REITs outperformed broader markets this week, helped by macro factors and strong quarterly earnings.
The Federal Reserve kept its policy rate at 5.25%-5.50% for the second straight meeting and the third time this year, with a growing sentiment that the Federal Open Market Committee has ended, or should end, its rate-hiking campaign.
The FTSE Nareit All Equity REITs index increased by 8.70%, while the Dow Jones Equity All REIT Total Return Index gained by 8.74%.
Comparatively, S&P 500 was up 5.85% on a weekly basis.
The Real Estate Select Sector SPDR ETF rose by 8.53% and the FTSE NAREIT Mortgage REITs index by 13.00%.
Hotel REITs followed with an increase of 12.51%. Park Hotels & Resorts (PK), RLJ Lodging Trust (RLJ), Xenia Hotels & Resorts (XHR) and Host Hotels & Resorts (HST) were the notable movers in this subsector.