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HMG - Equity REIT Performance In A Nutshell: Week 27
HMG/Courtland Properties Inc.
Week 27 (June 29 - July 3) finally brought positive results for the U.S. equity REITs, ending the three-week period of underperformance relative to the S&P 500.
The most direct explanation of the rally in the equity REITs is associated with the embedded "high-beta" exposure where a significant part of the REIT space has been exhibiting magnified returns since the outbreak of COVID-19.
In other words, certain REIT sectors such as hotels and retail have become much riskier due to the uncertainty around the financial prospects. The knock-on effects from the social distancing measures (e.g.,