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REIT Replay: REIT stocks rise alongside broader market during week of March 15


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REIT Replay: REIT stocks rise alongside broader market during week of March 15

Share prices for U.S. equity real estate investment trusts increased in tandem with the broader market during the week ended March 15. The SNL U.S. REIT Equity index finished the week up 2.08%, while the S&P 500 increased 2.89% and the Dow Jones Industrial Average was up 1.57%.

All SNL REIT property sector indexes recorded weekly share-price gains. The industrial and healthcare sectors led the way, up 2.57% and 2.25%, respectively, while the hotel index was the sole property sector index to log a sub-1% increase.

Cannabis-oriented Innovative Industrial Properties Inc.'s share price rebounded this past week to reach an all-time high of $80.29 on March 15, after its large drop the week prior. On March 12, the company upped its quarterly dividend 29% to 45 cents per share. Innovative Industrial Properties was the top-performing REIT stock above $200 million market capitalization for the week.

Communications REIT Uniti Group Inc.'s share price increased 13.82% over the week, after being the bottom performer the week prior. On Feb. 19, Uniti Group's share price plummeted after Windstream Services LLC — the REIT's primary tenant — lost a court battle with a hedge fund regarding its REIT spinoff in 2015, and shortly after filed for bankruptcy protection.

Braemar Hotels & Resorts Inc. was the worst-performing stock of the week, down 7.32%. Shopping center-focused Saul Centers Inc. and prison REIT GEO Group Inc. followed in the second and third spots, down 6.17% and 4.96%, respectively.

Healthcare REIT Global Medical REIT Inc. was the most actively traded REIT stock for the week, with an average daily volume equal to about 6% of the REIT's total common shares outstanding. During the week, Global Medical REIT launched a common stock offering to help fund its portfolio acquisition of four inpatient rehabilitation properties from CNL Healthcare Properties Inc. affiliates, spanning 207,204 square feet. Global Medical REIT's share price finished the week down 4.31%.

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