Barron's Commercial Real Estate Winners & Losers
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Date updated:05-02-2009

First, the housing market tanked. Now, a shakeout has roiled the commercial-property market. Separating the winners from the losers.

symbol name last price % change open
  • +
  • SPG
    Simon Ppty Grp In
  • $70.59
  • -0.18%
  • $71.43

Investors in the volatile REIT sector should stick with the biggest, best-capitalized outfits, including Simon Property Group (SPG) and Vornado Realty Trust (VNO); Taubman Properties (TCO), which runs upscale malls; Boston Properties (BXP), an owner of prime office buildings in New York and Washington; Public Storage (PSA), the top owner of self-storage facilities, and AvalonBay Communities (AVB), a high-end apartment owner.

People owning SPG also tend to own: AMBAVBBPOBXPCBGDDREQR

TheStreet.com Rating: C What is this?

  • +
  • VNO
    Vornado Realty Tr
  • $63.01
  • +0.22%
  • $63.64

Investors in the volatile REIT sector should stick with the biggest, best-capitalized outfits, including Simon Property Group (SPG) and Vornado Realty Trust (VNO); Taubman Properties (TCO), which runs upscale malls; Boston Properties (BXP), an owner of prime office buildings in New York and Washington; Public Storage (PSA), the top owner of self-storage facilities, and AvalonBay Communities (AVB), a high-end apartment owner.

People owning VNO also tend to own: ACASBAMHMEMFDPFGPNYRYN

TheStreet.com Rating: C- What is this?

  • +
  • TCO
    Taubman Centers I
  • $32.05
  • +0.69%
  • $32.39

Investors in the volatile REIT sector should stick with the biggest, best-capitalized outfits, including Simon Property Group (SPG) and Vornado Realty Trust (VNO); Taubman Properties (TCO), which runs upscale malls; Boston Properties (BXP), an owner of prime office buildings in New York and Washington; Public Storage (PSA), the top owner of self-storage facilities, and AvalonBay Communities (AVB), a high-end apartment owner.

People owning TCO also tend to own: CDVNKBHOCRPCUDOWGS

TheStreet.com Rating: D+ What is this?

  • +
  • BXP
    Boston Pptys Inc
  • $62.81
  • -0.14%
  • $63.65

Investors in the volatile REIT sector should stick with the biggest, best-capitalized outfits, including Simon Property Group (SPG) and Vornado Realty Trust (VNO); Taubman Properties (TCO), which runs upscale malls; Boston Properties (BXP), an owner of prime office buildings in New York and Washington; Public Storage (PSA), the top owner of self-storage facilities, and AvalonBay Communities (AVB), a high-end apartment owner.

People owning BXP also tend to own: AAPLBPCMXDEGOOGLOWMDT

TheStreet.com Rating: C What is this?

  • +
  • PSA
    Public Stg
  • $75.81
  • -0.28%
  • $76.77

Kirby considers the sector "fairly priced" after the gains since March and says "the one defining feature of REIT performance is that companies with less leverage have dramatically outperformed the ones with high leverage." He points to the strong standing of Public Storage, which has the industry's second-highest market value at $11 billion, after Simon's $13 billion. Public Storage has almost no debt; preferred stock accounts for about 25% of its capitalization. It is REITland's closest thing to a Berkshire Hathaway.

People owning PSA also tend to own: GOOGMSONWSSHLDSIRIASNED

TheStreet.com Rating: B What is this?

  • +
  • AVB
    Avalonbay Cmtys
  • $73.52
  • -0.34%
  • $74.54

Investors in the volatile REIT sector should stick with the biggest, best-capitalized outfits, including Simon Property Group (SPG) and Vornado Realty Trust (VNO); Taubman Properties (TCO), which runs upscale malls; Boston Properties (BXP), an owner of prime office buildings in New York and Washington; Public Storage (PSA), the top owner of self-storage facilities, and AvalonBay Communities (AVB), a high-end apartment owner.

People owning AVB also tend to own: AAPLCCALCATCSCODEFTEK

TheStreet.com Rating: C What is this?

  • +
  • VGSIX
    Vanguard Speciali
  • $13.63
  • -0.22%
  • $N/A

There are a bunch of REIT funds, including Vanguard REIT Index (VGSIX). Then there are exchange-traded funds, including iShares DJ U.S. Real Estate (IYR), which yields 7%. Investors also can play preferred shares issued by Public Storage and other realty trusts that yield 8% to 11%. The REIT-preferred market, totaling about $10 billion, is much smaller than the bank-preferred sector, making it better suited to individuals than institutional buyers.

People owning VGSIX also tend to own: BEQGXJAGIXRYLPXSWEGXSWHFXUMBIXVFINX

TheStreet.com Rating: No Rating What is this?

  • +
  • IYR
    Ishare Dj R Est I
  • $42.45
  • 0.00%
  • $N/A

There are a bunch of REIT funds, including Vanguard REIT Index (VGSIX). Then there are exchange-traded funds, including iShares DJ U.S. Real Estate (IYR), which yields 7%. Investors also can play preferred shares issued by Public Storage and other realty trusts that yield 8% to 11%. The REIT-preferred market, totaling about $10 billion, is much smaller than the bank-preferred sector, making it better suited to individuals than institutional buyers.

People owning IYR also tend to own: EFAIYMMMMVTIAGGPNMEWP

TheStreet.com Rating: No Rating What is this?

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