US REIT share repurchase activity starts to ramp up in Q3 2023

Share repurchase activity by US equity real estate investment trusts ramped up in the third quarter of 2023, with nearly $1.02 billion worth of common stock repurchased, according to an analysis by S&P Global Market Intelligence.

The quarterly total represented an 83.6% increase over the quarter prior and was up 17.5% year over year.

The analysis included US equity REITs that currently trade on the Nasdaq, NYSE or NYSE American.

National Storage Affiliates, JBG Smith repurchased the most common stock in Q3

By dollar value, self-storage REIT National Storage Affiliates Trust repurchased the most common stock during the third quarter, buying back almost 6.4 million shares for about $213.2 million, or approximately 7.1% of the REIT's total common shares outstanding.

Diversified REIT JBG Smith Properties also repurchased more than 7.9 million common shares for $120.7 million, approximately 7.5% of the REIT's total common shares outstanding.

Regional mall REIT Simon Property Group Inc. and hotel REIT Host Hotels & Resorts Inc. also repurchased more than $100 million worth of common stock during the recent quarter.

– Download the Excel file with individual company repurchases. – Set email alerts for future Data Dispatch articles. – Read some of the day's top real estate news and insights from S&P Global Market Intelligence.

Hotel REITs repurchased an aggregate $229.5 million worth of common stock during the quarter, the most of any property sector. In addition to Host Hotels, Park Hotels & Resorts Inc. repurchased almost $74.9 million worth of common stock, while Xenia Hotels & Resorts Inc. repurchased more than $25 million worth of common stock.

Other hotel REITs that repurchased shares during the quarter included RLJ Lodging Trust, Sunstone Hotel Investors Inc., Service Properties Trust, Apple Hospitality REIT Inc. and Summit Hotel Properties Inc.

3 REITs announce new share repurchase programs or extensions to existing programs

Three REITs announced either new common share repurchase programs during the third quarter or expansions to existing share repurchase plans.

Regional mall REIT CBL & Associates Properties Inc. announced the largest new repurchase program of the quarter. On Aug. 10, the REIT's board of directors authorized the repurchase of up to $25 million of its common stock through Aug. 10, 2024. The REIT repurchased 42,880 common shares during the third quarter at a weighted-average price of approximately $21.36 per share.

Single tenant retail REIT Alpine Income Property Trust Inc. also announced a $15 million share repurchase plan in July. This marks the second repurchase plan announced by the REIT year to date, replacing its $5 million repurchase plan authorized in May. During the third quarter, Alpine Income Property Trust repurchased 280,332 shares of its common stock for a total cost of $4.7 million, or an average price per share of $16.78.

Multifamily REIT BRT Apartments Corp. announced Aug. 15 that its board of directors authorized a $6.75 million extension to its share repurchase program, allowing the REIT to repurchase up to $10 million worth of common shares by Dec. 31, 2025. During the recent quarter, the REIT repurchased 264,165 shares for nearly $5.0 million in total.