U.S. real estate investment trust indexes closed the week ended Jan. 10 mostly flat, with the SNL U.S. REIT Equity index inching up to 357.71 and the MSCI U.S. REIT (RMZ) index inching down to 1,269.88.
The broader markets were up during the week, with the S&P 500 increasing 0.94% and the Dow Jones Industrial Average up 0.66%.
By property sector, the SNL U.S. REIT Healthcare index recorded the largest increase in share prices, up 1.02%. The self-storage and multifamily indexes followed, up 0.75% and 0.17%, respectively. On the other hand, the hotel and office indexes logged the largest share-price declines for the past week, at 3.62% and 1.01%, respectively.
The best-performing companies were Tanger Factory Outlet Centers Inc., up 11.85% week over week, and cannabis-focused Innovative Industrial Properties Inc., up 6.91%.
Alexander & Baldwin Inc., a Hawaii-based REIT, rounded out the top three with an increase of 4.63%.
The largest decline among REITs during the week was for hotel REIT CorePoint Lodging Inc. with a 6.45% drop. Office REIT Franklin Street Properties Corp. and shopping center-focused SITE Centers Corp. posted the next largest declines at 6.44% and 6.39%, respectively.