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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 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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