REIT Earnings • Stocks Rebound • Inflation Data Ahead

February 23, 2023 | Hoya Capital

REIT Earnings • Stocks Rebound • Inflation Data Ahead Real Estate Daily Recap Feb 23 Written By U.S. equity markets rebounded Thursday as benchmark interest rates retreated from their highest levels of the year ahead of a key slate of inflation data on Friday morning. Snapping a four-session losing streak, the S&P 500 advanced 0.5% today while the tech-heavy Nasdaq 100 gained 0.9% and the Dow advanced 109 points. Real estate equities were mostly-higher as investors parsed a busy slate of earnings reports.

The Equity REIT Index advanced 0.8% with 14-of-18 property sectors in positive territory. Necessity Retail (RTL) was the upside standout, surging more than 10% after reporting better-than-expected results, noting that its full-year FFO rose 3.9% in 2022 while announcing continued progress in shoring up its balance sheet through asset sales and refinancings. Hospital owner Medical Properties Trust (MPW) dipped 8% after reporting ongoing operator issues. Farmland Partners (FPI) dipped 14% after providing downbeat guidance calling for a 30% dip in FFO in 2023.

Income Builder Daily Recap U.S. equity markets rebounded Thursday as benchmark interest rates retreated from their highest levels of the year ahead of a key slate of inflation data on Friday morning. Snapping a four-session losing streak, the S&P 500 advanced 0.5% today while the tech-heavy Nasdaq 100 gained 0.9% and the Dow advanced 109 points. Bonds caught a bid following a sharp sell-off earlier this week, with the 10-Year Treasury Yield declining by 4 basis points to 3.88%.

Real estate equities were mostly-higher as investors parsed a busy slate of earnings reports. The Equity REIT Index advanced 0.8% today with 14-of-18 property sectors in positive territory. The Mortgage REIT Index gained 0.6% while Homebuilders were among the upside leaders. Real Estate Daily Recap Best & Worst Performance Today Across the REIT Sector Net Lease : A half-dozen net lease REITs reported results over the past 24 hours. Necessity Retail ( RTL ) was ...