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REIT Replay: REIT share prices, broader markets fall during week ended Sept. 7


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REIT Replay: REIT share prices, broader markets fall during week ended Sept. 7

Share prices for real estate investment trusts fell alongside the broader market for the week ended Sept. 7. The SNL U.S. REIT Equity index logged a decline of 1.25%, while the S&P 500 dropped 1.03% and the Dow Jones Industrial Average fell 0.19%.

While all SNL REIT property sector indexes experienced a drop in price during the past week, the hotel and multifamily sectors outperformed the S&P 500, dipping only 0.27% and 0.43%, respectively. Meanwhile, the self-storage and office sectors logged the largest declines in share prices, down 1.82% and 1.78%, respectively.

Three shopping center REITs — Cedar Realty Trust Inc., DDR Corp. and Kimco Realty Corp. — were among the top-performing REIT stocks for the week. Cedar recorded a share price increase of 3.58%, while shares for DDR and Kimco rose 2.29% and 2.10%, respectively.

Share prices for Lexington Realty Trust fell more than 5% during trading hours Sept. 4 following the company's disposition announcement of a 21-office-asset portfolio. In the same release, Lexington trimmed its full-year 2018 adjusted-funds-from-operations guidance to a range of 92 cents to 94 cents per share, down from previous guidance of 95 cents to 98 cents per share. For the full week, Lexington's share price was down 7.92%.

Brookfield Property REIT Inc., which began trading Aug. 28 following Brookfield Property Partners LP's buyout of GGP Inc., was the most-traded REIT stock during the week, with an average daily volume of more than 8.4 million shares. For the week, Brookfield Property REIT's share price was down 2.65%.

Pebblebrook Hotel Trust and LaSalle Hotel Properties were also among the most-traded REIT stocks for the week. On Sept. 6, LaSalle said it terminated its merger agreement with Blackstone Group LP and agreed to be acquired by Pebblebrook in a deal valued at approximately $5.2 billion. Share prices for Pebblebrook fell 3.34% during the week, while LaSalle's share price dropped 0.85%.

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