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  • Fri, Dec. 2, 11:51 AM
    • The financial sector is taking a breather from its staggering post-election run, with a post-jobs report dip in rates a good enough excuse for satiated bulls to cash in some chips.
    • XLF -1%, KBE -0.7%, KRE -0.7%.
    • Individual issues: Bank of America (BAC -1.8%), Morgan Stanley (MS -1.2%), Citigroup (C -1.9%), M&T (MTB -1.1%), Flagstar (FBC -1.7%), Fifth Third (FITB -1.6%), PNC Financial (PNC -1.4%), Prudential (PRU -1.1%), Lincoln National (LNC -1.9%), Schwab (SCHW -2.1%), State Street (STT -1.8%)
    • No longer part of the financial sector as far as the GICS classification, REITs are enjoying the respite in rates. IYR +1.6%, VNQ +1.6%
    • Realty Income (O +4.1%), Vereit (VER +3%), Omega Healthcare (OHI +3.2%), Welltower (HCN +3.5%), HCP (HCP +2.7%), Universal Health (UHT +4.4%), W.P. Carey (WPC +2%), Lexington Realty (LXP +2.5%), Essex Property (ESS +1.2%), Aimco (AIV +1.5%), General Growth (GGP +2.6%), Brixmor (BRX +1.6%), Federal Realty (FRT +1.8%), Kimco (KIM +1.2%), Public Storage (PSA +1.4%), Life Storage (LSI +1.4%), Boston Properties (BXP +1.2%), Stag Industrial (STAG +2.4%).
    | Fri, Dec. 2, 11:51 AM | 22 Comments
  • Mon, Nov. 14, 3:07 PM
    • With interest rates shooting higher today, the REIT selloff resumed this morning, but there's been a major reversal, with the VNQ now up 2.5% and IYR +2% vs, the S&P 500's flat performance.
    • Among the movers: Vereit (VER +1.4%), Omega Healthcare (OHI +3.5%), HCP (HCP +4.7%), Lexington Realty (LXP +4.8%), UDR (UDR +3.4%), General Growth (GGP +3.6%), CubeSmart (CUBE +1%), Host Hotels (HST +5.1%), Gramercy Property (GPT +3.2%).
    | Mon, Nov. 14, 3:07 PM | 24 Comments
  • Mon, Nov. 14, 10:03 AM
    • The bond market was closed on Friday, keeping rates in check and allowing REITs a respite from the week's bout of selling. The respite was short-lived though, with the selloff resuming this morning as the 10-year Treasury yield jumps 10 basis points to 2.255%.
    • Realty Income (O -1.5%), Public Storage (PSA -1.3%), Welltower (HCN -0.6%), Equity Residential (AVB -1.6%), AvalonBay (AVB -1.6%), Simon Property (SPG -1.5%), Kimco (KIM -0.5%), Eastgroup (EGP -0.5%), American Campus (ACC -1.7%).
    • Fading the action are some office REITs as players eye a big boost in government spending: Government Properties (GOV +1.6%), Boston Properties (BXP +1%), First Potomac (FPO +1.2%).
    • Also fading the negativity despite the stronger dollar are the previously very roughed-up lodging REITs as perhaps they discount a stronger economy: Ashford Hospitality (AHT +3.7%), Sunstone Hotel (SHO +3.2%), LaSalle Hotel (LHO +2.2%), Pebblebrook Realty (PEB +3.7%), Summit Hotel (INN +1.6%), Hospitality Properties (HPT +1.2%), RLJ Lodging (RLJ +2.8%)
    • Previously: "Bond vigilantes" term comes out of retirement (Nov. 14)
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF
    | Mon, Nov. 14, 10:03 AM | 20 Comments
  • Fri, Nov. 11, 12:53 PM
    • Surging interest rates this week had investors pulling money from income favorites like REITs and utilities, and rotating into yield-starved banks, insurance companies, and brokerages.
    • With the bond market closed for Veteran's Day, rates are taking the day off, and REITs and utilities (XLU +0.3%) are seeing a sizable bounce. VNQ +1.1%, IYR +0.9%
    • Retails rates are thought to be more exposed than most to rising rates, and they were among the hardest hit. Today: Realty Income (O +1.6%), Vereit (VER +4.3%), National Retail (NNN +1%), Store Capital (STOR +4.3%)
    • Other equity REITs: Omega (OHI +0.5%), LTC Properties (LTC +2%), Healthcare Trust (HTA +2.2%), Gramercy Property (GPT +3%), Gladstone Commercial (GOOD +4.3%), Lexington Realty (LXP +2.4%), General Growth (GGP +1%), Simon Property (SPG +1%), Retail Opportunity (ROIC +2.5%), Life Storage (LSI +1.4%), First Potomac (FPO +7.5%), Stag Industrial (STAG +1.5%)
    | Fri, Nov. 11, 12:53 PM | 9 Comments
  • Mon, Nov. 7, 10:30 AM
    | Mon, Nov. 7, 10:30 AM
  • Sat, Nov. 5, 12:15 PM
    • Interest rate fears have helped send REITs tumbling over the past few months, with the Vanguard REIT Index ETF (NYSEARCA:VNQ) down from 15% from its July high, and now yielding 4.3% - more than double that of the S&P 500.
