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Summary
- The Dow Jones Equity All REIT rose by 2.14%, while the market-wide Dow Jones Industrial Average index saw intraday gains of 0.66% on November 3, 2023.
- Hannon Armstrong, an energy sector REIT, surged by 27.55% over the week ending on November 3, 2023.
- OUTFRONT Media Inc., an advertising space REIT, rose by 23.08% over the week ending on November 3, 2023.
REIT stocks were some of the top performers on the US charts on Friday. REIT funds are investment vehicles that allow individuals to invest in a diversified portfolio of real estate properties and receive regular income through dividends, making real estate accessible to a broader range of investors.
The broad market index, the Dow Jones Equity All REIT, rose by 2.14% on Friday, November 3, 2023. Over the past week, the stock was 8.7% higher at Friday’s close. Meanwhile, the market-wide Dow Jones Industrial Average index saw intraday gains of 0.66% at Friday’s close.
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With that, here are two REIT stocks that exceeded the market-wide performance on Friday:
Hannon Armstrong Sustainable Infrastructure Capital Inc. (NYSE:HASI)
Hannon Armstrong Sustainable Infrastructure Capital Inc offers financial support to the energy sector within the United States, concentrating its investments on two categories of projects: those related to energy efficiency and those related to renewable energy.
For September 2023, HASI reported QTD GAAP diluted EPS of US$0.20. The company achieved QTD Distributable EPS of US$0.62, an improvement from US$0.49 in the previous year. HASI expanded the portfolio by 11% in the quarter, reaching a total of US$5.5 billion. Managed assets increased by 22% year over year, totaling US$11.5 billion.
The GAAP-based Net Investment Income rose 50% year-over-year to US$17.0 million in Q3 2023 and a Distributable Net Investment Income rose 35% year-over-year to US$58.8 million in the current quarter.
HASI Price Chart; Powered By: TradingView
Based on Friday’s closing price of US$ 21.78, HASI saw intraday gains of 15.74%. Meanwhile, on a YTD basis, HASI was lower by 26.29%. The stock surged by 27.55% over the past week. The P/E ratio is 51.72x and the dividend yield is 7.26%.
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OUTFRONT Media Inc. (NYSE:OUT)
Outfront Media Inc is a real estate investment trust specializing in the ownership of advertising space across its billboard and transit display portfolio. The company's primary income source is leasing its properties and structures to other businesses for short-term advertising contracts.
In Q3 2023, total reported revenues reached US$ 454.8 million, marking a modest increase of US$ 1.1 million compared to the same period in the prior year. Organic revenues, which amounted to US$ 454.8 million, exhibited a slightly larger increase of US$ 1.7 million.
Billboard revenues increased by US$ 8.6 million (2.4%), primarily driven by higher average revenue per display (yield) and the impact of new billboards and those lost during the period, including acquisitions.
OUT Price Chart; Powered By: TradingView
Based on Friday’s closing price of US$ 12, OUT was 11.42% higher on an intraday basis. The weekly gains amounted to 23.08% for OUT. Meanwhile, the stock was 28% lower on a YTD basis. The dividend yield, based on Friday’s closing price, stands at 10%.
