REIT Replay: REIT stocks underperform broader market during week ended March 21

Share prices for US equity real estate investment trusts dipped during the week ended March 21, underperforming the broader stock market.

The Dow Jones Equity All REIT index closed the recent week down a slight 0.20%, compared to a 0.51% increase for the S&P 500 and a 1.20% gain for the Dow Jones Industrial Average.

Looking at the Dow Jones US real estate property sector indexes, the industrial REIT index closed the week down 2.94%, the largest decline of the group. The hotel and self-storage REIT indexes followed next with drops of 1.40% and 0.86%, respectively. On the other hand, the office and apartment REIT indexes both closed the week in the black with gains of 0.83% and 0.33%, respectively.

Cannabis-oriented Innovative Industrial Properties Inc. had the largest share-price decline of all US REITs with at least $200 million in market capitalization, down 8.63%. Diversified REIT FrontView REIT Inc. and healthcare REIT Diversified Healthcare Trust followed next with declines of 7.40% and 7.20%, respectively.

Hotel REIT Service Properties Trust logged the largest share-price increase this past week, up 14.23%. Peakstone Realty Trust, which owns a mix of office and industrial properties, ranked second with an increase of 6.46%, followed by office REIT Hudson Pacific Properties Inc., up 6.18%.