Two real estate investment trusts have seen millions of dollars in stock purchases lately, even as both overtake the market this year.
Mack-Cali Real Estate
(ticker: CLI), a REIT of offices and multi-family buildings, and
Investment and management of apartments
(AIV), which focuses on the multi-family market, have climbed 26.2% and 18.9%, respectively, so far in 2021.
S&P 500 Index
has only managed to increase by 7.0% since the start of the year.
The Bow Street investment firm paid $ 5.3 million on March 25 for 345,963 shares of Mack-Cali, at an average price of $ 15.52 each. This transaction follows purchases of $ 6.4 million by Bow Streets on March 4 and 5 of a total of 442,000 shares, an average price per share of $ 14.51.
Bow Street did not respond to a request for comment.
A year ago, Bow Street was calling for eviction Mack-Cali CEO Michael DeMarco and the investment firm was in a dispute over its representatives on the REIT board. On June 10, 2020, however, Mack-Cali agreed to increase the size of its board of directors to 15 directors, from 11, and to seat Akiva Katz, co-founder and managing partner of Bow Street. At the end of July 2020, Mack-Cali announced Departure DeMarcos.
This month, after the market closed on March 19, Mack-Cali’s stock slipped after the REIT announced that its dividend stay suspended for the remainder of 2021. It last paid a quarterly dividend of 20 cents per share on July 24, 2020.
Apartment Investment Director Terry Considine paid $ 3.4 million from March 17 to 24 for a total of 600,000 shares, an average price per share of $ 5.72. Considine bought apartment investment shares through his retirement account. He now holds 6.3 million shares when including partnership units and stock options.
Considine is CEO of
(AIRC), an REIT focused on apartment communities.
Apartment Investment did not respond to a request to make Considine available for comment. Air Communities declined to make it available for comment.
Inside Scoop is a regular feature of Barrons covering stock transactions of corporate executives and board members, called insiders, as well as major shareholders, politicians and other important figures. Due to their insider status, these investors are required to disclose stock transactions to the Securities and Exchange Commission or other regulatory groups.
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