REIT Earnings • Post-Fed Rally • Jobs Day Ahead

July 1, 2023 | Hoya Capital

REIT Earnings • Post-Fed Rally • Jobs Day Ahead Real Estate Daily Recap Feb 2 Written By U.S. equity markets advanced for a third-day Thursday- continuing a post-Fed rally sparked by a "dovish hike" - while investors parsed another busy slate of earnings reports and employment data. Pushing its week-to-date advance to nearly 3%, the S&P 500 gained 1.5% today while the tech-heavy Nasdaq 100 rallied 3.6%. The Dow was a laggard, however, declining 39 points.

Real estate equities continued their strong week following a handful of upbeat earnings results. Equity REITs rallied 2.3% with all 18 property sectors in positive-territory while Mortgage REITs gained 0.8%. Apartment REIT Mid-America (MAA) rallied more than 4% after reporting solid fourth-quarter results, recording 2022 FFO growth of 21.4% - matching its prior guidance - and projected 2023 FFO growth of 6.4%. Office REITs Brandywine (BDN) and Kilroy (KRC) each rallied following better-than-expected earnings reports.

BDN was able to complete $705M in asset sales in Q4 and used the proceeds to refinance its debt. Income Builder Daily Recap U.S. equity markets advanced for a third-day Thursday - continuing a post-Fed rally sparked by a "dovish hike" - while investors parsed another busy slate of earnings reports and employment data. Pushing its week-to-date advance to nearly 3%, the S&P 500 gained 1.5% today while the tech-heavy Nasdaq 100 rallied 3.6%.

The Dow was a laggard, however, declining 39 points. Real estate equities continued their strong week following a handful of upbeat earnings results. The Equity REIT Index rallied 2.3% today with all 18 property sectors in positive territory while the Mortgage REIT Index gained 0.8%. Homebuilders and the broader Hoya Capital Housing Index were again among the leaders as well, pushing their weekly gains to nearly 7%. Ahead of the critical payrolls report on Friday morning, the Labor Department reported its quarterly data on nonfarm productivity which provided further evidence of easing inflationary pressures, showing ...