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apartment REITs
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  • Alex Pettee, CFA

Real Estate Daily Recap: REITs Flat, Housing Gains, Led By Redfin

The Hoya Capital US REIT Index finished the day higher by 0.1%, led to the upside by the hotel, data center, and industrial sectors, but dragged down by the cell tower, net lease, and healthcare REIT sectors. The S&P 500 finished the day higher by 1.2% while the Nasdaq climbed 1.3%. At 2.50%, the 10-Year Yield finished the day higher by 9 basis points, pressuring the yield-sensitive segments of the REIT market.

The Real Estate Technology & Brokerage was the strongest performing industry sector in the Hoya Capital US Housing Index on the day, led by Redfin, which jumped nearly 7% following an analyst upgrade from Piper. The Mortgage Lending sector also finished higher by more than 2%, as did the Real Estate Insurance sector, led by First American (FAF), Fidelity National (FNF), Regions Financial (RF), and Huntington (HBAN). Trex (TREX) and At Home (HOME) also climbed more than 4% on the day.

Residential REITs were the relative underperformers on the day, dragged down by Ventas (VTR), ExtraSpace (EXR), Welltower (WELL), and Mid-America (MAA). The Home Furnishings and Home Improvement Retail sectors were each up 0.7% despite a mixed retail sales report in the morning.

Disclosure: An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. We consider the information in this presentation to be accurate, but we do not represent that it is complete. It should not be relied upon as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing. Visit our website for a complete definition of all indexes cited in this report. Investing involves risk and loss of principal is possible.

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