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First week summary: It was a 3% plus gain for all sectors this week. As a result of this and last years gains, there are no REIT bargains at these prices. The Office sector rose from an increase of 5.63% to 8.34% year to date during the first week of March. The Industrial sector prices rose from 5.80% to 9.38% price growth. The Apartment sector rose from 0.51% to a 4.18% gain. Second week summary: The Office sector fell from an increase of 8.34% to 6.74% year to date during the second week of March. The Industrial sector prices fell from 9.38% to 7.42% price growth. The Apartment sector fell from a 4.81% to a 2.65% gain. Last week the Dow sank 3.4%, including a 1.64% selloff Thursday that was the steepest daily percentage drop since May. Third week summary: While the Dow drops and the S&P sinks, REITS are not just resilient, but rising too. The Office sector rose from an increase of 6.74% to 7.70% year to date during the third week of March. The Industrial sector prices rose from 7.42% to 9.44% price growth. The Apartment sector rose from a 2.65% to a 3.09% gain. FFO estimates and ratings updates are now posted. [For the week, the Dow fell 53.48, or 0.5%. The S&P 500 dropped 10.79, or 1%, and the Nasdaq fell 44.26, or 2.2%. For the year, the Dow is down 2.6%, while the Nasdaq is off 3.1% and the S.& P. 500 is down 0.2%.] Fourth week summary: The Office sector slightly fell from an increase of 7.70% to 7.57% year to date during the fourth week of March. The Industrial sector prices rose from 9.44% to 9.86% price growth. The Apartment sector fell from a 3.09% to a 1.18% gain. For the week, the Dow climbed 26.37 to 10,212.97, or 0.3% and the Nasdaq rose 19.55 to 1,960.02, or 1.0%, while the S&P 500 [closing at 1,108.06] lost 1.75, or 0.2%. The Dow is down 2.3% so far this year. In late trading, the 10-year Treasury note stood at 101 12/32, down 24/32, to yield 3.83%. The 30-year bond was down 1 5/32 to 109 7/32, yielding 4.76%. The five-year note was off 14/32 to 99 8/32, yielding 2.78%, while the three-year note down 7/32 to 100 27/32, yielding 1.94%. The two-year note was down 4/32 at 99 27/32 to yield 1.58%. End of Month Summary: The Office sector ended March with an increase of 8.96% year to date. The Industrial sector ended with a 12.02% price growth. The Apartment ended with a 3.24% year to date gain. NOTE 1: ASN's 02 FFO had to be estimated (and estimated to reflect an average decrease compared to 03) due to the fact that ASN prefers to use EPS - and I could not find the number in their press releases or annual statements. NOTE 2: TCT now has an analyst that is making FFO forecasts. So its 04 FFO estimate changed from $2.08 [my estimate] to $2.04 - but it would be incorrect to say that its estimate was lowered or that its outlook changed. NOTE: Although the tables below are checked and double-checked for accuracy, and may at times be 100% accurate - do NOT count on that. Please confirm through your own research any numbers on which you are to make a buy, sell or hold decision. Most sites giving this kind of data would say that it's information is for entertainment purposes only. I will not presume that you are that masochistic. I try to be accurate, but I randomly fail. And even accurately replicated and freshly retrieved FFO numbers are often stale. The Price to Revenue INDEX figures, due to rounding errors, are not accurate to 3 digits. They are darn close to accurate. Javascript is expected to be accurate to 5 digits when the calculation is simply x times y. But the complexity of the formula - or a large number of calculations to determine a result - can decrease the number of digits of accuracy. Click here for the Shopping Center, Mall, and Health Care Update page. This months article updates are here. |