It was a bumpy week for REITs beginning with massive losses on Monday that effectively erased last week’s big gains.  Solvency concerns wiped out roughly a third of Denver-based Prologis and First Industrial Realty Trust’s value.  But REITs bounced back on Tuesday including ProLogis which jumped 26% on the news it secured over a hundred million in financing that it will use to refinance its debt and cut costs.  ProLogis and First Industrial Realty Trust both ended the week with huge gains on Friday up 35% and 21% respectively. While Friday’s surge pushed ProLogis up 27% compared to last Friday’s close, First Industrial slipped 9% on the week.  The REIT ETF, RWR, gained 11% on Friday, enough of a jump to post a 2% gain over last Friday’s close.

Still, the balance of the news this week was negative:

Despite a tough environment in which many investors are retrenching and cutting costs, others are announcing deals including KBS, AMB Property Corp., Washington Real Estate Investment Trust, Canada’s Skyline Apartment REIT, and Malaysia’s Axis REIT.

The REIT Industry also got a boost in the Philippines where the government passed a bill that will permit REITS being listed on the Philippine Stock Exchange.

Going forward, all eyes will be looking at who will have to cut their dividends and analysts are making a few projections, including forecasting cuts at Anthracite Capital Inc. and NorthStar Realty Finance Corp.

Reits