Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

REITs Lead Rebound As Curve Flattens [Daily Recap]

  • U.S. equity markets finished sharply higher on Wednesday amid mounting optimism that segments of the U.S. economy may return to work sooner than once feared as the coronavirus curve flattens.

  • Rebounding to four-week highs - but 19% below February's highs - the S&P 500 added another 3.4% to the gains today while the Dow Jones Industrial Average gained 775 points.

  • Real estate equities continued their recent rebound, outperforming for the third straight day as the broad-based commercial Real Estate ETFs surged 6.4% while all 18 REIT sectors in positive territory.

  • It was a third-straight strong day for homebuilders and other housing-related equities as Equity Residential announced that it has collected about 93% of its monthly residential cash receipts for April 2020.

  • Mortgage REITs continued their recent surge after Annaly Capital - the largest residential mREIT - reported that its preliminary BV per share as of March 31 declined less than feared and that its liquidity position was strong.

Real Estate Daily Recap

U.S. equity markets finished sharply higher on Wednesday, adding to recent gains amid mounting optimism that segments of the U.S. economy may return to work sooner than once feared as the coronavirus "curve" flattens. Recovering to four-week highs - but still lower by 19% from recent highs - the S&P 500 ETF (SPY) added another 3.4% to the gains today while the Dow Jones Industrial Average (DIA) gained 775 points. Real estate equities continued their recent rebound, outperforming for the third straight day as the broad-based commercial Real Estate ETFs (VNQ) (SCHH) surged 6.4% while all 18 REIT sectors in positive territory. Left for dead early last week, Mortgage REITs (REM) have surged in recent days, adding another 18.3% to their gains this week to 40%. 

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