Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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Summary

  • U.S. equity markets climbed to fresh record-highs Friday despite a disappointing employment report that provided evidence that pandemic-related unemployment benefits may be holding back the recovery.

  • Ending the week with gains of 1.2%, the S&P 500 finished higher by 0.7% today while the Mid-Cap 400 gained 1.1% and the Small-Cap 600 climbed 0.9%.

  • Real estate equities delivered a strong close to an otherwise negative week as the broad-based Equity REIT Index finished higher by 1.3% today with all 19 property sectors in positive-territory.

  • The U.S. economy added just 266k jobs in April, well below the estimates of around 1,000,000 which some economists suggest is linked to supplemental unemployment benefits which - in some cases - result in higher pay than the employment alternative.

  • American Homes (AMH) finished higher after the single-family rental REIT reported strong results and boosted full-year guidance. Mirroring the surge in suburban home values, AMH reported stellar 10.0% rental rate growth on new leases, the strongest on record.

Real Estate Daily Recap

U.S. equity markets climbed to fresh record-highs Friday despite a disappointing employment report that provided evidence that pandemic-related unemployment benefits may be holding back the recovery. Ending the week with gains of 1.2%, the S&P 500 ETF (SPY) finished higher by 0.7% today while the Mid-Cap 400 (MDY) gained 1.1% and the Small-Cap 600 (SLY) climbed 0.9%. Real estate equities delivered a strong close to an otherwise negative week as the broad-based Equity REIT ETFs (VNQ) finished higher by 1.3% today with all 19 property sectors in positive territory while Mortgage REITs (REM) gained 0.7%.

Good News is Bad News, again? The equity market rally came despite a downbeat BLS jobs report which was the largest miss relative to consensus estimates since 1998. After initially retreating below 1.50%, the 10-Year Treasury Yield rebounded back to 1.58% suggesting that investors may be discounting the weak report as a one-off anomaly while other indicators continue to point to continued strength in the labor markets. Ten of the eleven GICS equity sectors finished higher on the day while the Hoya Capital Housing Index climbed to fresh records as well following strong results from single family rental REIT American Homes (AMH).

The Bureau of Labor Statistics reported that the U.S. economy added just 266k jobs in April - well below the estimates of around 1,000,000 - and revisions to the prior two months subtracted another 78k from the total employment level. The report provided evidence to commentary on earnings reports that companies are having difficulty hiring both skilled and unskilled workers which some economists suggest is linked to supplemental pandemic-related unemployment benefits which - in some cases - result in higher pay than the employment alternative. The "headline" unemployment rate ticked higher to 6.1%. Leisure and hospitality accounted for 331k job gains while professional and business services saw job losses of 79k.

Commercial Equity REITs

Earlier this week, we published our REIT Earnings Halftime Report. The major themes this quarter have been "Beat and Boost" and the revival of long-dormant "Animal Spirits." Nearly 90% of REITs have topped consensus earnings estimates. Of the 75 REITs and homebuilders that provide full-year guidance, nearly two-thirds have raised their full-year estimates. Positive surprises thus far in Q1 have been primarily in the residential REIT sectors where self-storage, manufactured housing, and sunbelt-focused apartment REITs have reported stellar results. Below is the updated Earnings Scorecard.

Single Family Rental: American Homes (AMH) finished higher by nearly 2% after reporting strong Q1 results and boosting its full-year NOI and FFO guidance. AMH now sees FFO growth of 9.5% at the midpoint of its range, up from its prior outlook for 7.8% growth. AMH boosted its full-year same-store NOI to 4.0% from 3.5%. Mirroring the surge in suburban home values, SFR REIT reported stellar 10.0% rental rate growth on new leases, which accelerated further in April to over 11% while occupancy rates remain near record-highs at 97%. Renewal rates rose 5.1% in Q1, combining for a blended change in rents of 6.9% - the strongest quarter on record for the REIT.

