Real estate stocks continued their winning streak, outperforming broader markets to close the week on a positive note.
The S&P 500 Real Estate Index Sector (SP500-60) increased 1.31% to close at 287.01 points, while the accompanying State Street Real Estate SelectSector SPDR ETF (XLRE
The Dow Jones REIT Indx Equity REIT Total Return Index (REIT:IND) rose 1.88%, while the FTSE Nareit All Equity REITs index advanced 1.74%.
Kimco Realty (KIM) led the largecap gainers, adding 6.93% W/W to $25.91.
The stock hit a 52-week high this week after pricing an upsized $525M 3.50% exchangeable senior notes offering. The notes saw strong investor demand, prompting Stifel Nicolaus to raise the price target to $28.
BXP (BXP) (+6.34% W/W to $66.28), Public Storage (PSA) (+5.25% W/W to $325.94), and KE Holdings (BEKE) (+5.04% W/W to $16.89) followed in the list.
Evercore ISI raised its price target on Public Storage to $317 from $306 to reflect recent sector data and valuation roll-forwards.
American Tower (AMT) (-3.58% W/W to $192.50) and CoStar Group (CSGP) (-3.10% W/W to $32.84) led the losers.
CSGP dipped as Google (GOOG) (GOOGL) said it is rolling out an enhanced version of Local Services Ads for Home Listings with real estate listings across all 50 states, linking homebuyers with realtors in one platform. The expansion of Google’s move into the real estate market is weighing on shares of competitors.
Among midcap stocks, Fermi (FRMI) led the gainers, rising 23.53% week-over-week to $7.14. FRMI shares jumped after talk surfaced over OpenAI’s AI infrastructure plans and drew traders to data-center builders with ready power.
Compass (COMP) (+11.41% W/W to $8.59) was the second biggest gainer.
CareTrust REIT (CTRE) was the top loser, retreating 2.95% week-over-week to $36.85.
Chatham Lodging Trust (CLDT) (+12.41% W/W to $12.86), Transcontinental Realty Investors (TCI) (+12.05% W/W to $41.47), Hudson Pacific Properties (HPP) (+11.28% W/W to $15.29), Hotel101 Global Holdings (HBNB) (-7.51% W/W to $5.24), and Apartment Investment and Management Company (AIV) (-4.95% W/W to $2.88) were the smallcap movers.
Here is a look at the subsector performances for the week:
