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Alpine Global Premier Propertie Message Board

  • northbest northbest Dec 11, 2008 4:00 PM Flag

    interesting linkage REIT's and Jobless Claims

    REIT Shares Drop Amid Soaring Jobless ClaimsLast update:
    12/11/2008 3:53:28 PM
    By Shara Tibken Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--
    Shares of real-estate investment trusts traded sharply lower Thursday as another round of economic date underscored the troubles in the economy. In recent trading, AMB Property Corp. (AMB) dropped 23% to $16.26, while Colonial Properties Trust (CLP) fell 22% to $5.85. Equity Residential (EQR) slid 20% to $27.70, and Duke Realty Corp. (DRE) lost 24% to $7.24. DCT Industrial Trust Inc. (DCT) dropped 23% to $3.43. The number of U.S. workers filing new claims for state unemployment benefits rose more than twice as much as expected last week to a 26-year high indicative of continued employment declines amidst a recessionary economy. Initial claims for jobless benefits spiked 58,000 to a seasonally adjusted 573,000 in the week ended Dec. 6, the Labor Department said in a weekly report Thursday. Economists surveyed by Dow Jones Newswires had expected claims would rise by 24,000. REIT shares have taken a beating this year amid concerns about profit margins and ambitious development pipelines. -By Shara Tibken, Dow Jones Newswires; 201-938-2168; (David Benoit contributed to this report.) (END) Dow Jones NewswiresDecember 11, 2008 15:53 ET (20:53 GMT)

    Is AWP doomed once the dividend drops?

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