Alex Pettee, CFA
Real Estate Daily Recap: REITs Decline Despite Bond Yields Hitting Multi-Year Lows
Following a nearly 1% yesterday, the Hoya Capital US REIT Index declined by 0.4% on the day, led to the downside by the data center, storage, and net lease REIT sectors. The hotel and cell tower REIT sectors outperformed on the day. Housing Permits & Starts data were above-estimates this morning, but bond yields dipped to multi-year lows after the ECB signaled a more aggressive monetary policy stance ahead of the Fed rate decision tomorrow. The S&P 500 finished higher by 1.0% while the Nasdaq climbed 1.5%.
The Hoya Capital US Housing Index finished the day higher by 0.2% despite declines in the homebuilder and residential REIT sectors. The Real Estate Technology & Brokerage sectors led the way on the day. Potlatchdeltic, Regions Financial, Armstrong, RealPage, Beacon Roofing, and Whirlpool were each up by more than 2.5% on the day.
In the commercial REIT sector, Washington Prime, Diamondrock, CBL, and RLJ led the way, each climbing by 1.5% or more.
For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Homebuilders, Apartments, Student Housing, Single Family Rentals, Manufactured Housing, Cell Towers, Healthcare, Industrial, Data Center, Malls, Net Lease, Apartments, Shopping Centers, Hotels, Office, Storage, and Real Estate Crowdfunding.
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