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CNBC News Associate
The rally "has gotten a bit ahead of itself" and the rally in U.S. property stocks already peaked in early May, said Jonathan Litt, managing principle at Land and Building.
“From the peak of Feb. '07, REITs (Real Estate Investment Trusts) fell over 70 percent and they’re now up 60 percent, which puts them down 60 from the peak — but we think they’ve gotten ahead of themselves, especially some of the sectors,” Litt told CNBC.
"If you look at the office or apartment companies, we think they’ve gone too far —even though they’ve prepared their balance sheets because the underlying fundamentals are going to continue to deteriorate," he said.
However, Litt thinks the lodging companies are going to see some benefits from "green shoots" — and they are the places investors want to be focusing on.
Recommendations:
Long
- Chinese Property Companies
- U.S. Hotel Companies
Short
- Apartments
- Office Space
Disclosure:
No immediate information was available for Litt or his firm.
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Top Lodging REITs:
DiamondRock Hospitality Company [DRH
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Host Hotels & Resorts [HST
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LaSalle Hotel Properties [LHO
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Strategic Hotels & Resorts [BEE
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Data is a real-time snapshot *Data is delayed at least 15 minutes