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.
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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.