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REIT Replay: US REIT prices fall for 3rd consecutive week

Share prices for U.S. real estate investment trusts fell during the week ended Oct. 5, marking the third consecutive week of declining REIT prices. The SNL U.S. REIT Equity index logged a 3.01% drop during the past week, while the S&P 500 fell 0.98% and the Dow Jones Industrial Average dipped 0.04%.

While all SNL REIT sector indexes logged share-price declines the past week, the hotel sector experienced the largest drop in share price, down 4.82%. The self-storage and multifamily sectors were among those with the smallest declines in share price, down 1.65% and 1.93%, respectively.

Office-focused CIM Commercial Trust's share price soared 17.03% during Oct. 5 trading after the company published a presentation describing a potential recapitalization designed to improve trading volume and liquidity of its common stock. For the week, CIM Commercial Trust's share price was up 21.21%, the largest increase among equity REITs with market caps above $200 million.

Share prices for farmland REIT Farmland Partners Inc. also experienced an uptick the past week, at 4.18%.

Cannabis-focused Innovative Industrial Properties Inc. logged an 11.71% decline in share price this past week, the most of any REIT, while office REIT Government Properties Income Trust and shopping center-focused Cedar Realty Trust Inc. followed, with share price drops of 10.63% and 10.52%, respectively.

Select Income REIT and Government Properties Income Trust were among the most actively traded REIT stocks during the week. On Oct. 2, Government Properties launched a public offering to dispose of its roughly 25 million common shares of Select Income stock, priced at $18.25 apiece. The two REITs recently agreed to a stock-for-stock merger, with Select Income shareholders receiving 1.04 shares of Government Properties stock for each share owned.

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