Andrii Yalanskyi
REITs declined this week after posting mixed earnings, while the broader markets gained.
Notably, Orion Office REIT (ONL), National Health Investors (NHI) and Starwood Property Trust (STWD) reported mixed Q3 earnings.
Meanwhile, Tanger Factory Outlet Centers (SKT) was downgraded at Compass Point despite a Q3 beat and guidance boost. Realty Income (O) reported an outright beat and boosted guidance.
This week, the FTSE Nareit All Equity REITs fell by 2.62%, while the Dow Jones Equity All REIT Total Return Index decreased by 2.57%.
The Real Estate Select Sector SPDR ETF was down by 2.05% and the mortgage REITs index declined by 1.59%.
Meanwhile, S&P 500 gained by 1.31% as the Treasury yields stabilized after a big bond sell-off due to a weak government auction.
Extra Space Storage’s (EXR) strong Q3 results helped the self-storage subsector gain this week. The subsector increased by 1.69% from last week, serving as an outlier when compared to the other subsectors.
Office was a major laggard, having lost 8.13% of its value on a weekly basis. Healthcare and Timber subsectors followed.
Here is a look at the subsector performance:
