Dovish Hike • Stocks Soar • REIT Earnings

May 4, 2022 | Hoya Capital

Dovish Hike • Stocks Soar • REIT Earnings Real Estate Daily Recap May 4 Written By U.S. equity markets surged Wednesday while benchmark Treasury yields retreated after a "dovish hike" from the Federal Reserve, raising rates by 50 basis points but tamping down expectations of future hikes. Gaining for the third-straight day and delivering its largest one-day gains since mid-2020, the S&P 500 jumped 3.0% while the tech-heavy Nasdaq 100 gained 3.4% to climb out of "bear market" territory.

Real estate equities were also broadly higher amid the busiest 48-hour stretch of REIT earnings season. The Equity REIT Index advanced 1.2% today with 17-of-19 property sectors in positive territory. ExtraSpace Storage (EXR) surged more than 6% after reporting very strong results and raising its full-year outlook, commenting that it's "off to an exceptional start in 2022, driven by high occupancy and strong pricing power." EXR now sees FFO growth of 18.3% this year.

Regency Centers (REG) - the largest shopping center REIT - rallied more than 6% reporting very strong results and raising its full-year outlook. Mall REITs also rallied today. Farmland Partners (FPI) also jumped 6% after reporting solid results. Income Builder Daily Recap We recently launched Hoya Capital Income Builder - a premier income-focused investment research service through Seeking Alpha Marketplace - that will be the new exclusive home of all of Hoya Capital's investment research.

Income Builder focuses on real income-producing asset classes that offer the opportunity for diversification, monthly income, capital appreciation, and inflation hedging. If you're not already on board, give us a try with a completely risk-free two-week trial and take a look around. U.S. equity markets surged Wednesday while benchmark Treasury yields retreated after a "dovish hike" from the Federal Reserve, raising rates by 50 basis points but tamping down market expectations of future hikes.

Gaining for the third-straight day and delivering its largest one-day gains since mid-2020, the S&P 500 jumped 3.0% ...