Share prices for U.S. equity real estate investment trusts increased alongside the broader market during the week ended Dec. 20.
The SNL U.S. REIT Equity index finished the week up 2.44%, while the Dow Jones Industrial Average and S&P 500 rose 1.14% and 1.65%, respectively.
By property sector, the SNL U.S. REIT Hotel index recorded the largest increase in share prices, up 3.59%. The healthcare and self-storage indexes followed, up 3.25% and 2.94%, respectively. On the other hand, the multifamily index logged the only share-price decline for the past week, at 0.46%.
The best-performing companies were communications REIT Uniti Group Inc., up 12.94% during the week, and prison-focused GEO Group Inc., up 12.14%.
Mack-Cali Realty Corp., an office-focused REIT, had the third-largest increase at 10.25%, following a report that multifamily landlord UDR Inc. is considering partnering with Rizk Ventures CEO Thomas Rizk to place a bid for the New Jersey-headquartered REIT.
The largest decline among REITs during the week was for hotel REIT Braemar Hotels & Resorts Inc. with a 4.55% drop. Multifamily REIT NexPoint Residential Trust Inc. and cannabis-focused Innovative Industrial Properties Inc. posted the next-largest declines at 4.50% and 4.11%, respectively.