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REIT Replay: REIT prices, broader markets tick up during week ended Aug. 31


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REIT Replay: REIT prices, broader markets tick up during week ended Aug. 31

Real estate investment trust prices rose alongside the broad market indexes during the week ended Aug. 31. The SNL U.S. REIT Equity index ticked up 0.73% during the week, the S&P 500 gained 0.93% and the Dow Jones Industrial Average rose 0.68%.

Industrial REITs logged the largest uptick in prices last week, at 1.47%, while the self-storage index was the sole REIT sector index to log a decline in prices, down 0.38%.

Innovative Industrial Properties Inc., which leases industrial properties for medical-use cannabis facilities, was the top-performing REIT for the second consecutive week, up another 11.44%.

Hotel-focused Braemar Hotels & Resorts Inc. and farmland REIT Farmland Partners Inc. followed, up 5.00% and 4.28% for the week, respectively.

At the other end of the spectrum, single-tenant retail REIT American Finance Trust Inc. logged the largest decline in share price last week, down 5.91%. Single-family housing-focused Front Yard Residential Corp. and shopping center REIT DDR Corp. followed, with share price drops of 4.98% and 3.85%, respectively.

Hotel REIT Pebblebrook Hotel Trust was the second-most-traded REIT during the week. The company recently increased the cash component of its offer to acquire LaSalle Hotel Properties, and on Aug. 27, LaSalle's board of trustees unanimously determined that Pebblebrook's revised offer could reasonably be expected to lead to a superior proposal to the company's merger agreement with affiliates of Blackstone Group LP's Blackstone Real Estate Partners VIII. LaSalle shareholders are scheduled to vote on the deal with Blackstone on Sept. 6.

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