying and selling.
The Numbers
Overall, hedge funds have remained mostly neutral on REITs in the past year. Hedge fund ownership currently makes up about 4.0 percent of total REIT ownership. “While the total hedge fund ownership is 4 percent – the top 10 positions average approximately 26 percent as a percentage of float – with the top 10 long positions representing ~33 percent of hedge funds' long positions in REITs,” Bilerman explained.
Top Long Positions
According to the report, the three largest hedge fund REIT long positions are currently Equinix Inc EQIX, Northstar Realty Finance Corp NRF and Verit Inc VER.
The funds included in the report hold combined long positions exceeding $1 billion in each of the three top REITs.
Top Short Positions
Bilerman also included a list of the top largest hedge fund REIT short positions.
The three largest short positions include Rouse Properties Inc RSE, Starwood Waypoint Residential Trust SWAY and American Residential Properties Inc ARPI.
Each of the three top shorted REITs currently has a short interest ratio in excess of 9.0 percent.
Disclosure: The author holds no position in the stocks mentioned.
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