    • Source: Barron's Andrew Bary
    • Notable REITs at 52-week lows include Equity Residential (NYSE:EQR), Macerich (NYSE:MAC), Simon Property Group (NYSE:SPG), and Public Storage (NYSE:PSA).
    • Green Street's Mike Kirby: REITs aren't pound-the-table inexpensive, but on the attractive side of fair value. Citigroup: "While there is undoubtedly deceleration in fundamentals ... the REIT sector is in its best shape from a balance-sheet, portfolio, and operations perspective in its history.”
    • Negatives include too much apartment supply in formerly hot markets on the coasts, a flattening in Manhattan office rents, and pressure on malls from the boom in e-commerce.
    • Even with all that, Kirby sees the industry's AFFO rising 6.3% this year, and 7% in 2017 and 2018. REITs trade at 20x forward AFFO - pricey vs. the S&P 500, but worth it if they produce better profit growth.
    • Another valuation method is to look at the cap rates of portfolio properties, and a check finds REITs like Boston Properties (NYSE:BXP), and Simon Property are selling below their private-market values. Why, asks Kirby, would a pension fund or sovereign wealth fund pay a higher price (lower cap rate) for a Manhattan property when they could get a whole portfolio of NYC office buildings at a cheaper valuation by buying SL Green (NYSE:SLG)?
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX, RORE
    | Sat, Nov. 5, 12:15 PM | 32 Comments
  • Thu, Oct. 27, 10:42 AM
    • The 10-year Treasury yield is making new bear-cycle highs today, up another seven basis points to 1.86% - its perkiest level since May. The move up in yields is global, with U.K. 10-years up 11 bps and Germany's up 8.5 bps.
    • Earlier today, the U.K. reported Q3 GDP growth of 0.5% - far better than what had been predicted post-Brexit.
    • Facing at least a little more competition in the yield department, equity REITs have turned sharply lower, with VNQ down 2.1%, and IYR off 1.8%. Mortgage REITs (REM -0.6%) are faring a little better as solid Q3 earnings begin to roll in.
    • The major U.S. averages have given up early gains and turned red, led by the S&P 500 and Nasdaq, both off 0.25%.
    • Individual equity REITs: Verreit (VER -2.2%), Welltower (HCN -2.4%), Equity Residential (EQR -1.6%), Omega Healthcare (OHI -3.2%), Simon Property (SPG -3.2%), General Growth (GGP -2.6%), Public Storage (PSA -2.9%), Gramercy Property (GPT -1.9%), Washington Real Estate (WRE -1.2%), Hersha (HT -2.9%), Sunstone Hotel (SHO -1.4%), Stag Industrial (STAG -2%)
    • Mortgage REITs: AGNC Investment (AGNC -1.5%), Annaly (NLY -0.7%), Two Harbors (TWO -0.4%), Capstead (CMO +0.3%)
    • ETFs: VNQ, IYR, MORL, REM, MORT, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX, RORE
    | Thu, Oct. 27, 10:42 AM | 42 Comments
  • Tue, Oct. 4, 4:29 PM
    | Tue, Oct. 4, 4:29 PM | 95 Comments
  • Mon, Sep. 26, 3:26 PM
    • 1.55% decline in Europe amid worries over the financial condition of Deutsche Bank has helped send the U.S. averages lower by 0.85%, and Treasury yields to their slimmest this month. At the short end, traders are cutting bets on the chance of a rate hike at any point in 2016.
    • Fading that negative action are the REITs, with the Vanguard REIT Index Fund (NYSEARCA:VNQhigher by 0.3% and the iShares U.S. Real Estate ETF (NYSEARCA:IYRup 0.2%. The iShares Mortgage REIT ETF (NYSEARCA:REM) is also up 0.2%.
    • Among individual issues: Annaly Capital (NLY +0.8%), American Capital Agency (AGNC +0.7%), Realty Income (O +1.1%), Omega Healthcare (OHI +1%), HCP (HCP +0.8%), Aimco (AIV +1.7%), Simon Property (SPG +0.5%), Kimco (KIM +0.8%), Public Storage (PSA +0.9%), Stag Industrial (STAG +0.5%)
    | Mon, Sep. 26, 3:26 PM | 15 Comments
  • Thu, Sep. 22, 4:32 PM
    • Wells Fargo began raising concerns about the hot REIT sector in August, and today officially goes to Neutral from Overweight.
    • While the VNQ was up 1.8% today, the ETF and sector has been in a bit of a downtrend since the end of July. Why?
    • It seems to be tied to the chance of Fed rate hikes, says Wells, and the higher-yielding segments of the sector have had an especially rough go of it. There's also the realization that fundamentals have been softening over the past year.
