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  • Alex Pettee, CFA

REITs Rally Despite Tax Hike Fears

  • U.S. equity markets closed on the cusp of record highs as a strong slate of housing data and corporate earnings reports offset concerns over President Biden's proposed capital gains tax hike.

  • Narrowly snapping a four-week winning streak, the S&P 500 finished lower by 0.1% on the week, but the Mid-Cap 400 rallied 0.9% and the Small-Cap 600 gained 0.2%.

  • Led by the residential sectors, real estate equities were the top-performing industry group this week following a strong start to earnings season. The Equity REIT Index gained 1.7% this week.

  • Results from the handful of REITs that reported results this week were impressive - particularly in the housing, logistics, and technology sectors. We saw another REIT-related SPAC deal and some M&A news as well.

  • Housing Heats Up: New Home Sales surged in March to the highest level in 15 years as the U.S. housing industry has remained a source of continued strength throughout the early economic recovery.

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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 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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