U.S. equity real estate investment trusts outperformed the broader market indexes during the week ended Nov. 9, with the SNL U.S. REIT Equity index posting a weekly gain of 3.35% and the MSCI U.S. REIT (RMZ) index up 3.52%. Meanwhile, the S&P 500 logged a weekly bump in price of 2.13%, and the Dow Jones Industrial Average increased 2.84%.
All SNL REIT property sector indexes topped the S&P 500 during the week, with the healthcare and industrial sectors leading the way, up 5.3% and 4.4%, respectively.
European office-focused NorthStar Realty Europe Corp.'s share price soared 11.41% following the company's announcement that its board of directors is exploring strategic alternatives, including a sale of the company, in order to maximize shareholder value. The company also announced that it terminated its agreement with its external manager, an affiliate of Colony Capital Inc. For the week, NorthStar Realty Europe's share price was up 25%, the largest increase of all publicly traded U.S. equity REITs with a more than $200 million market cap.
Advertising REIT OUTFRONT Media Inc.'s share price rose 17.79% over the two trading days following the company's third-quarter earnings release, in which it reported a 7.1% year-over-year increase in funds from operations per share. For the week, OUTFRONT's share price was up 15.5%.
Single-family housing REIT Front Yard Residential Corp.'s share price fell 8.57% during the week following the company's third-quarter earnings release. Front Yard Residential reported core FFO of 5 cents per diluted share, just short of its S&P Global Market Intelligence consensus FFO-per-share estimate of 6 cents per share.
Two hotel REITs, CorePoint Lodging Inc. and Braemar Hotels & Resorts Inc., followed with share price declines of 7.17% and 4.75%, respectively, during the week.
Cannabis-oriented Innovative Industrial Properties Inc. was the most actively traded REIT stock during the week, with an average daily volume of 2.4% of the company's total shares outstanding. On Nov. 7, Innovative Industrial Properties reported adjusted FFO of 38 cents per diluted share for the third quarter, a more than 250% increase on an aggregate basis from the year-ago quarter. For the week, Innovative Industrial Properties' share price was up 8.85%.

