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  • Alex Pettee, CFA

Frenetic Day Of REIT Earnings

  • U.S. equity markets pulled back on Wednesday after two straight days of gains as investors look ahead to an uncertain post-coronavirus future as countries and states begin reopening.

  • After finishing higher by 0.9% yesterday, the S&P 500 finished lower by 0.7% while the Dow Jones Industrial Average shed roughly 220 points after yesterday's 140 point gain.

  • Real estate equities finished mostly lower in the midst of the busiest 72 hours of earnings reports of the quarter with more than two dozen REITs reporting results this afternoon.

  • The broad-based Equity REIT ETFs retreated by 1.9% with 16 of the 18 sectors in negative territory while Mortgage REITs dipped 2.9%. Homebuilders finished marginally lower.

  • Three more REITs were added to the Coronavirus Dividend Cut list today: Welltower, EPR Properties, and Independence Realty. We've now tracked 33 equity REITs in our universe of 165 names to announce a cut or suspension of their dividends.

Real Estate Daily Recap

U.S. equity markets pulled back on Wednesday after two straight days of gains as investors look ahead to an uncertain post-coronavirus future as countries and states begin reopening. After finishing higher by 0.9% yesterday, the S&P 500 ETF (SPY) finished lower by 0.7% while the Dow Jones Industrial Average (DIA) shed roughly 220 points after yesterday's 140 point gain. Following modest gains yesterday, real estate equities finished mostly lower in the midst of the busiest 72 hours of earnings reports of the quarter with more than two dozen REITs reporting results this afternoon. The broad-based Equity REIT ETFs (VNQ) (SCHH) retreated by 1.9% with 16 of the 18 sectors in negative territory while Mortgage REITs (REM) dipped 2.9%.

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Hoya Capital Research & Index Innovations is an affiliated index provider and research firm that builds custom indexes tracking U.S. commercial and residential real estate sectors, including indexes tracked by exchange-traded funds (ETFs). 

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