Correction Deepens • Solid GDP Data • REIT Earnings

January 27, 2022 | Hoya Capital

Correction Deepens • Solid GDP Data • REIT Earnings Real Estate Daily Recap Jan 27 Written By Summary U.S. equity markets finished lower Thursday in another choppy session as earnings season has so far done little to ease investor jitters over inflation, Fed policy, and geopolitical concerns. Seeing a fourth-straight session of volatile intra-day swings, the S&P 500 finished lower by 0.4% while the tech-heavy Nasdaq 100 declined nearly 1% and is now over 15% below its recent highs.

Real estate equities were also under pressure despite a solid slate of earnings reports as the Equity REIT Index finished lower by 1.7% with all 19 property sectors in negative-territory. Logistics REIT Duke Realty (DRE) declined 2% despite reporting strong results after the close yesterday, highlighted by record-high leasing spreads of 40.8%. Cell tower REIT Crown Castle (CCI) declined 3% after reporting in-line results yesterday afternoon. CCI reported robust FFO growth of 13.9% in 2021 but expects growth to cool to mid-single-digits in 2022.

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U.S. equity markets finished lower Thursday in another choppy session as earnings season has so far done little to ease investor jitters over inflation, Fed policy, and geopolitical concerns. Seeing a fourth-straight session of volatile intra-day swings, the S&P 500 finished lower by 0.5% while the tech-heavy Nasdaq 100 declined nearly 1% and is now more than 15% below its recent highs. The small-cap Russell 2000 dipped another 2.3% today and is now in "bear market" territory defined ...