REIT Dividend Hikes • Yields Rise • Earnings Recap

February 10, 2023 | Hoya Capital

REIT Dividend Hikes • Yields Rise • Earnings Recap Real Estate Daily Recap Feb 10 Written By U.S. equity markets rebounded Friday- trimming the weekly declines on the major benchmarks- as investors analyzed another busy slate of corporate earnings results, consumer sentiment data, and Fed commentary. Real estate equities were among the leaders today following a very strong slate of earnings results over the past 24-hours. Equity REITs advanced 0.4% today while Mortgage REITs gained 0.9%.

A trio of REITs hiked their dividends over the past 24 hours, one of nearly a dozen REITs to hike their dividend this week: American Homes, RPT Realty, and Weyerhaeuser. Net lease REIT WP Carey (WPC) rallied more than 4% after reporting very strong results and issued 2023 guidance that exceeded analyst estimates. WPC forecasts that same-store rent growth will increase to around 4% for full-year 2023 as the effects of its CPI-linked escalators take full effect.

Sunbelt-focused office REIT Cousins Properties (CUZ) rallied nearly 3% today after reporting better-than-expected results highlighted by an acceleration in rent spreads to 7.3% and total leasing volume that was essentially in-line with its pre-pandemic levels from 2019. Income Builder Daily Recap U.S. equity markets rebounded Friday- trimming the weekly declines on the major benchmarks- as investors analyzed another busy slate of corporate earnings results, consumer sentiment data, and Fed commentary.

Shaving its weekly decline to 1.0%, the S&P 500 advanced 0.2% today. The tech-heavy Nasdaq 100 dipped 0.7%, however, posting its first weekly decline of the year. Bonds remained under pressure with the 10-Year Treasury Yield climbing another 6 basis points today to 3.74% - rebounding from four-month lows around 3.40% last week. Real estate equities were among the leaders today following a very strong slate of earnings results over the past 24 hours.

The Equity REIT Index advanced 0.4% today with 13-of-18 property sectors in positive territory while the Mortgage REIT Index advanced 0.9%. Real Estate ...