Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

REITs Slammed As Lockdowns Sweep Europe

  • U.S. equity markets plunged by the most since March this week as a strong slate of economic data and corporate earnings was overwhelmed by pre-election jitters and amplified coronavirus concerns.

  • A cascading wave of lockdowns across Europe rattled global equity markets while narrowing poll numbers in the U.S. compromise the prospects of a renewed fiscal stimulus package.

  • Sitting on the cusp of "correction territory," the S&P 500 ended the week lower by nearly 6% while major Eurozone equity indexes plunge by over 10%. Technology stocks remained under pressure.

  • Real estate equities were a surprising source of stability. Equity REITs and Mortgage REITs were relative outperformers on the week following a strong start to third-quarter earnings season as three more REITs boosted dividends.

  • This week's sell-off came despite better-than-expected economic data, underscored by a record 33.1% surge in third-quarter GDP growth as the United States continues to outperform essentially all other developed economies during the pandemic.

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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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