Mall REITs, Homebuilders Surge On Re-Opening Plans [Daily Recap]

April 28, 2020 | Hoya Capital

Mall REITs, Homebuilders Surge On Re-Opening Plans [Daily Recap] Uncategorized Apr 28 Written By U.S. equity markets finished modestly lower on Tuesday despite a resurgence in many of the most beaten-down cyclical industries as plans progress to re-open segments of the U.S. economy. Following gains of 1.5% yesterday, the S&P 500 finished lower by 0.5% while the Dow Jones Industrial Average declined roughly 30 points after yesterday's 360 point rally.

Real estate equities finished mostly higher for the second-straight day as the broad-based Equity REIT ETFs gained 1.3% led by a surge in the beaten-down retail REITs. Simon Properties (SPG) surged more than 10% after reports that the mall REIT stalwart plans to open 49 of its malls this weekend, a move that has important implications for May rent collection. Homebuilders surged for the third-straight day after DR Horton - the nation's largest homebuilder - reported strong Q1 results and noted that home sales activity has picked up in recent weeks.

Real Estate Daily Recap U.S. equity markets finished modestly lower on Tuesday despite a resurgence in many of the most beaten-down cyclical industries as plans progress to re-open segments of the U.S. economy. Following gains of 1.5% yesterday, the S&P 500 ETF ( SPY ) finished lower by 0.5% while the Dow Jones Industrial Average ( DIA ) declined roughly 30 points after yesterday's 360 point rally. Real estate equities finished mostly higher for the second-straight day as the broad-based Equity REIT ETFs ( VNQ ) ( SCHH ) gained 1.3% led by a surge in the beaten-down retail REITs on news that mall REIT Simon Property ( SPG ) plans to re-open many malls this weekend.

Mortgage REITs ( REM ) also jumped nearly 6% ahead of a busy week of real estate earnings. Click here to read the full report on Seeking Alpha! Comments (0) Newest First Oldest First Newest First Most Liked Least Liked Add Comment ...