Investors anticipating a further recovery in commercial real estate prices amid ultra-low interest rates have bid up shares of real estate investment trusts in the sector this year. Which ones have logged the biggest gains? Here are the top 10 among commercial REITs with market capitalizations above $500 million, according to data from Bloomberg Rankings.
Pennsylvania Real Estate Investment Trust
Investors anticipating a further recovery in commercial real estate prices amid ultra-low interest rates have bid up shares of real estate investment trusts in the sector this year. Which ones have logged the biggest gains? Here are the top 10 among commercial REITs with market capitalizations above $500 million, according to data from Bloomberg Rankings.
Pennsylvania Real Estate Investment Trust

Top-Performing Commercial REITs

Biggest Returns So Far in 2010
Biggest Returns So Far in 2010
Investors anticipating a further recovery in commercial real estate prices amid ultra-low interest rates have bid up shares of real estate investment trusts in the sector this year. Which ones have logged the biggest gains? Here are the top 10 among commercial REITs with market capitalizations above $500 million, according to data from Bloomberg Rankings.
Pennsylvania Real Estate Investment Trust
1. Glimcher Realty Trust
1. Glimcher Realty Trust
Glimcher (GRT) owns, leases, manages, acquires, and develops enclosed regional malls, shopping centers, and single-tenant retail properties in the U.S.

Total return year-to-date (through Oct. 29): 192.4 percent
Total return 2009: 15.1 percent
Dividend yield: 5.2 percent
Market cap: $622.1 million
Glimcher Realty Trust
2. Strategic Hotels & Resorts
2. Strategic Hotels & Resorts
Strategic Hotels (BEE) owns and asset-manages luxury hotels in North America and Europe.

Total return year-to-date (through Oct. 29): 145.2 percent
Total return 2009: 10.7 percent
Dividend yield: 0.0 percent
Market cap: $694.4 million

Strategic Hotels & Resorts, Inc.
3. Ashford Hospitality Trust
3. Ashford Hospitality Trust
Ashford (AHT) owns several hotel properties in primary, secondary, and resort markets throughout the U.S.

Total return year-to-date (through Oct. 29): 118.8 percent
Total return 2009: 303.5 percent
Dividend yield: 0.0 percent
Market cap: $518.9 million
One Ocean Resort
4. Hersha Hospitality Trust
4. Hersha Hospitality Trust
Hersha (HT) operates upscale and midscale limited-service and extended-stay hotels in states throughout the northeastern U.S.

Total return year-to-date (through Oct. 29): 100.1 percent
Total return 2009: 20.6 percent
Dividend yield: 3.3 percent
Market cap: $1,026.6 million
Hersha Hospitality Trust
5. Pennsylvania Real Estate Investment Trust
5. Pennsylvania Real Estate Investment Trust
This REIT (PEI) owns shopping malls, strip and power centers, and industrial properties in the Mid-Atlantic and southeastern U.S.

Total return year-to-date (through Oct. 29): 75.6 percent
Total return 2009: 30.7 percent
Dividend yield: 4.2 percent
Market cap: $782.2 million
Pennsylvania Real Estate Investment Trust
6. FelCor Lodging Trust
6. FelCor Lodging Trust
FelCor (FCH) owns interests in upscale and full-service hotels throughout the U.S. and Canada.

Total return year-to-date (through Oct. 29): 70.8 percent
Total return 2009: 95.6 percent
Dividend yield: 0.0 percent
Market cap: $582.3 million
FelCor Lodging Trust
7. CBL & Associates Properties
7. CBL & Associates Properties
CBL (CBL) owns regional shopping malls and community shopping centers in the U.S.

Total return year-to-date (through Oct. 29): 69.6 percent
Total return 2009: 74.3 percent
Dividend yield: 4.9 percent
Market cap: $2,172.3 million
CBL & Associates Properties Inc.
8. Colonial Properties Trust
8. Colonial Properties Trust
Colonial (CLP) develops, owns, and operates retail, multifamily, and office properties in the southeastern U.S.

Total return year-to-date (through Oct. 29): 57.9 percent
Total return 2009: 54.8 percent
Dividend yield: 3.3 percent
Market cap: $1,382.6 million
Colonial Properties Trust
9. Dundee Real Estate Investment Trust
9. Dundee Real Estate Investment Trust
Toronto-listed Dundee (D-U:CN) is an unincorporated, open-ended real estate investment trust that acquires and manages office and industrial properties throughout Canada.

Total return year-to-date (through Oct. 29): 51.1 percent
Total return 2009: 89.3 percent
Dividend yield: 7.4 percent
Market cap: $1,310.1 million
Altus Group Limited
10. General Growth Properties
10. General Growth Properties
General Growth (GGP) owns, operates, leases, acquires, and expands enclosed regional shopping-mall centers throughout the U.S. The REIT, with its operating partnership, also has unconsolidated equity interests in other regional mall companies.

Total return year-to-date (through Oct. 29): 45.3 percent
Total return 2009: 813.3 percent
Dividend yield: 0.1 percent
Market cap: $5,316.3 million
General Growth Properties