- The broad equity REIT sector had been on nice run for most of the summer, perhaps benefitting as long-term rates surprised everyone (again), and headed nicely lower. They gave back some ground this week as the 10-year Treasury yield jumped nearly 20 basis points, and markets again started to price in one more Fed rate hike this year.
- Today, though, the IYR is up 0.55% and VNQ 0.75%, while the S&P 500 posts a modest loss.
- Mall and shopping center names: Simon Property (SPG +2%), Macerich (MAC +2.6%), Kimco (KIM +2.9%), Taubman (TCO +1.1%), DDR (DDR +2.7%)
- Self-storage: Public Storage (PSA +1.9%), CubeSmart (CUBE +1.7%)
- Office: Boston Properties (BXP +1.8%), Kilroy (KRC +2.4%), Paramount Group (PGRE +1.6%)
- Underperforming are the hotel names: Sunstone (SHO -1.7%), LaSalle (LHO -1%), Chesapeake (CHSP -1.6%), Pebblebrook (PEB -1%)
- ETFs: VNQ, IYR, RQI, SCHH, DRN, RNP, RFI, URE, KBWY, ICF, RWR, NRO, SRS, JRS, XLRE, DRA, DRV, FREL, RIF, RIT, LRET, REK, FRI, FTY, PSR, WREI
- Now read: JRI-DRA Merger Complete
Original article