Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

REITs Reignite Animal Spirits

  • U.S. equity markets rallied to fresh record-highs this past week on data showing faster-than-expected job growth and continued strength behind the housing market while jitters over rising interest rates calmed.

  • Closing the holiday-shortened week at record highs, the S&P 500 gained 1.2% led by a rebound in large-cap technology stocks while Small-Caps and Mid-Caps lagged for the third straight week.

  • Led by the residential REIT sectors, real estate equities were higher on the week as the broad-based Equity REIT Index gained 0.7% with 13 of 19 property sectors in positive territory.

  • Housing data showed that robust levels of homebuying activity continue to clash with record-low inventory levels, which has accelerated the upward pressure on home values and suburban rents.

  • Animal Spirits Reignited? Brookfield Asset Management reached an agreement with Brookfield Property to acquire the remainder of its outstanding shares. The $6.5B would be the largest REIT-involved deal in two years.

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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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