Alex Pettee, CFA- Alex Pettee, CFA
Did Rent Get Paid? REIT Earnings Update
U.S. equity markets climbed for the second straight day on Tuesday as states and corporations announce re-opening plans amid mounting data that the worst of the pandemic has now passed.
After finishing higher by 0.4% yesterday, the S&P 500 finished higher by 0.9% while the Dow Jones Industrial Average gained roughly 140 points while the Nasdaq gained 1.1%.
Following modest declines yesterday, real estate equities finished mostly higher today as earnings season hits high-gear over the next 72 hours with more than 60 REITs reporting results.
The broad-based Equity REIT ETFs climbed 0.3% led by the single-family rental and technology REIT sectors while Mortgage REITs gained 2.3%. Housing stocks delivered another strong day.
Rent collection in April has been largely a non-issue for the residential, industrial, and office REIT sectors. The same can't be said for retail REITs, which have collected anywhere from 40-70% of April rents.
Real Estate Daily Recap
U.S. equity markets climbed for the second straight day on Tuesday as states and corporations announce re-opening plans amid mounting data that the worst of the pandemic has now passed. After finishing higher by 0.4% yesterday, the S&P 500 ETF (SPY) finished higher by 0.9% while the Dow Jones Industrial Average (DIA) gained roughly 140 points. Following modest declines yesterday, real estate equities finished mostly higher today as earnings season hits high-gear over the next 72 hours with more than 60 REITs reporting results. The broad-based Equity REIT ETFs (VNQ) (SCHH) climbed 0.3% led by the single-family rental and technology REIT sectors while Mortgage REITs (REM) gained 2.3%.