    • "We favor taking some profits off the table and reallocating to asset classes we believe have better risk/return tradeoffs."
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
    | Thu, Sep. 22, 4:32 PM | 10 Comments
  • Fri, Sep. 16, 3:20 PM
    • Today is the day (after the close) when REITs are officially broken out of financials and into their own sector, but that's not necessarily a reason to rush to buy, says BMO Capital Markets, initiating coverage of the new sector with a Neutral rating.
    • While the reclassification could boost asset flows, a big run-up already this year has left REITs with a fancy valuation at a time when rates might be set to begin a material move higher.
    • The Vanguard REIT ETF (NYSEARCA:VNQ) is up 14% YTD, but has fallen about 8% over the past handful of sessions as interest rates have climbed sharply.
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
    | Fri, Sep. 16, 3:20 PM | 2 Comments
  • Fri, Sep. 9, 3:22 PM
    • As of the close today, equity REITs will be broken out of the S&P financial sector where they currently reside, and into their own category - that's 28 stocks with nearly $600B in market cap.
    • The real estate sector will account for about 3% of the total S&P 500, while financials - which account for about 13.1% - will drop below 12%.
    • In front of that, investors put $1.08B into REIT ETFs in August alone and $7.6B year-to-date. Of course, this could have less to do with the new sector, and more to do with performance chasing - REITs have far outperformed the broader indexes this year. The biggest beneficiary is the $34B Vanguard REIT Index Fund (NYSEARCA:VNQ) which has pulled in $4.57B.
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
    | Fri, Sep. 9, 3:22 PM | 6 Comments
  • Fri, Sep. 2, 2:52 PM
    • The REIT sector's -3.28% return last month was well short of the S&P 500's flat performance. The tough month for REITs came alongside a sizable rise in interest rates and Fed rate hike expectations.
    • REITs continue to outperform the broader indexes for the year.
    • The lodging REITs were the best-performing sector last month, with a negative return of just five basis points. Also doing well on a relative basis were the single-family rental REITs.
    • Particularly roughed-up in August were specialty REITs, returning negative 12.85% as GEO Group and CCA both plunged on the DOJ plan to cut back its use of private prisons.
    • Source: Trepp REITcafe
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, FRI, DRA, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
    | Fri, Sep. 2, 2:52 PM | 2 Comments
  • Tue, Aug. 30, 8:15 AM
    • It's smelling like a top in real estate to Laszlo Birinyi, who wonders why investor interest and outperformance is enough to merit a separate S&P classification for REITs (specifically, equity REITs; mortgage REITs will remain in the financials).
    • He compares the move to the the decision to add Apple to the DJIA after its near-1000% rise from the March 2009 bottom. Since, Apple is the worst-performing name in that index, with a total return of negative 12.9%.
    • Up 348% from the 2009 bottom, REITs are trading at 45x earnings - "not a compelling purchase," says Birinyi.
    • Besides, says Birinyi, there are plenty of ETFs out there through which investors can already get easy exposure to REITs. This move, he says, is about benefitting S&P, which should be able to earn licensing fees from the funds.
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, FRI, DRA, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
    | Tue, Aug. 30, 8:15 AM | 13 Comments
  • Wed, Aug. 17, 3:28 PM
    • Funds from operations for the equity REIT industry rose 7.1% for the quarter and were up 10.3% on a year-over-year basis, according to NAREIT. NOI gained 5% for the quarter and 9.1% Y/Y. Dividends of $12B were up 13.6% from Q2 one year ago.
    • Same-store NOI was up 4.3% Y/Y, with self-storage and data centers showing particular strength.
    • On a per share basis, FFO rose 5.5% Q/Q and 2.9% Y/Y; NOI gained 3.5% and 1.7%, respectively.
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF
    | Wed, Aug. 17, 3:28 PM
  • Tue, Aug. 16, 10:59 AM
    • The major averages are off just modestly, but the Vanguard REIT Index Fund (NYSEARCA:VNQ) is lower by 1% as FRBNY boss Bill Dudley hit the tape this morning suggesting the possibility of a September rate hike and telling markets they're not being aggressive enough in pricing in Fed monetary tightening.
    • Fed Funds futures are currently pointing to about a 50% chance of one rate hike this year, and barely pricing in any Fed moves next year.
    • On tap for REITs this month is their move out of the financial sector and into their own separate sector classification.
    • A few names today: Kimco (KIM -1.7%), Realty Income (O -2.1%), Omega Healthcare (OHI -1.2%), Medical Properties Trust (MPW -1.2%), W.P. Carey (WPC -1.7%), Aimco (AIV -1.4%), Simon Property (SPG -1.1%), Public Storage (PSA -0.7%), Government Properties (GOV -1%), Boston Properties (BXP -1.2%), Stag Industrial (STAG -1.2%)
    • ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS
    | Tue, Aug. 16, 10:59 AM | 55 Comments
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