TRAFFIC PATTERNS
Mar 1, 2008 12:00 PM
VACANCIES SLOWLY RISE
Vacancies rose for the 11th straight quarter at shopping centers, according to Reis Inc.'s latest data. However, absorption at 8.1 million square feet was the highest since the fourth quarter of 2005. Further, asking and effective rents also continued to rise, although effective rents grew at just 0.4 percent for the second straight quarter — the slowest pace since 2003.
| Net Absorption* | Asking Rent | Percent Change | Effective Rent | Percent Change | Vacancy Rate | |
|---|---|---|---|---|---|---|
| Q1 03 | 6.7 | $16.78 | 0.5% | $15.34 | 0.4% | 7.2% |
| Q2 03 | 5.6 | 16.88 | 0.6 | 15.39 | 0.3 | 7.2 |
| Q3 03 | 4.6 | 17.00 | 0.7 | 15.49 | 0.6 | 7.3 |
| Q4 03 | 10.2 | 17.15 | 0.9 | 15.64 | 1.0 | 7.2 |
| Q1 04 | 3.8 | 17.24 | 0.5 | 15.73 | 0.6 | 7.2 |
| Q2 04 | 9.2 | 17.35 | 0.6 | 15.84 | 0.7 | 7.1 |
| Q3 04 | 8.1 | 17.51 | 0.9 | 15.99 | 0.9 | 7.0 |
| Q4 04 | 12.0 | 17.65 | 0.8 | 16.10 | 0.7 | 7.0 |
| Q1 05 | 6.2 | 17.76 | 0.6 | 16.20 | 0.6 | 7.0 |
| Q2 05 | 11.5 | 17.90 | 0.8 | 16.32 | 0.7 | 6.7 |
| Q3 05 | 7.7 | 18.08 | 1.0 | 16.47 | 0.9 | 6.8 |
| Q4 05 | 10.1 | 18.24 | 0.9 | 16.62 | 0.9 | 6.8 |
| Q1 06 | 5.3 | 18.37 | 0.7 | 16.72 | 0.6 | 6.9 |
| Q2 06 | 6.1 | 18.52 | 0.8 | 16.86 | 0.8 | 6.9 |
| Q3 06 | 4.9 | 18.75 | 1.2 | 17.03 | 1.0 | 7.0 |
| Q4 06 | 4.6 | 18.94 | 1.0 | 17.19 | 0.9 | 7.1 |
| Q1 07 | 5.3 | 19.11 | 0.9 | 17.33 | 0.8 | 7.1 |
| Q2 07 | 2.6 | 19.26 | 0.8 | 17.46 | 0.8 | 7.3 |
| Q3 07 | 5.5 | 19.37 | 0.6 | 17.53 | 0.4 | 7.3 |
| Q4 07 | 8.1 | 19.49 | 0.6 | 17.60 | 0.4 | 7.5 |
| * Millions of square feet Source: Reis Inc. |
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REITS ENJOY STRONG FEBRUARY
Has it been a year already since the market turned? Apparently so. Some REITs 52-week highs are lower than they were a month ago since the stock's high points are now more than 52 weeks old. On the bright side, many REITs posted large gains in the past month.
