Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

Apartment REITs
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Data Center REITs
Mall REITs
Net Lease REITs
  • Alex Pettee, CFA

Daily Recap

  • U.S. equity markets finished mostly lower Thursday after better-than-expected Initial Jobless Claims data has also thrown a political curveball into the now-stalled negotiations for the next round of fiscal stimulus.

  • Still higher by 0.7% for the week, the S&P 500 finished lower by 0.2% today while the Dow Jones Industrial Average dipped 80 points following yesterday's 290 point-rally.

  • Pushing their declines to roughly 2% on the week, the Equity REIT ETF (VNQ) finished lower by 1.2% today with all 18 property sectors finishing in negative territory.

  • Initial Jobless Claims declined to 0.96 million last week, which was the lowest level since the onset of economic lockdowns in March. Continuing Jobless Claims, meanwhile, declined to 15.48 and have retreated by 9.4 million since their peak in May.

  • The Citi Economic Surprise Index has remained near record-highs while FactSet's Earnings Insight shows that 83% of S&P 500 companies reported a positive EPS surprise, which is the highest "beat percentage" ever.

To read the full report, click here to visit Seeking Alpha!

Daily Recap

  • U.S. equity markets rebounded Wednesday - gaining for the seventh day in the past eight as encouraging data on the coronavirus pandemic has continued to counteract concerns from the stimulus-stalemate.

  • Finishing just shy of all-time record highs, the S&P 500 finished higher by 1.4% today while the Dow Jones Industrial Average jumped 290 points following yesterday's 104 point-decline.

  • After declining 1.4% yesterday, the Equity REIT ETF (VNQ) finished higher by 1.1% today with 15 of 18 property sectors finishing in positive territory while mortgage REITs declined 0.8%.

  • After flirting with deflationary territory amid the depths of the pandemic, inflation metrics sprung back to life in July. Core inflation recorded the largest month-over-month rise since 1991.

  • Housing Stays Hot: Mortgage applications to purchase a home rose again last week is now higher by 22% from the same time last year as the housing sector continues to lead the post-pandemic recovery.

To read the full report, click here to visit Seeking Alpha!

  • Alex Pettee, CFA

Daily Recap

  • U.S. equity markets snapped a seven-day winning streak amid a continued stimulus stalemate as the focus swings to Presidential politics after presumptive Democratic nominee Joe Biden selected his running mate.

  • Following gains of 0.3% yesterday, the S&P 500 finished lower by 0.8% while the Dow Jones Industrial Average dipped 104 points following yesterday's 360 point-rally.

  • After gaining 0.2% last week, the Equity REIT ETF (VNQ) finished lower by 1.4% today with 11 of 18 property sectors in negative territory as earnings season wrapped-up this morning.

  • Mall REITs were among the leaders today after a flurry of earnings over the last 24 hours. Mall REITs reported improving rent collection metrics in the back-half of Q2.

  • Hotel REITs were in focus following reports from the Wall Street Journal that the "home-sharing" firm is close to filing for an IPO in August.

To read the full report, click here to visit Seeking Alpha!

Hotel REITs
Single Family Rental REITs
Mobile Home REITs
Healthcare REITs
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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. Nothing on this site is intended to be investment advice or an offer to buy or sell securities. The risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest rate changes and market recessions. No representation or warranty is made as to the efficacy of any particular strategy or fund, or the actual returns that may be achieved. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Data quoted represents past performance, which is no guarantee of future results. The views and opinions in the preceding commentary are as of the date of publication and are subject to change without notice. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital, and there is no guarantee that investors will experience the type of performance reflected. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any trend cited in this market commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice, is not intended to predict or depict performance of any investment and does not constitute a recommendation or an offer for a particular security. We consider the information in this presentation to be accurate, but we do not represent that it is complete. It should not be relied upon as investment advice or as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing.

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