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.