Share prices for U.S. equity real estate investment trusts rose during the week ended May 17, with the SNL U.S. REIT Equity index and the MSCI U.S. REIT (RMZ) index finishing the week up 1.17% and 1.15%, respectively.
The Dow Jones Industrial Average and the S&P 500 ended the week in negative territory, finishing down 0.69% and 0.76%, respectively.
Companies in the SNL U.S. REIT Healthcare index recorded the greatest week-on-week gains in share prices, closing up 2.97%, followed by the self-storage and multifamily indexes, which both ended the week up 1.36%. The hotel index was the only property sector to record a decline in share prices for the week, closing down 0.65%.
American Finance Trust Inc.'s shares finished the week up 11.79%, logging the biggest increase of any REIT stock for the week. In its latest earnings release, the retail REIT said it purchased 64 properties for $113.3 million in the first quarter.
Innovative Industrial Properties Inc. ended the week as the second-best-performing REIT, up 9.39%, and was also the most actively traded for the week, with an average daily volume of about 3.8% of its total outstanding share count.
Share prices for communications-focused REIT Uniti Group Inc. fell the most, down 11.87%, with regional mall REIT CBL & Associates Properties Inc. following, suffering a 6.87% drop in per-share prices.