Hotels: Apple Hospitality (APLE) rallied after reporting relatively strong Q1 results, noting that its occupancy rate for the quarter improved to nearly 56%, the best among hotel REITs. APLE - one of the few REITs that focus on the economy segment of the market - also noted that was cash flow positive in Q1. CorePoint Lodging (CPLG) jumped after reporting that its occupancy rate improved to nearly 53% in Q1 - up from 47% in the prior quarter - which rose to 63% by April. Park Hotels (PK) jumped as well after reporting that its occupancy rate improved 6 percentage points to 26% in Q1. Diamondrock (DRH) gained after reporting 27% occupancy in Q1, up 5 percentage points from Q4. On average, hotel REITs reported a 2.4%

Shopping Center: Regency Centers (REG) rallied after reporting strong sequential improvement in same-store NOI and significantly boosting its full-year outlook. REG now sees 14.6% FFO growth this year - tops in the sector - which was up from its prior outlook for 3.4% growth. Saul Centers (BFS) finished modestly lower after reporting a sequential deceleration in same-store NOI, but noted that it collected 96% of rents in Q1. Cedar Realty (CDR) finished modestly higher after reporting similar results as BFS, seeing a deceleration in same-store NOI but noting that it collected 96% of rents.

Healthcare: Ventas (VTR) finished higher after reporting that it has seen "emerging positive trends" in its senior housing operating portfolio - which remains the troubled spot in the healthcare sector. CareTrust (CTRE) gained after boosting its full-year FFO growth outlook to 5.0% from its prior outlook of 2.1%. The ten healthcare REITs that provide same-store NOI growth tell the story of the healthcare sector - stable performance in the MOB, SNF, and Hospital sub-sectors and strong performance in life sciences. For senior housing, these REITs are regretting the shift away from the net lease structure as the SHOP portfolios have seen a 50% plunge in NOI compared to the flat NOI in similar triple-net leased assets.

Industrial: Americold (COLD) finished higher by 1.5% after the cold storage operating reported results in line with estimates and maintained its full-year NOI and FFO guidance. COLD sees FFO growth of 9.3% this year driven by same-store NOI growth of 4.5%. Plymouth (PLYM) gained more than 2% despite lowering its same-store NOI guidance and maintained its full-year FFO guidance. PLYM now sees NOI growth of 2.8%, down slightly from its prior 3.2% outlook, and still expects its full-year FFO to decline by 7.5%. Lexington (LXP) rallied 3.5% after boosting its full-year FFO guidance, but it too still sees a 2% decline in FFO.

Mortgage REITs

Per our Mortgage REIT Tracker available to The REIT Forum subscribers, residential mREITs finished higher by 0.5% today but ended the week off by 0.3%. Commercial mREITs finished higher by 1.0% to end the week with gains of 0.4%. Three mortgage REITs boosted their dividends over the last 24 hours - Arbor Realty (ABR), Ellington Financial (EFC), and Great Ajax (AJX) - all of which were among the leaders on the day.

REIT Preferreds & Bonds

Per the REIT Preferreds & Bond Tracker available to The REIT Forum subscribers, REIT Preferred stocks finished higher by 0.33% today, on average, but underperformed their respective common stock issues by an average of 1.12%. So far in 2021, REIT Preferred stocks are higher by 7.50% on a price return basis. The average REIT preferred currently pays a dividend yield of 6.25% and trades at a slight premium to par value.

Economic Data This Week

We'll publish a full analysis and commentary of this week's developments in the real estate industry, as well as an analysis of the busy week of economic data in our Real Estate Weekly Outlook report on Saturday morning.

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The REIT Forum is now the exclusive home to Hoya Capital premium research. Visit our website and join our email list for quick access to our real estate research library: HoyaCapital.com where we have links all of our real estate sector reports and daily recaps. You can also follow our real-time commentary on Twitter, LinkedIn, and Facebook.

Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

  • Alex Pettee, CFA

Summary

  • U.S. equity markets rallied Thursday ahead of tomorrow's jobs report following a generally positive slate of corporate earnings reports and jobless claims data showing continued improvement in U.S. labor markets.

