REITs concluded the week with gains, benefiting from positive macro factors that also propelled other major indices.
The FTSE Nareit All Equity REITs index experienced a 1.63% increase compared to the previous week, while the Dow Jones Equity All REIT Total Return Index saw a 1.68% gain.
In comparison, the S&P500 rose by 2.50%.
The Real Estate Select Sector SPDR ETF experienced a 1.51% increase, and mortgage REITs surged by 4.80% on a weekly basis.
These gains coincide with a report indicating a decline in initial jobless claims and a stabilization of mortgage rates after recent highs.
Office REITs emerged as the top performers of the week, with a significant 4.77% increase. Stocks with high short interest, such as SL Green Realty (SLG), Vornado Realty Trust (VNO), and Hudson Pacific Properties (HPP), demonstrated particularly strong movements.
Hotel REITs secured the second spot, gaining 4.23% compared to last week.
Timber REITs were the least impressive performers, with a mere 0.05% increase.
Let’s take a closer look at the performance of each subsector: