REIT Earnings • Office Leads • Special mREIT Dividend

April 26, 2023 | Hoya Capital

REIT Earnings • Office Leads • Special mREIT Dividend Daily Recap Apr 26 Written By Alex Pettee, CFA U.S. equity markets declined for a second-session Wednesday as ongoing turmoil at regional lender First Republic overshadowed an otherwise strong slate of earnings reports and decent economic data. Following its worst day since mid-March, the S&P 500 dipped another 0.4% today, but the tech-heavy Nasdaq 100 finished higher by 0.6%. The Dow dipped 229 points.

Real estate equities were mixed today as investors parsed a busy slate of earnings reports. The Equity REIT Index declined 1.1% today, with 17-of-18 property sectors in negative territory. Office REITs were among the leaders today after Boston Properties (BXP) and Highwoods (HIW) both raised their full-year outlook. American Tower (AMT) finished flat despite boosting its full-year outlook. Equity Residential's (EQR) results showed firming rent growth in recent months. Mortgage REIT Blackstone Mortgage (BXMT) rallied nearly 5% after reporting adjusted EPS of $0.79/share - easily covering its $0.62/share dividend - despite headwinds on its office-heavy loan book.

NexPoint Real Estate (NREF) gained 3% after maintaining its dividend while also declaring a special dividend of $0.185/share. Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets declined for a second-session Wednesday as ongoing turmoil at regional lender First Republic overshadowed an otherwise strong slate of earnings reports and decent economic data. Following its worst day since mid-March, the S&P 500 dipped another 0.4% today, but the tech-heavy Nasdaq 100 finished higher by 0.6%.

The Dow dipped 229 points. The 2-Year Treasury Yield was roughly flat today at 3.93%, while the 10-Year Treasury Yield rebounded by 4 basis points to 3.43%. Real estate equities were mixed today as investors parsed a busy slate of earnings reports. The Equity REIT Index declined 1.1% today, with 17-of-18 property sectors in negative territory, but the Mortgage REIT Index gained 0.1%. Real Estate Daily Recap Best & Worst Performance Today Across ...