XLRE - REITs fall this week even though major indices gain

2023-04-15 12:00:00 ET

REITs fell this week amid rate hike worries , even though major indices gained on the back of stronger - than - expected quarterly results by big banks.

FTSE Nareit All Equity REITs index declined by 1.06% from last week, while S&P 500 gained by 0.98%.

Meanwhile, the broader real estate index declined by 0.68%.

Self storage and office subsectors were major laggards of the week.

New York City's premier office REITs have especially seen stock prices decrease by about 50% over the last 12 months, notably SL Green Realty ( SLG ), Boston Properties ( BXP ), etc.

On the other side, residential, hotel, specialty, healthcare and timber REITs saw an increase in value from last week.

As the stocks enter the quarterly earnings season, the values could go up in the coming weeks.

9 U.S. REITs announced dividend hikes in the month of March, with the largest hike announced by the multi-family residential REIT UDR ( UDR ), data from S&P Global Market Intelligence showed .

Healthcare-focused Strawberry Fields REIT ( STRW ) announced the second-largest hike in dividend distribution, the data showed.

More REITs are expected to announce dividend hikes this earnings season.

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