Share repurchase activity by US equity real estate investment trusts continued to slow in the second quarter, with only $553.9 million worth of common stock repurchased, according to an analysis by S&P Global Market Intelligence.
The quarterly total represented a 64.3% decline year over year and was down 34.6% from the prior quarter.
The analysis included US equity REITs that currently trade on the Nasdaq, NYSE or NYSE American.
JBG Smith repurchases most common shares
Diversified REIT JBG Smith Properties repurchased the most common stock of any US REIT in the quarter, buying back more than 9.3 million shares for roughly $135.5 million, or approximately 8.1% of the REIT's total common shares outstanding.
Office REITs repurchased an aggregate $126.2 million worth of common stock in the recent quarter. Douglas Emmett Inc. accounted for the majority of the office REIT total, repurchasing 7,636,763 common shares for approximately $92.6 million in the quarter, or roughly 4.4% of its total common shares outstanding. Vornado Realty Trust also bought back $23.2 million worth of common stock, while Empire State Realty Trust Inc. followed next with $7.4 million worth of shares repurchased.
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The hotel sector followed next, with $120.5 million worth of common shares repurchased. Within the hotel sector, Pebblebrook Hotel Trust repurchased nearly 3.6 million shares totaling roughly $50 million. Xenia Hotels & Resorts Inc. also repurchased $31.9 million worth of common stock during the quarter, while RLJ Lodging Trust bought back $30.1 million worth.
Farmland REIT Farmland Partners Inc. also repurchased over 4.1 million shares during the quarter, or approximately 7.8% of its shares outstanding, while timber REIT Weyerhaeuser Co. repurchased $50 million worth of stock.
10 REITs announce new share repurchase programs or expansions to existing programs
Ten different REITs announced either new share repurchase programs during the second quarter or expansions to existing share repurchase plans.
Healthcare Realty Trust Inc. announced the largest new share repurchase program, authorizing the repurchase of up to $500 million of the REIT's Class A common stock.
JBG Smith Properties also extended the capacity of its existing share repurchase program by another $500 million to a maximum capacity size of $1.5 billion.
RLJ Lodging Trust's board approved its new share repurchase program on April 28, allowing the REIT to acquire up to an aggregate of $250 million of common and preferred shares.
Other REITs with notable share repurchase program announcements included office REITs Vornado Realty Trust and Equity Commonwealth as well as outlet center REIT Tanger Factory Outlet Centers Inc.
