Rough Week • Travel Demand Cools • REIT Updates

June 17, 2022 | Hoya Capital

Rough Week • Travel Demand Cools • REIT Updates Real Estate Daily Recap Jun 17 Written By U.S. equity markets stabilized Friday on an otherwise brutal week as mounting concerns over an economic "hard landing" has sent the major benchmarks to the lowest levels since late 2020. Posting weekly declines of more than 6% - its tenth decline in the past eleven weeks and its worst week since March 2022, the S&P 500 finished higher by 0.3% today.

Real estate equities rebounded as well today with the Equity REIT Index advancing 0.8% today - ending the week with declines of 5.3% - while Mortgage REITs rebounded 4%. Consistent with TSA data showing a notable slowdown in travel demand, Pebblebrook (PEB) was a laggard today after providing a business update in which it noted that its operating metrics softened a bit in May compared to April,. Ellington Financial (EFC) rallied more than 4% today after reporting that its Book Value Per Share was relatively flat in May, a positive read-through for the mREIT sector amid a particularly brutal week.

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U.S. equity markets stabilized Friday on an otherwise brutal week as mounting concerns over an economic "hard landing" has sent the major benchmarks to the lowest levels since late 2020. Posting weekly declines of more than 6% - its tenth decline in the past eleven weeks, the S&P 500 finished higher by 0.3% today but remains more than 23% below its recent highs. ...