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Hoya Capital Real Estate, LLC

Invest@HoyaCapital.com

(833) HOYA-CAP

Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. Nothing on this site is intended to be investment advice or an offer to buy or sell securities. The risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest rate changes and market recessions. No representation or warranty is made as to the efficacy of any particular strategy or fund, or the actual returns that may be achieved. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Data quoted represents past performance, which is no guarantee of future results. The views and opinions in the preceding commentary are as of the date of publication and are subject to change without notice. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital, and there is no guarantee that investors will experience the type of performance reflected. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any trend cited in this market commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice, is not intended to predict or depict performance of any investment and does not constitute a recommendation or an offer for a particular security. 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 investment advice or as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing.

Additional Disclosure & Privacy Policy

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The Easy Way To Invest In Real Estate

Economics, Housing, & Commercial Real Estate Analysis

Keepin' It Real 

Apartment REITs
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Data Center REITs
Mall REITs
Net Lease REITs
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  • Alex Pettee, CFA

Daily Recap: REITs Gain | Solid Starts | Strong Bank Earnings

A strong start to earnings season, highlighted by better-than-expected bank earnings including Morgan Stanley (MS) this morning, propelled US equity markets to another day of gains. Both the S&P 500 (SPY) and Nasdaq (QQQ) gained 0.3% while the small-cap Russell 2000 (IWM) gained more than 1%. Economic data has been solid over the past week, but not-too-hot to derail the Fed's expected 25 basis point cut in their upcoming October meeting.


Real estate equities were generally higher on the day with the broad-based REIT ETF (VNQ) ended the day higher by 0.3%, led by the cell tower, student housing, and timber REIT sectors. The 10-Year yield finished higher by 1 basis points, boosted in part by positive news out of the UK off a potential Brexit deal. Top individual REIT performers included cell tower REITs: Crown Castle (CCI) and SBA Communications (SBAC) as well as lower-productivity mall REITs: CBL & Associates (CBL), Pennsylvania REIT (PEI),

The Hoya Capital Housing Index, the benchmark that tracks the performance of the US housing industry, finished the day at another new closing high, gaining 0.6% on the day. After surging to the highest monthly rate in 12-years in August, Housing Starts and Building Permits moderated in September, but continue to indicate strength into year-end. Seven of the eight industry groups finished in positive territory on the day, led by the home furnishings, home building products, and real estate brokerage and technology sectors. Top individual performers on the day within the housing sector included Wayfair (W), Watsco (WSO), Tempur Sealy (TPX), Lennox (LII), Sleep Number (SNBR), Redfin (RDFN), and Zillow (Z).

Yesterday, we published our Real Estate Earnings Preview. Below we compiled the notable earnings that we’re watching across the residential and commercial real estate sectors, which we will update throughout earnings season in our Real Estate Weekly Review.

As analyzed in our post on iREIT on Alpha, after surging to the highest monthly rate in 12-years in August, Housing Starts and Building Permits moderated in September, but continue to indicate strength into year-end. The combination of lower mortgage rates and pent-up demographic-driven demand has spurred a recovery in new home construction this year following the "mini-housing recession" experienced in 2018. The US Census Bureau reported that housing starts moderated from last month's 12-year highs to a seasonally-adjusted annualized rate (SAAR) of 1,256k units, which was a decline of 9% from last month, but higher by 1.6% from the same period last year.

With the slower-reacting data finally beginning to see the positive effects of lower mortgage rates, the more forward-looking housing market indicators continue to point to a solid back-half of 2019. Ahead of the closely-watched housing starts data tomorrow and existing home sales data next week, homebuilder sentiment climbed to the highest level since February 2018. All three subcomponents showed notable acceleration since last month, headlined by the 54 print in buyer traffic, which was the first read over breakeven 50 since last October. All four regional indexes ticked higher on a three-month average, led by continued strength in the West and South regions. 

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.


Hoya Capital is excited to announce that we’ve teamed up with iREIT to cultivate the premier institutional-quality real estate research service on Seeking Alpha! In addition to having access to all of iREIT's existing offerings including REIT Ratings on 100+ companies, model portfolios, and much more, iREIT subscribers will now get exclusive access to our expanded real estate coverage including:

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.


Hotel REITs
Single Family Rental REITs
Mobile Home REITs
Healthcare REITs
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