REITs Lead • Verdict Reached • Earnings Updates

April 20, 2021 | Hoya Capital

REITs Lead • Verdict Reached • Earnings Updates Daily Recap Apr 20 Written By Summary U.S. equity markets declined Tuesday following a downbeat slate of corporate earnings results and ongoing COVID issues abroad while investors fear potential unrest from the verdict in the Chauvin trial this afternoon. Adding to declines of 0.5% yesterday, the S&P 500 finished lower by 0.7% today while the Mid-Cap 400 declined by 1.5% and the Small-Cap 600 dipped 2.3%.

Real estate equities were leaders again today following a strong start to REIT earnings season. The broad-based Equity REIT Index finished higher by 0.8% with 11-of-19 property sectors in positive-territory. Manufactured Housing REIT Equity Lifestyle (ELS) gained after reporting another stellar beat-and-raise quarter. The company now sees full-year FFO growth of 9.7% - up from 6.5% last quarter. Student Housing REIT American Campus (ACC) gained after reporting that it collected 97.3% of rent during Q1 and saw signs of acceleration in weekly preleasing velocity.

Real Estate Daily Recap U.S. equity markets declined Tuesday following a downbeat slate of corporate earnings results and ongoing COVID issues abroad while investors fear potential unrest from the verdict in the Chauvin trial this afternoon. Adding to declines of 0.5% yesterday, the S&P 500 ETF ( SPY ) finished lower by 0.7% today while the Mid-Cap 400 ( MDY ) declined by 1.5% and the Small-Cap 600 ( SLY ) dipped 2.3%.

Real estate equities were leaders again today following a strong start to REIT earnings season. The broad-based Equity REIT ETFs ( VNQ ) finished higher by 0.8% today with 11-of-19 property sectors in positive territory while Mortgage REITs ( REM ) declined by 0.8%. Reopening-sensitive segments were generally under pressure today following weaker-than-expected results from United Airlines ( UAL ). Four of the eleven GICS equity sectors finished higher on the day, led to the upside by the yield-sensitive sectors including Utilities ( XLU ), Real Estate ( XLRE ...