Stocks Rebound • REIT Dividend Hikes • Earnings Analysis

October 28, 2022 | Hoya Capital

Stocks Rebound • REIT Dividend Hikes • Earnings Analysis Real Estate Daily Recap Oct 28 Written By U.S. equity markets rallied Friday- pushing the major benchmarks to the second week of gains- as a mixed slate of earnings reports and lukewarm economic data raised hopes for a "soft landing." Finishing the week with gains of nearly 4%, the S&P 500 advanced 2.5% today while the tech-heavy Nasdaq 100 rebounded with 3.1% gains to end the week with 2% gains.

Real estate equities were upside leaders throughout the week with Equity REITs gaining 2.2% today- and over 6% on the week while Mortgage REITs rallied 3.3% today- and 10% this week. Another day, another handful of REIT dividend hikes. Mall REIT Macerich (MAC) surged nearly 8% after hiking its quarterly dividend by 13% to $0.17/share. We've now seen 120 REITs raise their dividend this year - matching the full-year record-high total from 2021.

CubeSmart (CUBE) - which we own in the REIT Dividend Growth Portfolio - rallied more than 6% today after it boosted its full-year FFO growth target to 19.0% - up 100 basis points from last quarter - and its NOI growth target to 16.0% - up 50 basis points. Income Builder Daily Recap U.S. equity markets rallied Friday - pushing the major benchmarks to the second week of solid gains - as a mixed slate of corporate earnings reports and lukewarm economic data raised hopes of a "soft landing." Finishing the week with gains of nearly 4%, the S&P 500 advanced 2.5% today while the tech-heavy Nasdaq 100 rebounded with 3.1% gains to end the week with gains of roughly 2%.

The Mid-Cap 400 and Small-Cap 600 each advanced more than 5% on the week. Real estate equities were upside leaders throughout the week driven by a solid slate of earnings results and lifted by a retreat in longer-term interest rates. The Equity REIT Index finished higher by ...