  • Climbing back into positive territory for the week, the S&P 500 finished higher by 0.8% while the Mid-Cap 400 gained 0.5% and the Small-Cap 600 climbed 0.6%.

  • Real estate equities were mostly higher today amid the busiest 24-hours of REIT earnings reports. The broad-based Equity REIT Index finished higher by 0.6% with 14-of-19 property sectors in positive-territory.

  • Initial Jobless Claims retreated to the lowest level since the start of the pandemic last week as the historically swift rebound in labor markets now has many businesses reporting difficulty finding workers.

  • Shopping center REIT Federal Realty (FR) and cannabis REIT Innovative Industrial (IIPR) were positive earnings standouts while Plymouth (PLYM) became the 53rd REIT to raise its dividend this year.

Real Estate Daily Recap

U.S. equity markets rallied Thursday ahead of tomorrow's jobs report following a generally positive slate of corporate earnings reports and jobless claims data showing continued improvement in U.S. labor markets. Climbing back into positive territory for the week, the S&P 500 ETF (SPY) finished higher by 0.8% while the Mid-Cap 400 (MDY) gained 0.5% and the Small-Cap 600 (SLY) climbed 0.6%. Real estate equities were mostly higher today amid the busiest 24-hours of REIT earnings reports. The broad-based Equity REIT ETFs (VNQ) finished higher by 0.6% with 14-of-19 property sectors in positive territory while Mortgage REITs (REM) declined by 0.9%.

Initial Jobless Claims retreated to the lowest level since the start of the pandemic last week as the historically swift rebound in labor markets now has many businesses reporting difficulty finding workers. All eleven GICS equity sectors finished on the upside today, led by the Financials (XLF), Consumer Staples (XLP), and Communications (XLC) sectors. Strong gains from the home furnishings and home improvement sectors lifted the Hoya Capital Housing Index to the upside as well today after home goods retail At Home (HOME) agreed to be taken private and ahead of earnings reports this afternoon from single-family rental REIT American Homes (AMH).

Commercial Equity REITs

Yesterday, we published our REIT Earnings Halftime Report. The major themes this quarter have been "Beat and Boost" and the revival of long-dormant "Animal Spirits." Nearly 90% of REITs have topped consensus earnings estimates. Of the 71 REITs and homebuilders that provide full-year guidance, nearly two-thirds have raised their full-year estimates. Positive surprises thus far in Q1 have been primarily in the residential REIT sectors where self-storage, manufactured housing, and sunbelt-focused apartment REITs have reported stellar results. Below is the updated Earnings Scorecard.

Cannabis: Innovative Industrial (IIPR) gained 4% today after reporting another strong quarter of growth. IIPR recorded year-over-year AFFO growth of more than 31% driven by a 103% jump in revenues. IIPR has acquired four additional properties so far in 2021, bring its total to 69 properties, representing roughly 6 million square feet which are 100% leased with an average remaining lease term of approximately 17 years. The emerging Cannabis REIT sector has been far and away the best-performing property sector since the start of 2019, soaring more than 150% in 2020 following 70% gains the prior year. The ongoing federal prohibition - and the resulting limit on access to traditional banking - has forced cultivators and retailers to turn to alternative sources for capital, including cannabis REITs.

Net Lease: EPR Properties (EPR) - which focuses on movie theaters and other experience-oriented properties - gained about 1% after reporting that rent collection improved to 72% in Q1 - up from the trough of 28% in 2Q20. Spirit Realty (SRC) finished modestly higher after boosting its full-year guidance which now calls for AFFO growth of 5.1%, up from its prior outlook of 3.4%. Store Capital (STOR) finished modestly lower after reporting collection of 93% of rents in Q1 and affirming its full-year outlook which calls for AFFO growth of 5.5%. American Finance (AFIN) and Global Net Lease (GNL) were both slightly lower despite reporting perfect rent collection in Q1.

