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  • Alex Pettee, CFA

Who Paid Rent? Landlords Provide REITweek Updates

  • U.S. equity markets rallied for the third-straight-day on Tuesday despite continued unrest across many U.S. cities on hints that protests may have actually helped to accelerate the economic reopening process.

  • Following gains of 0.4% yesterday, the S&P 500 gained 0.8% on the day, closing 40% above its lows in March, while the Dow Jones Average finished higher by another 268-points.

  • Adding to combined 12% gains over the past two weeks and 2.3% yesterday, the broad-based Equity REIT ETFs gained another 1.1% today while Mortgage REITs finished flat.

  • 11 of 18 property sectors finished in positive territory today, led by many of the most economically-sensitive property sectors as a flurry of REITs reported generally solid rent collection results for May during REITweek presentations.

  • Homebuilders and the broader housing sector were again among the outperformers today after an update from Taylor Morrison provided further confirmation of the V-shaped recovery pattern forming in the all-important U.S. housing market.

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