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  • Alex Pettee, CFA

Daily Recap: Earnings Begin | REITs Mixed | Stocks & Housing Gain

Real estate equities were generally higher on the day, but underperformed the broader equity market as earnings season kicked off with a better-than-expected report from Prologis (PLD). The broad-based REIT ETF (VNQ) finished the day higher by 0.2%, led to the upside by the industrial, manufactured housing, and hotel REIT sectors while the student housing, cell tower, and storage REIT sectors lagged on the day.

The Hoya Capital Housing Index, the benchmark that tracks the performance of the US housing industry, finished the day higher by 0.8%, climbing to a new all-time record closing high. Seven of the eight industry groups finishing in positive territory on the day. The homebuilders, real estate technology & brokerage, and the mortgage lenders and servicers led today's gains. Four Housing Industry components reported earings today: First Republic Bank (FRC), JP Morgan (JPM), Wells Fargo (WFC), and Sleep Number (SNBR) with all four beating estimates.

It'll be a fairly busy week of economic data with Retail Sales and Homebuilder Sentiment data released on Wednesday and Housing Starts & Building Permits released on Thursday. Starts and Permits are each coming off their best months in more than 12 years, powered by the tailwinds of significantly lower mortgage rates and strong demographic-driven demand.

For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Apartments, Homebuilders, Student Housing, Single-Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, Shopping Centers, Hotels, Office, Storage, Timber, and Real Estate Crowdfunding.


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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