Mall: Pennsylvania REIT (PEI) dipped nearly 3% today after reporting that it collected just 81% of billed first quarter 2021 rents, an increase from receipts of 73% and 61% of billed rents as of the end of each of the Q4 and Q3. PEI did see improving foot traffic at its malls which reached 86% of pre-COVID levels in April. Tanger Outlets (SKT) declined 1% after reporting results that were generally in line with expectations with same-store NOI growth of -8.0%. SKT reported that rent collections improved to 95% in Q1 and reaffirmed its full-year Core FFO guidance which calls for a decline of -5.7% this year at the midpoint.

Shopping Center: Federal Realty (FRT) jumped more than 3% after initiating guidance, seeing full-year FFO growth of 5.5%. FRT noted that it collected 90% of rents in Q1 and saw a modest sequential improvement in same-store NOI growth. RPT Realty (RPT) was roughly flat today despite reporting that it collected 95% of rents in Q1 and boosted its full-year NOI growth outlook to 9.0%, up from its prior outlook of 5.1%. We'll hear results from Regency Centers (REG) and Cedar Realty (CDR) after the bell today.

Healthcare: Diversified Healthcare (DHC) dipped more than 7% after reporting that its same-store NOI declined 40.6% in Q1 driven by a 91% plunge in its senior housing operating NOI which was partially offset by a more modest 3.1% decline in its medical office NOI. Healthcare Realty (HR) finished slightly higher after the MOB-focused REIT reporting same-store NOI growth of 2.1% Sabra Healthcare (SBRA) gained about 1% after reporting a 3.4% decline in total portfolio NOI as declines in its senior housing operating portfolio was offset by relative strength in its senior housing triple-net portfolio. We'll hear results from Healthcare Trust of America (HTA) and Caretrust (CTRE) after the bell today.

Industrial: Terreno (TRNO) jumped nearly 2% today after reporting strong results with same-store NOI growth of 7.3% in Q1 and reported that cash leasing spreads increased 16% from last year. Separately, Plymouth (PLYM) became the 53rd REIT to raise its dividend this year with a 5% boost. All five of the industrial REITs that provide full-year NOI guidance raised their outlook as demand for industrial real estate space remains insatiable as businesses scramble to invest in logistics resiliency. Americold (COLD) reports results after the bell today while Plymouth (PLYM) and Lexington (LXP) report tomorrow morning.

In addition to the aforementioned reports, we'll also hear results this afternoon from manufactured housing REIT UMH Properties (UMH), hotel REITs Park Hotels (PK), Apple Hospitality (APLE), CorePoint (CPLG), and Diamondrock (DRH), timber REIT Catchmark (CTT), and office REIT Mack-Cali (CLI).

Mortgage REITs

Per our Mortgage REIT Tracker available to The REIT Forum subscribers, residential mREITs finished lower by 0.9% today and are now off by 0.8% this week. Commercial mREITs finished higher by 0.3% but remain lower by 0.6% this week. Two Harbors (TWO) dipped more than 12% today after reporting disappointing results with a decline in its Book Value Per Share ("BVPS") of 4.5% in Q1. Invesco Mortgage (IVR) declined by nearly 5% after reporting a 5.4% decline in its BVPS for the quarter. Residential mREITs have reported an average increase in Book Value Per Share ("BVPS") of about 2% this quarter while the reported BVPS for commercial mREITs has been flat.

REIT Preferreds & Bonds

Per the REIT Preferreds & Bond Tracker available to The REIT Forum subscribers, REIT Preferred stocks finished lower by 0.22% today, on average, but outperformed their respective common stock issues by an average of 0.59%. So far in 2021, REIT Preferred stocks are higher by 7.08% on a price return basis. The average REIT preferred currently pays a dividend yield of 6.27% and trades at a slight premium to par value.

To Continue Reading, Click Here To Visit Seeking Alpha!


Join our Mailing List on our Website

The REIT Forum is now the exclusive home to Hoya Capital premium research. Visit our website and join our email list for quick access to our real estate research library: HoyaCapital.com where we have links all of our real estate sector reports and daily recaps. You can also follow our real-time commentary on Twitter, LinkedIn, and Facebook.

Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

  • Alex Pettee, CFA

Summary

  • U.S. equity markets were mixed Wednesday following a busy slate of earnings results and after employment data from ADP missed estimates, adding weight to concerns over a tightening labor market.

  • Now off by about 0.5% week-to-date, the S&P 500 finished fractionally higher today while the Mid-Cap 400 declined by 0.2% and the Small-Cap 600 was flat.

  • Real estate equities were laggards today despite a generally strong slate of earnings results and M&A news over the last 24 hours. The broad-based Equity REIT Index finished lower by 1.7%.

  • Another day, another major M&A deal in the REIT sector. Office REIT Equity Commonwealth (EQC) will acquire industrial REIT Monmouth Industrial (MNR) in an all-stock deal valued at approximately $3.4 billion.

  • We're at the peak of REIT earnings season with roughly 50 REITs reporting results over the next 24 hours. Storage REITs concluded an impressive quarter while mall REITs start reporting this afternoon.

Real Estate Daily Recap

U.S. equity markets were mixed Wednesday following a busy slate of earnings results and after employment data from ADP missed estimates, adding weight to concerns over a tightening labor market. Now off by about 0.5% week-to-date, the S&P 500 ETF (SPY) finished fractionally higher today while the Mid-Cap 400 (MDY) declined by 0.2% and the Small-Cap 600 (SLY) was flat. Real estate equities were laggards today despite a generally strong slate of earnings results and M&A news over the last 24 hours. The broad-based Equity REIT ETFs (VNQ) finished lower by 1.7% with 18-of-19 property sectors in negative territory while Mortgage REITs (REM) gained by 0.4%.

The Energy (XLE), Materials (XLB), and Financials (XLF) sectors led the way again today among GICS equity sector while interest-rate-sensitive segments of the equity market - including Real Estate (XLRE) and Utilities (XLU) were under pressure today amid a continued focus on commodity price pressures. The 10-Year Treasury Yield briefly climbed back above 1.62% before ending the day lower by 2 basis points. Homebuilders and the broader Hoya Capital Housing Index finished slightly lower today ahead of results this afternoon from Redfin (RDFN) and Rocket (RKT), among others.

Commercial Equity REITs

Yesterday, we published our REIT Earnings Halftime Report. The major themes this quarter have been "Beat and Boost" and the revival of long-dormant "Animal Spirits." Nearly 90% of REITs have topped consensus earnings estimates. Of the 65 REITs and homebuilders that provide full-year guidance, nearly two-thirds have raised their full-year estimates. Positive surprises thus far in Q1 have been primarily in the residential REIT sectors where self-storage, manufactured housing, and sunbelt-focused apartment REITs have reported stellar results. Below is the updated Earnings Scorecard.

Industrial: Another day, another major M&A deal in the REIT sector. Equity Commonwealth (EQC) and Monmouth Industrial (MNR) announced that they have entered into a merger agreement by which Equity Commonwealth will acquire Monmouth in an all-stock transaction, valued at approximately $3.4 billion, including the assumption of debt. MNR shareholders will receive 0.67 shares of EQC for every share of MNR for total consideration of $19.58/share. MNR jumped about 6% on the day while EQC dipped 4%.

Storage: The impressive quarter concluded with strong results from Life Storage (LSI) and National Storage (NSA). As with their storage peers, LSI and NSA both boosted their FFO guidance and same-store NOI outlook. LSI now sees Core FFO growth of 10.1% this year - up from its prior outlook of 6.5% - driven by same-store NOI growth of 6.0%. NSA sees FFO growth of 11.7% - up from 7.0% - driven by NOI growth of 7.0%. As discussed in our storage sector report last week, catalyzed by the suburban housing boom and the desire for more space, self-storage demand has rebounded sharply since mid-2020, and so too has the performance and outlook for storage REITs.

