Two real estate investment trusts,
, are joining the
to replace existing members that are about to be acquired.
Boston Properties will replace
( CIN) in the S&P 500 after the close of trading March 31, Standard & Poor's said. Cinergy is being bought by
, another member of the index.
Kimco will enter the index when trading closes April 3. Kimco is taking the spot currently held by
, which is being acquired by S&P 500 member
Companies added to an index like the S&P 500 normally see their shares rise because of the demand from tracking funds, and both Boston Properties and Kimco were climbing in extended trading Tuesday.
Kimco was up $1.70, or 4.4%, to $40.45, and Boston was higher by $3.30, or 3.6%, at $94.60.