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Opening Glance: REITs drop on American Int'l Group losses

AP ONLINE

Posted: 2008-05-09 10:31:49

NEW YORK (AP) _ Shares of real estate investment trusts dropped early Friday as investors digested wider-than-expected losses at insurer American International Group Inc. and revenue news from Citigroup Inc.

Citigroup Inc. said it is aiming for 9 percent revenue growth as it looks to recover from financial hits following deterioration in the mortgage and credit markets. The financial-services company logged $13.22 billion in revenue during the first quarter.

How some REITs performed shortly after the market opened:

SL Green Realty Corp. rose 10 cents to $96.06.

Brookfield Properties Corp. fell 12 cents to $20.32.

Boston Properties Inc. dropped $1.16 to $98.42.

Kimco Realty Corp. shed 27 cents to $39.52.