New York Metropolis REIT Inc. NYC slumped to even decrease lows this week and now trades under $2 after going for $13 as lately as April.
Many actual property funding trusts (REITs) have had a difficult 12 months with the Federal Reserve steadily taking rates of interest greater. Few, nevertheless, have skilled the relentless promoting of this REIT.
New York Metropolis REIT invests in properties in all 5 boroughs of the Large Apple, however many of the portfolio is concentrated in Manhattan. Funds from operations (FFO) for the third quarter confirmed a damaging $4.1 million. It might be troublesome for the corporate to take care of the present dividend yield of 21.7%.
With a market capitalization of $27.77 million, New York Metropolis REIT is small in comparison with many of the different New York Inventory Trade-traded actual property funding trusts. Common each day quantity is comparatively gentle with simply 27,797 shares traded. The REIT is buying and selling at simply 0.08% of its ebook worth, a really low determine.
The final information merchandise on the corporate’s web site is dated Sept. 6, and reads “NYC Advisor and Its Associates Categorical Confidence in NYC REIT With $2.5 Million Share Buy, Inventory Election.”
The each day worth chart for New York Metropolis REIT appears to be like like this:
The slide from April to late August is awfully deep, and the September rally solely helped for a comparatively temporary second. From the spring peak of $13 to the present worth of $1.84 represents an 86% drop in worth. The REIT is buying and selling properly under each the downtrending 50-day shifting common (the blue line) and the 200-day shifting common (the purple line). The relative power indicator (RSI) under the worth chart has dropped into the Oversold vary.
Right here’s the month-to-month chart for New York Metropolis REIT:
After the corporate’s preliminary public providing in August 2020, it by no means made it again to that month’s excessive.
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Extra on Actual Property from Benzinga
Charts courtesy of StockCharts
