AGNCN - REIT Earnings Preview: Here's What We're Watching

• Real estate earnings season kicks off this week, and over the next month, we'll hear results from 175 equity REITs, 40 mortgage REITs, and dozens of housing industry companies.
• Despite the historic surge in interest rates over the past quarter driven by expectations of Fed monetary tightening, REITs enter the first-quarter earnings season with some momentum at their backs.
• Having lagged for most of this year, the broad-based Equity REIT Index jumped ahead of the S&P 500 on a year-to-date performance basis in early April following several weeks of outperformance.
• REITs with better inflation-hedging characteristics have led the gains in 2022 while large-cap technology REITs have continued to lag. We emphasize the importance of diversification across property sectors and market capitalization tiers.
• Having lagged for most of this year, the broad-based Equity REIT Index jumped ahead of the S&P 500 on a year-to-date performance basis in early April following several weeks of outperformance.

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