REIT Earnings • Fed Decides • Builders Rebound

January 31, 2023 | Hoya Capital

REIT Earnings • Fed Decides • Builders Rebound Real Estate Daily Recap Jan 31 Written By U.S. equity markets rebounded Tuesday- notching strong gains in the first month of 2023- as investors parsed a busy slate of corporate earnings results and economic data showing cooling inflationary pressures. Lifting its cumulative monthly gains to over 6%, the S&P 500 rallied 1.5% today while the tech-heavy Nasdaq 100 gained 1.6%. The Dow added 369 points.

Real estate equities were among the leaders today after strong results from a handful of REITs and homebuilders. Equity REITs gained 2.1% while Homebuilders rallied nearly 5%. Equity Lifestyle (ELS) surged 6% after reporting strong results with full-year guidance calling for FFO growth of 6.0% - an acceleration from the 5.9% growth it achieved in 2022 - while boosting its dividend by 9.1% to $0.15/share. Lab space owner Alexandria (ARE) advanced nearly 3% after it reported very strong results on Monday afternoon, projecting 2023 full-year FFO growth of 6.4% while recording blended leasing spreads of 19.6% in Q4.

Income Builder Daily Recap U.S. equity markets rebounded Tuesday - notching strong gains in the first month of 2023 - as investors parsed a busy slate of corporate earnings results and economic data showing additional evidence of cooling inflationary pressures. Lifting its cumulative monthly gains to over 6%, the S&P 500 rallied 1.5% today while the tech-heavy Nasdaq 100 gained 1.6%. The Dow added 369 points after snapping a six-session winning streak on Monday.

Real estate equities were among the leaders today after strong results from a handful of REITs and homebuilders. The Equity REIT Index advanced 2.1% today with all 18 property sectors in positive territory while the Mortgage REIT Index gained 2.3%. Homebuilders and the broader Hoya Capital Housing Index led the gains today following solid results from a handful of builders and building suppliers including Pulte Group and NVR . Ahead of the Fed rate decision ...