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  • Alex Pettee, CFA

REITs Dive As Congress Rebuffs Reopening [Daily Recap]

  • U.S. equity markets declined on Tuesday after a Senate hearing in which Congressional leaders and Federal bureaucrats pushed back on plans to end government-mandated lockdowns.

  • After finishing flat yesterday, the S&P 500 finished lower by 2.1% while the Dow Jones Industrial Average dipped 460 points following yesterday's 110 point decline.

  • Real estate equities declined for the second straight day as we reach the home stretch of earnings season. Equity REIT ETFs declined by 4.9% while Mortgage REIT ETFs declined 2.6%.

  • REIT earnings season was generally better-than-expected with rent collection proving to be a non-issue for the majority of REITs outside of the retail and hotel sectors.

  • We've now tracked 47 equity REITs in our universe of 165 names to announce a cut or suspension of their dividends in addition to the majority of mortgage REITs that have announced dividend cuts or suspensions.

Real Estate Daily Recap

U.S. equity markets declined on Tuesday after a Senate hearing in which Congressional leaders and Federal bureaucrats pushed back on plans to end the government-mandated lockdowns despite mounting scientific evidence calling into question its effectiveness. After finishing flat yesterday, the S&P 500 ETF (SPY) finished lower by 2.1% while the Dow Jones Industrial Average (DIA) dipped 460 points following yesterday's 110 point decline. Real estate equities declined for the second straight day as we reach the home stretch of earnings season. After declining by 1.8% yesterday, the broad-based Equity REIT ETFs declined by 4.9% on the day with all 18 REIT sectors in negative territory while Mortgage REITs declined by 2.6%.

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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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