REIT Rally Unfazed By Unrest [Daily Recap]
U.S. equity markets continued their positive momentum on Monday despite a weekend that saw violence in the streets in many U.S. cities as investors remain focused on advancing economic reopenings.
Following gains of 3.0% last week and 3.1% the week before, the S&P 500 gained 0.4% on the day while the Dow Jones Industrial Average finished higher by 92 points.
Adding to combined 12% gains over the past two weeks, the broad-based Equity REIT ETFs gained another 2.3% today, ironically led by the retail sector despite images of widespread looting.
Residential REITs were among the leaders after Equity Residential indicated that the rental sector has seen a V-shaped recovery in recent weeks, consistent with the rebound in the broader housing industry.
With REITweek kicking off tomorrow, it will be a jam-packed week of real estate news flow. We expect to hear updates on May rent collection from the majority of REITs this week.