Shopping Center: Retail Properties of America (RPAI) declined about 2% today despite reporting improving results yesterday afternoon and raising its full-year outlook. RPAI collected 96% of rents in Q1 and boosted its full-year FFO growth outlook to 1.2%, up from its prior outlook for a decline of -4.8%. Retail Value (RVI) jumped about 2% after reporting that it collected 96% of rents in Q1 and sees sequential improvement in NOI. RVI recorded the steepest decline in FFO growth in 2020 and saw its share price plunge nearly 60% last year. Whitestone (WSR) dipped 6% today after missing FFO estimates and reporting only a mild sequential improvement in its same-store NOI growth. We'll hear results this afternoon from Federal Realty (FRT) and RPT Realty (RPT).

Healthcare: Healthpeak (PEAK) declined about 3% despite boosting its full-year FFO outlook, driven by strong growth in its life sciences segment, offsetting sharp declines in its remaining senior housing portfolio. Senior housing-focused New Senior (SNR) dipped more than 3% today after reporting a decline in same-store NOI of 16.0% for Q1, worse than the -9.6% decline reported in the prior quarter. Medical office-focused Physicians Realty (DOC) declined by about 2% after reporting same-store NOI growth of 2.4%. Global Medical REIT (GMRE), Healthcare Realty (HR), Sabra Healthcare (SBRA), and Diversified Healthcare (DHC) all report results this afternoon.

Net Lease: Broadstone (BNL) finished lower despite reporting that it collected more than 99% of rents in Q1 and boosted its full-year FFO outlook, just the third net lease REIT to do so this quarter thus far. Spirit Realty (SRC), American Finance (AFIN), and EPR Properties (EPR) report earnings results this afternoon.

Hotels: Host Hotels (HST) finished slightly lower today after reporting that its occupancy rate averaged about 27% in Q1, up from 19% in the prior quarter. HST also announced that it has acquired Four Seasons Resort Orlando at Walt Disney World Resort for approximately $610 million. Ashford Hospitality (AHT) dipped nearly 5% after reporting a mild improvement in occupancy rates to 42% in Q1, up from about 33% in the prior quarter. Braemar Hotels (BHR) reports this afternoon.

In addition to the aforementioned reports, we'll also hear results this afternoon from prison REIT CoreCivic (CXW), office REIT Hudson Pacific (HPP), timber REIT Rayonier (RYN), mall REIT Tanger Outlets (SKT).

Mortgage REITs

Per our Mortgage REIT Tracker available to The REIT Forum subscribers, residential mREITs finished higher by 1.0% today and are now higher by 0.1% this week. Commercial mREITs finished higher by 0.1% but remain off by 0.9% this week. Chimera (CIM) jumped more than 4% today after reporting solid results and boosting its dividend by 10% to $0.33/share. Hannon Armstrong (HASI) dipped about 2% after reporting mixed results but providing guidance that it expects to grow EPS 7%-10% per year from 2021 to 2023. TPG Real Estate (TRTX) gained about 1% and New Residential (NRZ) declined by 1% after reporting results in line with expectations. We'll hear results this afternoon from Invesco Mortgage (IVR) and Two Harbors (TWO).

REIT Preferreds & Bonds

Per the REIT Preferreds & Bond Tracker available to The REIT Forum subscribers, REIT Preferred stocks finished higher by 0.06% today, on average, and outperformed their respective common stock issues by an average of 0.62%. So far in 2021, REIT Preferred stocks are higher by 7.27% on a price return basis. The average REIT preferred currently pays a dividend yield of 6.27% and trades at a slight premium to par value.

Economic Data This Week

The busy week of employment data continues with Jobless Claims on Thursday and the BLS Nonfarm Payrolls report on Friday. Economists are looking for job growth of nearly 1,000,000 in April following similarly-sized gains last month as temporarily unemployed workers return to the labor force. We also saw Construction Spending data on Monday, and a flurry of Purchasing Managers' Index (PMI) data throughout the week.

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Join our Mailing List on our Website

The REIT Forum is now the exclusive home to Hoya Capital premium research. Visit our website and join our email list for quick access to our real estate research library: HoyaCapital.com where we have links all of our real estate sector reports and daily recaps. You can also follow our real-time commentary on Twitter, LinkedIn, and Facebook.

Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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