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Msg  15894 of 16009  at  6/3/2023 11:29:12 AM  by

jerrykrause


Share repurchase activity by US REITs slows in Q1

from SNL Real Estate Daily
 

Share repurchase activity by US REITs slows in Q1

 
 
Byline: Chris Hudgins
 
 

Stock buyback activity by US equity real estate investment trusts slowed in the first quarter, with $818.4 million worth of common shares repurchased, according to an analysis by S&P Global Market Intelligence.

The figure marked a 6.8% decline from the prior quarter and a 46.5% drop year over year.

The analysis included US equity REITs that trade on the Nasdaq, NYSE or NYSE American.

Hotel REITs repurchase the most shares

Hotel REITs repurchased $307.7 million worth of common shares in the quarter, about 37.6% of the first-quarter total.

Park Hotels & Resorts Inc. bought back $106.8 million worth of common stock, the most of any US REIT. Other hotel REITs with large common share repurchases in the quarter included Host Hotels & Resorts Inc. and Pebblebrook Hotel Trust at $49.9 million and $42.7 million, respectively.

Meanwhile, Braemar Hotels & Resorts Inc. repurchased 4 million shares of common stock during the quarter, about 5.7% of its shares outstanding, the highest percentage of any REIT.

Download the Excel file with individual company repurchases.. Set email alerts for future Data Dispatch articles. Read some of the day's top real estate news and insights from S&P Global Market Intelligence.

The multifamily sector placed second at $128.4 million worth of buybacks during the quarter, followed by the shopping center and self-storage sectors at $82.8 million and $73.1 million, respectively.

Other noteworthy share repurchasers in the quarter included multifamily REIT Essex Property Trust Inc., which bought back $95.7 million worth of common stock in the quarter.

Self-storage REIT National Storage Affiliates Trust repurchased $69.2 million worth of common stock during the quarter, while timber-focused Weyerhaeuser Co. bought back $34.9 million.

New share repurchase programs in Q1

Eight REITs announced new share repurchase programs in the first quarter.

Park Hotels & Resorts announced the largest new program of the quarter, allowing for the repurchase of up to $300 million worth of common stock over the two-year period ending Feb. 21, 2025.

On Feb. 8, shopping center REIT Regency Centers Corp.'s board authorized its new common share repurchase program, setting a maximum of $250 million.

Healthcare REIT National Health Investors Inc.'s board also authorized a new share repurchase program during the quarter, allowing up to $160 million worth of common stock to be repurchased.

Broadstone Net Lease Inc. and Pebblebrook Hotel Trust both announced new $150 million share repurchase plans. Other REITs with new share repurchase plans announced during the quarter included Gladstone Commercial Corp., UMH Properties Inc. and CTO Realty Growth Inc.

 


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