Rally Renewed • Storage Strength • Political Ad Spending

August 3, 2022 | Hoya Capital

Rally Renewed • Storage Strength • Political Ad Spending Real Estate Daily Recap Aug 3 Written By U.S. equity markets rebounded Wednesday after oil prices slid to five-month-lows despite a disappointing OPEC production boost while investors expressed relief that U.S.-China tensions didn't further deteriorate following the Speaker's Taiwan visit. Following two days of declines, the S&P 500 rallied 1.6% today while the tech-heavy Nasdaq 100 advanced nearly 3% with China-exposed stocks leading the rebound.

Real estate equities were mostly-higher today - led by self-storage and retail REITs - amid the busiest 24-hour stretch of earnings season. The Equity REIT Index advanced 0.3% today. ExtraSpace (EXR) was among the leaders today after kicking off storage REIT earnings season with a very strong report. EXR raised its full-year outlook for the third time this year and now sees FFO growth of 21.6% - up 330 basis points from its prior target.

Billboard REIT Lamar (LAMR) was also an upside standout after reporting solid results and reaffirming its full-year outlook which calls for FFO growth of 10.4%. Political ad spending has been especially strong, rising 82% in '22 over 2020. Real Estate Daily Recap U.S. equity markets rebounded Wednesday after oil prices slid to five-month-lows despite a disappointing OPEC production boost while investors expressed relief that U.S.-China tensions didn't further deteriorate following the Speaker's Taiwan visit.

Following two days of declines, the S&P 500 rallied 1.6% today while the tech-heavy Nasdaq 100 advanced by nearly 3% China-exposed stocks leading the rebound. Real estate equities were mostly-higher today - led by self-storage and retail REITs - amid the busiest 24-hour stretch of earnings season. The Equity REIT Index advanced 0.3% today with all 10-of-18 property sectors in positive territory while the Mortgage REIT Index rebounded 0.7%. Real Estate Daily Recap Best & Worst Performance Today Across the REIT Sector Storage : ExtraSpace ( EXR ) was among the leaders today after kicking off storage ...