AGNC - REIT returns outpace gains in broader markets for 2nd straight week on strong earnings

2023-04-29 12:00:00 ET

REIT returns outpaced gains in broader markets for the second straight week on the back of strong quarterly earnings from major names.

FTSE Nareit All Equity REITs rose 1.04% from last week, while the mortgage REITs index increased by 1.56%.

Comparatively, S&P 500 was up by a mere 0.87%.

The broader real estate index was up by 1.53% on a weekly basis.

REIT returns benefitted from major names posting positive quarterly earnings.

Telecommunications-focused multinational REIT American Tower ( AMT ) posted a Q1 beat, boosting FY23 guidance considering favorable impacts from foreign-currency exchange rate fluctuations.

Net lease REIT W. P. Carey ( WPC ) and mortgage REITs AGNC Investment ( AGNC ) and Annaly Capital Management ( NLY ) also exceeded Wall Street expectations.

This comes as major indices gain as a result of solid results from major technology names and favorable inflation data.

Notably, Medical Properties ( MPW ) missed Wall Street consensus, but the health care segment was the biggest gainer of the week.

The segment rose by 3.69% from last week.

Data centers and residential followed, but timber REITs were major laggards. The subsector fell by 3.43% on a weekly basis.

Here is a look at the subsector performance:

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