Why Granite Point Mortgage, Park Hotels & Resorts, and Macerich All Rose (Again) Today
Shares of mall-focused real estate investment trust (REIT) Macerich (NYSE: MAC) jumped as much as 13% in early trading on June 8. Hotel landlord Park Hotels & Resorts (NYSE: PK) rose 13% or so, too, and mortgage REIT Granite Point Mortgage (NYSE: GPMT) was up 21%. By 11 a.m. EDT, each had given back at least some of those gains, but the trend across the board lately has definitely been for higher prices.
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Some perspective is in order. All three of these real estate investment trusts lost at least 75% of their value earlier in the year. Today, Macerich is down 55% for the year, Granite Point 51%, and Park Hotels & Resorts 44%. In other words, even before the gains on June 8, this trio had made up a lot of ground. And yet, they're still way off their early-year highs from before COVID-19 started to spread around the globe.
Source Fool.com
