Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

REITs Lower As Earnings Season Kicks-Off [Daily Recap]

  • Following two straight weeks of gains, U.S. equity markets traded lower on Monday amid a historic plunge in front-month oil contracts, setting up another potentially volatile week.

  • Following combined gains of 15% over the last two weeks, the S&P 500 retreated by 1.8% while the Dow Jones Industrial Average dropped roughly 600 points, erasing last week's gains.

  • Coming off declines of 4.1% last week, the broad-based Equity REIT ETFs slid 4.0% today with all 18 REIT sectors in positive territory while Mortgage REITs dipped 5.0%.

  • REIT earnings season kicks off this week which should provide pivotal information on rent collection and future dividend plans. Net lease REIT Agree Realty reported solid results, collecting nearly 90% of rents.

  • After the close, American Campus reported solid Fall 2020 leasing results that were actually ahead of last year's trend while manufactured housing REIT Equity Lifestyle reported that it collected 96% of April rents.

Real Estate Daily Recap

Following two straight weeks of gains, U.S. equity markets traded lower on Monday amid a historic plunge in front-month oil contracts, setting up another potentially volatile week. Following combined gains of 15% over the last two weeks, theS&P 500 ETF (SPY) retreated by 1.8% while theDow Jones Industrial Average (DIA) dropped roughly 600 points, erasing all of last week's gains. Real estate equities were under pressure again today after underperforming last week amid continued uncertainty over rent collection and mortgage forbearance. Coming off declines of 4.1% last week, the broad-basedEquity REIT ETFs(VNQ) (SCHH) slid 4.0% today with all 18 REIT sectors in positive territory whileMortgage REITs(REM) dipped 5.0%.

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