02.10.2008 - Selling well: 'Outlet' REITs
From WSJ: Commercial real-estate stocks posted modest gains during the third quarter, but one sector was surprisingly strong: landlords that host stores popular with bargain hunters. An index of 108 stocks tracked by the National Association of Real Estate Investment Trusts, NAREIT, eked out a 5.6% total return for this past quarter and is up 1.8% so far this year. That is better than the broader stock market, which is down 9% for the quarter and 21% for the year, according to the S&P 500 index, which doesn't include dividends. Among the winners in the third quarter were REITs whose fortunes rose as the economy's prospects sank. Stock of Tanger Factory Outlet Centers Inc., a REIT with 31 discount shopping centers in 22 states, gained 22% in the third quarter. Simon Property Group Inc., a giant mall REIT that includes the Chelsea Premium Outlets, rose 7.9%..... Full Article: Source