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REIT Replay: REITs, broader market close down in week ended May 31


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REIT Replay: REITs, broader market close down in week ended May 31

The broader market and U.S. real estate investment trusts closed in the red for the week ended May 31. The Dow Jones Industrial Average and S&P 500 ended the week down 3.01% and 2.62%, respectively, while the MSCI U.S. REIT (RMZ) index and the SNL U.S. REIT Equity index finished down 1.84% and 1.23%, respectively.

IStar Inc. saw its share price rise the most for the second week running, logging a 14.81% increase. Office REIT CIM Commercial Trust and SBA Communications Corp. finished with the second- and third-highest rise in per-share prices at 6.33% and 3.67%, respectively.

At the opposite end of the spectrum, Braemar Hotels & Resorts Inc. ended the week as the worst-performing stock, losing 13.43% in value. Regional mall REIT Washington Prime Group Inc. followed with an 11.64% share-price drop.

The SNL U.S. Self-Storage REIT index finished the week up 0.34%, the only positive return out of all the major property indexes. The hotel and retail sectors were the worst-performing indexes, losing 5.17% and 3.44% in value.

Brookfield Property REIT Inc. was the most actively traded REIT stock for the week, with an average daily volume equal to about 5.3% of its outstanding common stock. Cannabis-oriented Innovative Industrial Properties Inc. followed, with an average daily trading volume of about 3.2%.

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