Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

REITs Rally As Earnings Impress

  • U.S. equity markets rebounded from their worst week since October as stronger-than-expected corporate earnings reports and recent economic and coronavirus data suggested a sooner-than-feared return to normalcy.

  • Delivering a "perfect week" with gains on all-five trading days, the S&P 500 rallied 4.8% but was still outpaced by the Mid-Cap 400's 6.0% surge and Small-Cap 600's 5.3% gains.

  • Real estate equities delivered another strong week as REIT earnings season kicked into high gear with two dozen earnings reports and despite a plunge from a handful of the "squeezed" mall REITs.

  • Timber REITs were upside standouts amid record levels of lumber demand from robust housing activity. Mall REITs were the laggards after Macerich reported a dismal fourth quarter.

  • Housing companies rallied after Redfin reported that homebuying demand is 60% above where it was last year. Supply levels remain historically tight as 55% percent of homes for sale found a buyer in 14 days or less.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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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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