Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Shortages Of Everything

  • U.S. equity markets finished broadly higher this past week despite employment data and corporate commentary suggesting a fast-developing labor shortage, one of several notable shortages emerging during post-pandemic economic reopenings.

  • Finishing at fresh record-highs, the S&P 500 climbed 1.2% on the week - notching gains in six of the past seven weeks. Small-Caps jumped 2% but the tech-heavy Nasdaq was under pressure.

  • Real estate equities were mixed amid the busiest week of earnings with 100 REITs reporting results. The Equity REIT Index declined by 0.6% with 9-of-19 property sectors in positive territory.

  • The U.S. economy added just 266k jobs in April, well below the estimates of around 1,000,000 which some economists suggest is linked to supplemental unemployment benefits which - in some cases - result in higher pay than the employment alternative.

  • Seven REITs boosted their dividends this past week while earnings continue to impress. 85% of REITs topped consensus earnings estimates. Of the 83 REITs and homebuilders that provide guidance, nearly two-thirds raised estimates.

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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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