Earnings In Focus • Solid GDP • Office Rents Dip

January 26, 2023 | Hoya Capital

Earnings In Focus • Solid GDP • Office Rents Dip Real Estate Daily Recap Jan 26 Written By U.S. equity markets finished broadly higher Thursday while benchmark interest rates ticked higher as investors analyzed a busy slate of corporate earnings results alongside better-than-expected economic data. Pushing its week-to-date gains to above 2%, the S&P 500 gained 1.1% today while the tech-heavy Nasdaq 100 rallied 2.0%. The Dow advanced 206 points.

Real estate equities were broadly higher today as REIT earnings season started to kick into gear. The Equity REIT Index rallied 1.1% today with all 18 property sectors in positive territory. Crown Castle (CCI) gained 2% today after reporting solid fourth-quarter results, recording full-year revenue growth of 10% and FFO growth of 6.2% - each slightly above the midpoint of its most recent guidance. NYC-focused SL Green (SLG) declined 2% after reporting mixed results, recording top-line metrics that roughly matched analyst expectations while noting continued downward pressure on rents and occupancy rates.

Income Builder Daily Recap U.S. equity markets finished broadly higher Thursday while benchmark interest rates ticked higher as investors analyzed a busy slate of corporate earnings results alongside better-than-expected economic data. Pushing its week-to-date gains to above 2%, the S&P 500 gained 1.1% today while the tech-heavy Nasdaq 100 rallied 2.0%. The Dow advanced 206 points - its fifth straight day of gains. Real estate equities were broadly higher today as REIT earnings season started to kick into gear.

The Equity REIT Index rallied 1.1% today with all 18 property sectors in positive territory while the Mortgage REIT Index advanced 1.1%. Benchmark interest rates ticked higher after GDP data showed that the U.S. economy expanded at a 2.9% annualized pace - slightly above expectations - while jobless claims data remained near historic lows. The 10-Year Treasury Yield rose 3 basis points to 3.49% - rebounding from the cusp of four-month lows.

Natural Gas prices - a significant input ...