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Another rough session for REITs

Published 01/12/2018, 03:31 PM
Updated 01/12/2018, 03:31 PM
© Reuters.  Another rough session for REITs
  • The major averages are on track to set new records at the close, but the REITs (IYR -0.7%) are underperforming by a mile again on interest rate concerns.
  • Late yesterday, FRBNY President Bill Dudley was sounding very hawkish, and this morning's core CPI report came in faster than expected. The two-year Treasury yield subsequently jumped above 2% for the first time since 2008.
  • Short-term rate markets have only been expecting two rate hikes this year, and have now just begun pricing in a third. Judging from Dudley's talk yesterday, they may want to consider a fourth.
  • On a year-to-date basis the IYR is lower by nearly 5%, underperforming the SPY (NYSE:SPY) by 900 basis points.
  • Welltower (HCN -1.6%), Ventas (VTR -2.3%), Healthcare Trust (HTA -1.3%), National Retail (NNN -1.1%), Essex Property (ESS -1.9%), Weingarten Realty (WRI -0.8%), Kite Realty (KRG -0.9%), Public Storage (PSA -1.1%), Gramercy Property (GPT -1.6%)
  • ETFs: VNQ, IYR, RQI, SCHH, RNP, RFI, KBWY, DRN, NRO, URE, ICF, XLRE, JRS, RWR, SRS, FREL, DRA, DRV, RIF, LRET, REK, RIT, FRI, FTY, PSR
  • Now read: Ventas Is Nice But We Prefer A Pure MOB Scene


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