Daily Recap: REITs Higher | Homebuilders Flat | Earnings In Focus

October 23, 2019 | Hoya Capital

Daily Recap: REITs Higher | Homebuilders Flat | Earnings In Focus Uncategorized Oct 23 Written By Following a modest decline yesterday, US equity markets gained ground as the busy week of earnings continued. The S&P 500 ETF (SPY) climbed 0.3% on the day while the Nasdaq ETF (QQQ) gained 0.2%, as both major indexes remain within 2% of new all-time records. The 10-Year yield declined by 1 basis points to end the day at 1.76% on a relative quiet day of geopolitical news and economic data.

Real estate equities were generally higher on the day with the broad-based REIT ETF (VNQ) ending the day higher by 0.2%, led to the upside by the timber, office, and industrial REIT sectors while the student housing, apartment, and shopping center REIT sectors lagged. After hitting new record highs yesterday, the Hoya Capital Housing Index , the benchmark that tracks the performance of the US housing industry, finished the flat ahead of the closely-watched New Home Sales data tomorrow morning.

Leading to the upside was the Real Estate Technology & Brokerage sector while the Home Improvement Retail sector was the laggard. Five index constituents reported earnings today. Owens Corning (OC) reported earnings this morning, ending the day lower by 3%, while Essex (ESS), CoreLogic (CLGX), Sun Communities (SUI), and Fortune Brands (FBHS) report this afternoon. The earnings slate today was also busy in the commercial REIT space with reports from Cousins (CUZ), Acadia (AKR), Kilroy (KRC), Eastgroup (EGP), First Industrial (FR), and Empire State Realty Trust (ESRT).We'll have full coverage of earnings season on the iREIT on Alpha Marketplace .

Below we compiled the notable earnings that we’re watching across the residential and commercial real estate sectors, which we will update throughout earnings season in our Real Estate Weekly Review . Today, we published Timber REITs: Renewable Profits . Timber REITs have seen signs of rejuvenation in 2019, powered by the recovery in the ...