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REIT Replay: REIT prices, broader markets fall during week ended Oct. 12


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REIT Replay: REIT prices, broader markets fall during week ended Oct. 12

Share prices for real estate investment trusts continued to decline during the week ended Oct. 12, with the SNL U.S. REIT Equity index falling 3.03% over the week. The S&P 500 and Dow Jones Industrial Average also recorded drops in share prices, down 4.10% and 4.19%, respectively.

All SNL REIT property sector indexes recorded share price declines this past week. The hotel index recorded the largest drop, down 4.72%, while the self-storage and healthcare sectors logged the smallest declines, down 1.00% and 1.23%, respectively.

Multifamily-focused NexPoint Residential Trust Inc.'s share price bumped up 2.68% during the week — the largest increase of all U.S. equity REITs above a $200 million market cap. Single-tenant retail REITs American Finance Trust Inc. and Spirit MTA REIT followed, with share price increases of 2.40% and 1.95%, respectively.

New York REIT Inc.'s share price fell 21.47% the past week, the largest decline of any U.S. equity REIT. On Oct. 5, New York REIT announced a $3.25-per-share cash distribution in conjunction with its planned liquidation. Following its cash liquidating distribution, the office landlord plans to withdraw its shares from the New York Stock Exchange, with its final trading day scheduled for Nov. 2.

Seritage Growth Properties was also among the bottom REIT performers this past week. Share price for the retail REIT fell 11.09% leading up to Sears Holdings Corp.'s bankruptcy filing Oct. 15. As of June 30, 71.9% of Seritage's total gross leasable area was leased to Sears, totaling 43.1% of the REIT's annualized base rent.

Cannabis-oriented Innovative Industrial Properties Inc. was the most actively traded REIT stock for the week, with an average daily volume of about 4.3% of the firm's total common shares outstanding. For the week, Innovative Industrial Properties' share price was up 0.05%.

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