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04.12.2020 17:13:00

Why Federal Realty, STORE Capital, and Simon Property Group All Rocketed More Than 25% in November

Shares of real estate investment trust (REIT) Federal Realty (NYSE: FRT) jumped just shy of 27% in November according to data from S&P Global Market Intelligence. Right there with it was STORE Capital (NYSE: STOR), which was up roughly the same amount. A bit further ahead, with a gain of 31.5%, was Simon Property Group (NYSE: SPG). The theme at all three of these REITs is their focus on retail assets, which should temper some of the excitement here.In early 2020 the world attempted to control the spread of the coronavirus with broad economic shutdowns. That left many retail stores closed and made it hard for landlords to collect rent. Investors pushed retail-related REITs sharply lower. In November, however, Pfizer and BioNTech, AstraZeneca, and Moderna all announced that they had made material progress with coronavirus vaccines. Investors shifted gears and pushed REITs with retail exposure higher. On the surface all of this makes logical sense, since a vaccine could mean a return to more normal shopping conditions, but it's too superficial a look at the situation.Image source: Getty Images.Continue reading
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