Rents Are Rising • REIT Earnings Updates • GDP Ahead

April 27, 2022 | Hoya Capital

Rents Are Rising • REIT Earnings Updates • GDP Ahead Real Estate Daily Recap Apr 27 Written By U.S. equity markets rebounded Wednesday following a sharp sell-off yesterday as investors digested a frenetic slate of corporate earnings reports and ahead of key economic data on Thursday and Friday. Bouncing back from nearly 3% declines on Tuesday, the S&P 500 advanced 0.2% today but the tech-heavy Nasdaq 100 finished lower by 0.1% and remains nearly 22% off its recent highs.

Real estate equities lagged today despite a solid slate of earnings results. The Equity REIT Index declined 0.6% today with 15-of-19 property sectors in negative territory but Mortgage REITs gained 0.8%. A trio of apartment REITs reported strong results, confirming the continued surge in market rents across the country, led by Essex Property (ESS), which recorded 20.0% spreads on new leases in Q1, which accelerated further to 22.0% in April.

Dynex Capital (DX) rallied nearly 10% after the agency-focused mortgage RET reported that its Book Value Per Share ("BVPS") rose $0.25 during the quarter to $18.24, an impressive quarter given the historic headwinds on MBS valuations. Income Builder Daily Recap We recently launched Hoya Capital Income Builder - a premier income-focused investment research service through Seeking Alpha Marketplace - that will be the new exclusive home of all of Hoya Capital's investment research.

Income Builder focuses on real income-producing asset classes that offer the opportunity for diversification, monthly income, capital appreciation, and inflation hedging. If you're not already on board, give us a try with a completely risk-free two-week trial and take a look around. U.S. equity markets rebounded Wednesday following a sharp sell-off yesterday as investors digested a frenetic slate of corporate earnings reports and ahead of key economic data on Thursday and Friday.

Bouncing back from nearly 3% declines on Tuesday, the S&P 500 advanced 0.2% today but the tech-heavy Nasdaq 100 finished lower by 0.1% following its largest ...