Real estate stocks ended marginally lower in a week that saw the benchmark S&P 500 log significant gains, amid weaker-than-expected earnings releases. The S&P 500 Real Estate Index Sector (SP500-60) was down 0.14% from the prior week to 258.85, while the accompanying Real Estate Select Sector SPDR Fund ETF (NYSEARCA:) declined 0.10% to 41.25. Dow Jones REIT Indx Equity REIT Total Return Index (NASDAQ:) fell 0.09% to 2,606.72, while FTSE Nareit All Equity REITs closed 0.10% lower at 752.81. Technology-related REIT stocks saw a jitter as U.S. President Donald Trump's trade barriers announced on 'Liberation Day' finally this week. Funds worth $16.66M flew out of the XLRE on Tuesday and $2.09M on Wednesday. However, the ETF saw inflows worth $89.05M on Thursday as traders weighed a weak bond sale, data from Vettafi. Meanwhile, the sector turned in weaker-than-expected quarterly earnings this week: Notable estimate misses include: (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), (), ()\n\n**Notable Company News**\n* Realty Income () stronger-than-expected Q2 revenue, and delivered in-line adjusted FFO per share, as the quarter underscored increased investment.\n* Four Corners Property Trust () a Mavis Tire property in Mississippi for $2.6 million.\n* Extra Space Storage () $800 million of 4.950% senior notes due January 15, 2033. The notes were priced at 99.739% of face value.\n* Healthpeak Properties () a public offering of $500 million aggregate principal amount of 4.750% senior unsecured notes due 2033.\n* Kilroy Realty () an underwritten public offering of $400 million aggregate principal amount of 5.875% senior notes due 2035. The notes are being offered at a price equal to 98.991% of the principal amount, plus accrued interest, if any, with a yield to maturity of 6.006%.\n* Global Net Lease () on the $1.8 billion refinancing of its revolving credit facility, extending the maturity date and reducing its interest spread.\n* Crown Castle () Christian Hillabrant as president and CEO, effective September 15.\n* Piper Sandler the multi-family residential REITs AvalonBay Communities () and Essex Property Trust () on weaker industry earnings.\n* EPR Properties () was at RBC Capital Markets on the back of likely narrow investment spreads and the unlikelihood of a noticeable uptick in earnings run-rate.\n* Elme Communities () the conclusion of its strategic alternatives review and a plan of voluntary liquidation.\n* The Ensign Group () has eight skilled and assisted living facilities in California.\n\n**Winners & Losers**\nAmong the S&P 500 real estate stocks, Iron Mountain () stood out as the biggest loser of the week. The data center and document storage services provider record quarterly revenue on Wednesday and lifted 2025 AFFO guidance. While operational earnings excelled, the impact of foreign exchange rates on intercompany balances led to a bottom line loss for the quarter. The stock closed the day 5.77% lower at $90.04, and the week 4.22% down at $90.16. SBA Communications () closed the week 3.38% down at $220.85 despite the telecom tower REIT a top- and bottom-line beat Tuesday after the closing bell. SBAC lower earnings year-over-year, but lifted the full-year revenue and AFFO per share outlook. American Tower () (-2.64% W/W) and Alexandria Real Estate Equities () (-2.37% W/W) were the next major weekly losers. Among the S&P 500 REIT subsectors, Office REITs and Specialized REITs were the top weekly losers. Meanwhile, Retail REITs and Health Care REITs were the biggest gainers. Simon Property Group () closed the week 2.65% higher at $164.93 as the shopping mall REIT stronger-than-expected Q2 earnings and raised guidance, quarterly dividend by 4.9% year-over-year to $2.15, and the promotion of Eli Simon to COO post. Second-biggest winner, Regency Centers () (+2.04% W/W) $0.705/share quarterly dividend, in line with previous. Meanwhile, Generation Income Properties () was the top loser among the other real estate stocks. GIPR declined 41.03% on a weekly basis to close at $0.84. Uniti Group () (-22.03% W/W) and Service Properties Trust () (-11.97% W/W) followed. Uniti weak 2025 adjusted EBITDA guidance following Q2 earnings and revenue that fell short of Wall Street expectations. Service Properties Trust mixed earnings results. Here is a look at the subsector performances for the week:

Real estate stocks decline marginally as financial results lag expectations

Real estate stocks saw minor declines in a week marked by weaker-than-expected earnings, despite the broader S&P 500 posting significant gains. The S&P 500 Real Estate Index and related ETFs declined slightly, with technology-related REITs experiencing volatility due to U.S. trade policy announcements. Notable company updates included Realty Income reporting stronger-than-expected revenue, Four Corners Property Trust acquiring a property in Mississippi, and several REITs issuing senior notes. Key performance highlights included Iron Mountain's significant weekly drop due to foreign exchange impacts, while Simon Property Group and Regency Centers outperformed with strong earnings and dividend increases. Elme Communities announced a voluntary liquidation plan, and other REITs like Global Net Lease and Kilroy Realty completed refinancing or note offerings. Office and Specialized REITs were the top weekly losers, while Retail and Health Care REITs led gains.