Annaly Capital: Real Estate Winners & Losers

NEW YORK ( TheStreet) -- Annaly Capital Management ( NLY), The St. Joe Company ( JOE) and CB Richard Ellis Group ( CBG) were among the few real estate stocks trading in positive territory Thursday as many stocks tumbled on a weakening global growth outlook.

ProLogis ( PLD), Host Hotels & Reports ( HST), Kimco Realty ( KIM) and DCT Industrial Trust ( DCT) were among the losers in Thursday's session.

Annaly Capital shares rose 0.7% to close at $18.72 on volume of 27 million, more than double the issue's trailing three-month daily average.

Earlier this week Annaly Capital said it will raise its dividend by 4.8%, paying its shareholders a quarterly dividend of 65 cents per share, up from its prior payout of 62 cents per share.

That brings the real estate investment trust's yield to around 13.9% going forward.

St. Joe shares rose 4.4% to finish at $20.12, though earlier this month TheStreet Ratings downgraded the stock from hold to sell. Volume of 1.1 million was close to double the stock's normal churn.


According to a recent regulatory filing with the Securities and Exchange Commission, St. Joe tapped COO Park Brady to serve as interim Principal Executive Officer until a CEO is appointed.

Brady took on the role of COO in March of this year, and will continue to serve in that position. Previously he was CEO of ResortQuest.


CB Richard Ellis Group shares rose 0.6% to $24.23 in afternoon trading Thursday.

The REIT said earlier that its San Diego office won the leasing assignment for a 1.1 million-square foot, class A office and laboratory building portfolio, consisting of 18 buildings, owned by HCP ( HCP).

Among Thursday's session losers was ProLogis, which closed the session down 1.3% at $33.83.

The industrial real estate owner priced a public secondary offering of 30 million shares at $33.50 per share, and gave underwriters a 30-day option to purchase up to an additional 4.5 million shares to cover any over-allotments.

ProLogis intends to use the raised capital to repay debt and for general corporate purposes.

Host Hotels & Resorts saw its shares fall 1.7% to $16.13.

The company, a lodging REIT, raised its dividend by 200% this month, to 3 cents a share from a penny a share. Host's higher dividend will be paid on July 15, to shareholders of record on June 30.


The recent rebound in business -- and to a lesser extent, leisure -- travel bodes well for the hotel operator.

Kimco Realty shares shed 1.3% at $18.04 on nearly double its typical average volume.

Earlier this month, the shopping center owner said it was divesting a small hotel company it had acquired in 2007 as part of an ongoing strategy to sell off all of its non-retail assets.

Kimco has a 75% stake in InTown Hospitality, which comprises 138 hotels, 17,978 rooms and was valued at around $100 million.

DCT shares lost 1.7% to close at $5.13.

DCT CEO Philip Hawkins recently said he expects conditions in the industrial real estate sector to improve.

"We have good leasing activity. Tenants are making decisions, and some of the larger tenants are making longer lease decisions," Hawkins told REIT.com. "On the other hand, smaller tenants are more active than they were even a few months ago."

-- Written by Miriam Marcus Reimer in New York.

>To contact the writer of this article, click here: Miriam Reimer.

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