Earnings In Focus • Office REITs Stabilize • Logistics Rents Soar

December 31, 2023 | Hoya Capital

Earnings In Focus • Office REITs Stabilize • Logistics Rents Soar Daily Recap Apr 19 Written By Alex Pettee, CFA U.S. equity markets were mixed Wednesday while benchmark interest rates ticked higher as investors weighed another batch of generally-solid corporate earnings results against a drumbeat of hawkish Fed commentary. Maintaining its week-to-date gains of roughly 0.4%, the S&P 500 finished fractionally lower today, but the Mid-Cap 400 and Small-Cap 600 advanced by 0.2% and 0.1%, respectively.

The Dow declined 80 points. Led by a rebound from office REITs, real estate equities continued their strong week ahead of a busy slate of earnings results this afternoon. The Equity REIT Index gained 0.5%. Following strong results from Prologis (PLD) earlier in the week, Rexford (REXR) and First Industrial (FR) reported very strong earnings results this afternoon, each raising their full-year FFO and NOI outlooks. Ahead of results from SL Green (SLG) and Brandywine (BDN), office REITs pushed their week-to-date gains to roughly 6%, rebounding this week as earnings results from large and regional banks relieved some concerns over office loan performance.

Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets were mixed Wednesday while benchmark interest rates ticked higher as investors weighed another batch of generally-solid corporate earnings results against a drumbeat of hawkish Fed commentary. Maintaining its week-to-date gains of roughly 0.4%, the S&P 500 finished fractionally lower today, but the Mid-Cap 400 and Small-Cap 600 advanced by 0.2% and 0.1%, respectively. The Dow declined 80 points, while the tech-heavy Nasdaq finished lower by 0.1%.

The 2-Year Treasury Yield climbed 4 basis points to 4.25%, while the 10-Year Treasury Yield added 3 basis points to 3.60%. Led by a rebound from office REITs, real estate equities continued their strong week ahead of a busy slate of earnings results this afternoon. The Equity REIT Index gained 0.5%, with 15-of-18 property sectors in positive territory, while the Mortgage REIT Index ...