Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Real Estate Weekly: REIT Rally Resumes As Earnings Season Heats Up

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  • Following the worst week of the year for REITs, the sector bounced-back on a busy week of economic data. REITs have climbed in fourteen of the seventeen weeks of 2019.

  • GDP data smashed through estimates in the first quarter, silencing concerns that economic growth may be stalling out following the 2018 reacceleration. A true “Goldilocks” report, inflation pressures remained muted.

  • GDP growth is even more impressive considering the recent drag from residential fixed investment and non-residential construction. A tailwind for REITs, supply growth has cooled even as demand remains robust.

  • New Home Sales topped estimates, climbing to a sixteen-month high as lower mortgage rates are translating into stronger demand. Homebuilder earnings, however, have been mixed so far this quarter.

  • Household formations are growing at the strongest rate since 1985, powered by rising wages and solid job growth. More households are renting, however, as the homeownership rate stalled-out in Q1.

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Hoya Capital Real Estate, LLC

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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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