REITs Thursday Morning: Down At The Open

All of the major real estate investment trusts are down at the opening bell today in line with the general sell-off going on for the stock market as a whole.

Selling is especially evident in Park Hotels & Resorts PK, which is off immediately by 3.11%:

The REIT is re-testing the lows from earlier in June. A close at this price would represent a new low for the year for the REIT.

Real Estate News Bite: 

• With stocks selling off, many retail investors are turning to more stable assets, like shares of fractionalized rental properties. Arrived Homes, the real estate investment platform backed by billionaire Jeff Bezos, has doubled its active investors in the past two months and has funded $11 million worth of properties in the last 30 days. Single-asset real estate shares may be something to keep an eye on as stocks continue trending downward. 

Medical Properties Trust MPW this morning is off by 2.89%:

The REIT, which invests in healthcare facilities around the country, is taking back all of Wednesday’s gains. It’s a reversal in direction for one of the majors that had been continuing upward.

Kimco Realty KIM is down by 2.65%:

After a steady upward trend off of the mid-June lows, this real estate investment trust is headed back downward this morning. 

Host Hotels & Resorts HST is not escaping the unloading in the sector. It’s off by 2.39%:

The REIT is another in the sector that is re-testing the earlier-in-the-month lows – and the December, 2021 price lows.

Today is not only the end of the month but also the end of the 2nd quarter, a day on the calendar where institutional fund managers are often busy re-orienting portfolios. It’s likely today’s selling among these major real estate investment trusts is affected by the phenomenon.