Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Daily Recap: Cell Towers Drag on REITs, Homebuilders Dip

Following a 1.2% climb last week, the Hoya Capital US REIT Index finished the day lower by 1.3%, dragged down by the cell tower REIT sector, which dipped on positive news from the FCC regarding the potential Sprint/T-Mobile merger. The self-storage sector was the only REIT sector to finish in the green. The S&P 500 climbed declined by 0.7% and the Nasdaq dipped 1.7%. At 2.42%, the 10-Year yield finished the day higher by 2 basis point, bouncing back from the lowest weekly closing level in nearly 18-months.

Within the REIT sector, the lower-quality mall REITs were the biggest losers on the day with CBL dipping more than 10%. Cell Tower REITs Crown Castle, SBA Communications, and American Tower were also among the laggards.

The Hoya Capital US Housing Index finished the day lower by 1.0% with just one of the eight housing sectors in positive territory. The Real Estate Insurance sector was the relative outperformer. Target, La-Z-Boy, Wayfair, MGIC, and M&T Bank were the top-five performers on the day.

The Homebuilding and Real Estate Brokerage & Technology sectors were the relative laggards on the day. Overstock finished lower by more than 6% while Weyerhaeuser, PPG, TRI Pointe, and Bed Bath & Beyond each declined by more than 3%.

It's a busy week for housing data and housing-related retail earnings with Existing Home Sales tomorrow and New Home Sales on Thursday.

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 ("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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