Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

ETF express.png

The REIT ETFs (VNQ and IYR) ended the day higher by nearly 1%, led by strength in the data center and single family rental sectors. Homebuilder ETFs (XHB and ITB) finished flat, while homebuilding products and materials companies ended the day higher. The Hoya Capital Housing Index finished higher by roughly 0.5%.

The S&P 500 and Nasdaq ended the day down roughly 1% as energy prices dipped. Interest rates remained steady across the yield curve with the 10-Year yield ended lower by 1 basis point. Earnings season ramps up this week with results from Equity Lifestyle, Boston Properties, Equity Residential, AO Smith, Eagle Materials, and Pulte Group all released over the next two days.

  • Alex Pettee, CFA

Read the full report on Seeking Alpha!

  • Earnings season kicks off this week in the real estate sector. More than 100 REITs, 10 homebuilders, and 50 housing-related companies will report fourth-quarter earnings over the next six weeks.

  • Real estate equities have led the broader equity over the last quarter amid the retreat in interest rates and inflation expectations. The “Rates Down, REITs Up” mantra continued throughout 2018.

  • For REITs, investors will be hoping that the positive momentum of 2018 continued in 4Q18. A trend of the past two years, 2019 guidance is likely to be very conservative.

  • After the dismal end to 2018 for single family housing data, homebuilders earnings will be a key focus of not just real estate investors, but of all global market participants.

  • Given the sensitivity of single family ownership demand to mortgage rates, and the wide range of expectations on rates, earnings commentary and guidance will likely be all across the board.

  • Alex Pettee, CFA

Read the full article on Seeking Alpha

  • Amid a volatile backdrop of political and trade uncertainty, US markets have seemingly calmed over the last several weeks. The S&P 500 barely missed notching a fifth consecutive positive week

  • The longest US government shutdown in history came to a temporary halt on Friday as the negotiations continue. The S&P 500 rose more than 10% during the 35-day shutdown.

  • REIT earnings season got off to a solid start this week. Industrial REIT Prologis hasn’t seen “any softness” in demand for their distribution centers. REITs rallied for the third week.

  • The second and third largest homebuilders, D.R. Horton and NVR, both reported in line results. Order growth slowed considerably in late 2018, but homebuilders have managed to climb 8% this year.

  • Existing home sales data was below expectations this week as sales slowed in December to the weakest rate since 2015. Single family markets are increasingly sensitive to mortgage rates.

  • Facebook Social Icon
  • Twitter Social Icon
  • LinkedIn Social Icon

Hoya Capital Real Estate, LLC

(833) HOYA-CAP

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. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

Privacy Policy 

 Client Relationship Summary 

Hoya Capital's ADV Part 2

Important Disclosures, Definitions, & List of Holdings 


The Easy Way To Invest In Real Estate