Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Daily Recap: REITs Higher | Homebuilders Flat | Earnings In Focus

Following a modest decline yesterday, US equity markets gained ground as the busy week of earnings continued. The S&P 500 ETF (SPY) climbed 0.3% on the day while the Nasdaq ETF (QQQ) gained 0.2%, as both major indexes remain within 2% of new all-time records. The 10-Year yield declined by 1 basis points to end the day at 1.76% on a relative quiet day of geopolitical news and economic data. Real estate equities were generally higher on the day with the broad-based REIT ETF (VNQ) ending the day higher by 0.2%, led to the upside by the timber, office, and industrial REIT sectors while the student housing, apartment, and shopping center REIT sectors lagged.

After hitting new record highs yesterday, the Hoya Capital Housing Index, the benchmark that tracks the performance of the US housing industry, finished the flat ahead of the closely-watched New Home Sales data tomorrow morning. Leading to the upside was the Real Estate Technology & Brokerage sector while the Home Improvement Retail sector was the laggard. Five index constituents reported earnings today. Owens Corning (OC) reported earnings this morning, ending the day lower by 3%, while Essex (ESS), CoreLogic (CLGX), Sun Communities (SUI), and Fortune Brands (FBHS) report this afternoon.

The earnings slate today was also busy in the commercial REIT space with reports from Cousins (CUZ), Acadia (AKR), Kilroy (KRC), Eastgroup (EGP), First Industrial (FR), and Empire State Realty Trust (ESRT).We'll have full coverage of earnings season on the iREIT on Alpha Marketplace. 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.

Today, we published Timber REITs: Renewable Profits. Timber REITs have seen signs of rejuvenation in 2019, powered by the recovery in the single-family housing markets, which has sprung back to life over the last six months. The roller-coaster ride for lumber prices continued into the second half of this year. After hitting record highs in May 2018, prices plunged 50% through May 2019. Since bottoming in 2019, however, lumber prices have recovered more than 25% as the monthly rate of housing starts and new home sales hit 12-year highs this summer.

New Home Sales data is released tomorrow morning, in addition to a flurry off PMI and manufacturing data including durable goods and manufacturing PMI. New Home Sales is coming off the best month in more than 12 years and expectations call for the second straight month of 700k or more units sold.

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.

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Hoya Capital Real Estate, LLC

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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. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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