| Symbol | Price* | 52-week High | Chg | 52-week Low | Chg | One Month | Chg | Dec. 31, 2007 | YTD Chg | |
|---|---|---|---|---|---|---|---|---|---|---|
| Developers Diversified Realty Corp. | DDR | $40.58 | $69.48 | -41.59% | $32.20 | 26.02% | $32.92 | 23.27% | $38.29 | 5.98% |
| Cousins Properties Inc. | CUZ | 25.90 | 37.89 | -32.94 | 19.53 | 30.11 | 20.75 | 22.46 | 21.10 | 14.98 |
| Ramco Gershenson Properties Trust | RPT | 24.04 | 38.75 | -37.96 | 19.04 | 26.26 | 19.97 | 20.38 | 21.37 | 12.49 |
| Colonial Properties Trust | CLP | 26.11 | 50.59 | -48.39 | 19.46 | 34.17 | 21.85 | 19.50 | 22.63 | 15.38 |
| Feldman Mall Properties | FMP | 3.44 | 13.00 | -73.54 | 2.42 | 42.15 | 2.91 | 18.21 | 3.69 | -6.78 |
| Weingarten Realty Investors | WRI | 33.28 | 51.76 | -35.70 | 27.59 | 20.62 | 28.39 | 17.22 | 31.44 | 5.85 |
| Realty Income Corp. | O | 24.83 | 30.70 | -19.12 | 20.27 | 22.50 | 21.72 | 14.32 | 27.02 | -8.11 |
| Kimco Realty Corp. | KIM | 35.17 | 53.60 | -34.38 | 29.00 | 21.28 | 30.92 | 13.75 | 36.40 | -3.38 |
| Federal Realty Investment Trust | FRT | 75.07 | 95.36 | -21.28 | 61.60 | 21.87 | 66.36 | 13.13 | 82.15 | -8.62 |
| Kite Realty Group | KRG | 13.72 | 21.80 | -37.06 | 11.50 | 19.30 | 12.18 | 12.64 | 15.27 | -10.15 |
| Capital Lease Funding | LSE | 8.27 | 11.77 | -29.74 | 6.85 | 20.73 | 7.37 | 12.21 | 8.42 | -1.78 |
| Simon Property Group | SPG | 89.16 | 120.50 | -26.01 | 74.80 | 19.20 | 79.54 | 12.09 | 86.86 | 2.65 |
| General Growth Properties | GGP | 37.37 | 67.43 | -44.58 | 31.00 | 20.55 | 33.40 | 11.89 | 41.18 | -9.25 |
| Inland Real Estate Corp. | IRC | 14.06 | 20.91 | -32.76 | 10.84 | 29.70 | 12.68 | 10.88 | 14.16 | -0.71 |
| The Macerich Co. | MAC | 66.70 | 99.39 | -32.89 | 57.50 | 16.00 | 60.37 | 10.49 | 71.06 | -6.14 |
| Vornado Realty Trust | VNO | 90.14 | 136.00 | -33.72 | 77.39 | 16.47 | 81.80 | 10.20 | 87.95 | 2.49 |
| Cedar Shopping Centers | CDR | 11.77 | 16.75 | -29.73 | 9.42 | 24.95 | 10.69 | 10.10 | 10.23 | 15.05 |
| Taubman Centers | TCO | 50.52 | 63.87 | -20.90 | 41.30 | 22.32 | 46.01 | 9.80 | 49.19 | 2.70 |
| Pennsylvania REIT | PEI | 25.37 | 50.39 | -49.65 | 22.00 | 15.32 | 23.21 | 9.31 | 29.68 | -14.52 |
| Regency Centers Corp. | REG | 60.35 | 89.24 | -32.37% | 52.61 | 14.71 | 55.41 | 8.92 | 64.49 | -6.42 |
| Equity One Inc. | EQY | 22.64 | 30.88 | -26.68 | 20.11 | 12.58 | 20.90 | 8.33 | 23.03 | -1.69 |
| Tanger Factory Outlet Centers | SKT | 36.87 | 44.43 | -17.02 | 32.32 | 14.08 | 35.07 | 5.13 | 37.71 | -2.23 |
| National Retail Properties | NNN | 22.41 | 26.15 | -14.30 | 19.87 | 12.78 | 21.37 | 4.87 | 23.38 | -4.15 |
| Acadia Realty Trust | AKR | 23.91 | 29.00 | -17.55 | 21.17 | 12.94 | 22.90 | 4.41 | 25.61 | -6.64 |
| Agree Realty Corp. | ADC | 29.68 | 35.47 | -16.32 | 27.29 | 8.76 | 28.76 | 3.20 | 30.10 | -1.40 |
| Urstadt Biddle Properties Inc. | UBA | 15.08 | 19.73 | -23.57 | 13.58 | 11.05 | 14.93 | 1.00 | 15.50 | -2.71 |
| CBL & Associates Properties | CBL | 22.82 | 49.53 | -53.93 | 21.12 | 8.05 | 22.60 | 0.97 | 23.91 | -4.56 |
| Saul Centers | BFS | 48.32 | 62.74 | -22.98 | 41.86 | 15.43 | 50.43 | -4.18 | 53.43 | -9.56 |
| Glimcher Realty Trust | GRT | 11.89 | 29.50 | -59.69 | 11.09 | 7.21 | 12.98 | -8.40 | 14.29 | -16.79 |
| * As of 2/19/2008; Yellow indicates new 52-week highs and lows. Source: Retail Traffic |
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