REIT Earnings • Blackstone Dividend Cut • Homebuilders Lead

March 2, 2023 | Hoya Capital

REIT Earnings • Blackstone Dividend Cut • Homebuilders Lead Daily Recap Apr 20 Written By Alex Pettee, CFA U.S. equity markets retreated Thursday while benchmark interest rates pulled-back following a mixed slate of earnings reports and economic data, including a jump in jobless claims to seventeen-month highs. Giving back all of its week-to-date gains, the S&P 500 slipped 0.6% today while the tech-heavy Nasdaq 100 declined 0.8%. The Dow shed 110 points.

Real estate equities finished mostly-lower today as earnings season kicked into-gear with reports from a half-dozen REITs along with asset manager Blackstone. The Equity REIT Index declined 1.0%. First Industrial (FR) was among the best-performers today after reporting that it achieved cash rental rate increases of 58.3% in the first quarter, its strongest on record as demand for logistics space continues to substantially outstrip supply. DR Horton (DHI) - the nation's largest homebuilder - surged more than 5% after topping earnings and revenue expectations and providing strong full-year 2023 guidance as the recent moderation in mortgage rates has thawed the once icy-cold housing market.

Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets retreated Thursday while benchmark interest rates pulled-back following a mixed slate of earnings reports and soft economic data this morning, including a jump in jobless claims to seventeen-month highs. Giving back all of its week-to-date gains, the S&P 500 slipped 0.6% today while the tech-heavy Nasdaq 100 declined 0.8%. The Dow shed 110 points. Real estate equities finished mostly-lower today as earnings season kicked into-gear with reports from a half-dozen REITs along with asset manager Blackstone.

The Equity REIT Index declined 1.0% today, with 16-of-18 property sectors in negative territory, while the Mortgage REIT Index declined 0.6%. Benchmark interest rates pulled back from their highest levels since the Silicon Valley Bank collapse after jobless claims data showed some cracking in the long-resilient labor markets, with continuing unemployment claims rising to the highest ...