REIT Earnings • Office Default • Housing Thaws

April 18, 2023 | Hoya Capital

REIT Earnings • Office Default • Housing Thaws Daily Recap Apr 18 Written By Alex Pettee, CFA U.S. equity markets were little-changed on Tuesday as investors parsed another busy slate of earning reports, with results this morning from Goldman Sachs, Bank of America, and Johnson & Johnson. Adding to gains of 0.3% on Monday, the S&P 500 gained 0.1% today, but the Mid-Cap 400 and Small-Cap 600 declined by 0.2% and 0.5%, respectively.

The Dow declined 11 points. Real estate equities were mixed as REIT earnings season kicked-off with a pair of solid reports showing strength in the housing and logistics sectors. The Equity REIT Index slipped 0.2%. Prologis (PLD) - the largest industrial REIT - advanced 0.5% today after announcing strong first-quarter results and boosting its full-year outlook, noting that it achieved record-high leasing spreads of nearly 70%. Manufactured housing REIT Equity Lifestyle (ELS) rallied nearly 3% after it kicked-off REIT earnings season yesterday afternoon with a solid report and reiterated its outlook calling for 6.0% FFO growth in 2023.

Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets were little-changed on "tax day" Tuesday as investors parsed another busy slate of earning reports, with results this morning from Goldman Sachs, Bank of America, and Johnson & Johnson. Adding to gains of 0.3% on Monday, the S&P 500 gained 0.1% today, but the Mid-Cap 400 and Small-Cap 600 declined by 0.2% and 0.5%, respectively. The Dow declined 11 points, while the tech-heavy Nasdaq finished flat.

Real estate equities were mixed today as REIT earnings season kicked-off with a pair of solid reports showing strength in the housing and logistics sectors. The Equity REIT Index slipped 0.2% with 13-of-18 property sectors in negative territory, while the Mortgage REIT Index declined 1.2%. Benchmark interest rates hovered around the highest levels since the Silicon Valley Bank collapse in early March as commentary from Fed officials showed continued support for ...