ECB Goes Jumbo • Apartment REIT Updates • Mixed Jobs Data

September 8, 2022 | Hoya Capital

ECB Goes Jumbo • Apartment REIT Updates • Mixed Jobs Data Real Estate Daily Recap Sep 8 Written By U.S. equity markets finished modestly higher Thursday in a choppy session after the European Central Bank delivered a "jumbo" rate hike while slashing its forecast for the region's economic growth. On pace to snap a three-week skid, the S&P 500 advanced 0.4% today - pushing its week-to-date gains above 2.0% - while the tech-heavy Nasdaq 100 advanced 0.2%.

Real estate equities were mostly-higher today - led by office and industrial REITs - with the Equity REIT Index advancing by 0.2% today with 9-of-18 property sectors in positive territory. A pair of apartment REITs - Camden Property and UDR - provided business updates that showed that rent growth remains in the low-double digits despite the broader housing industry cooldown. Mortgage REIT AGNC Investment announced a new preferred issuance today, pricing $150M of 7.75% Series G Fixed-Rate Cumulative Redeemable Preferred that will trade on Nasdaq under symbol AGNCL.

Real Estate Daily Recap U.S. equity markets finished modestly higher Thursday in a choppy session after the European Central Bank delivered a " jumbo " rate hike while slashing its forecast for the region's economic growth amid a crippling energy crisis. On-pace to snap a three-week skid, the S&P 500 advanced 0.4% today - pushing its week-to-date gains above 2.0% - while the tech-heavy Nasdaq 100 advanced 0.2%. Continuing a solid week of outperformance, real estate equities were mostly-higher again today, led on the upside by office and industrial REITs while farmland REITs lagged.

The Equity REIT Index advanced by 0.2% today with 9-of-18 property sectors in positive territory while the Mortgage REIT Index gained 0.2%. Benchmark interest rates in the U.S. were little-changed today after a pair of closely-watched central bank speeches from Fed Chair Powell and ECB President Lagarde were consistent with the recent hawkish pivot in global monetary policy since early Summer. ...