These 3 NYSE-Traded REITs All Hit New 12-Month Lows

Higher interest rates — and the expectation that even higher rates are on the way — have made the real estate investment trust (REIT) game a difficult one lately. 

There are other factors, to be sure, but this industry is highly interest-rate sensitive and it’s been uncomfortable this year.

Here are three REITs, all traded on the New York Stock Exchange, that have dropped to new 52-week lows:

Denver-based Apartment Income REIT Corp. AIRC focuses on owning and managing residential communities. The company owns 26,600 apartment homes in eight core markets, according to its website. The REIT is sizable with a market capitalization of $5.41 billion. Apartment Income pays a dividend of 5.11%.

The daily price chart looks like this:

The drop on Dec. 16 is accompanied by very heavy volume, a confirming sign of downward pressure on the REIT.

Easterly Government Properties Inc. DEA, with headquarters in Washington, D.C., and San Diego, buys, manages and develops U.S. government properties, mainly through the General Services Administration. Market capitalization is $1.35 billion — on the smaller side when compared to major REITs. Easterly Government Properties pays a dividend of 7.52%.

Here’s what the daily price chart looks like:

That 5-plus percent drop on Dec. 16 takes the REIT even further below its downtrending 50- and 200-day moving averages.

Extra Space Storage Inc. EXR, based in Salt Lake City, Utah, owns and or operates 2,000 self-storage properties in 41 states and in Washington, D.C., according to its website. The company’s market capitalization is $20.84 billion. Extra Space Storage pays a 4.02% dividend.

After a remarkable rally from the June low to the mid-August high, this REIT has now slumped below that summertime low price on heavy volume.

Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it’s too late. Benzinga’s in-house real estate research team has been working hard to identify the greatest opportunities in today’s market, which you can gain access to for free by signing up for Benzinga’s Weekly REIT Report.

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Chart courtesy of StockCharts