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Real estate stocks slip as Fed hikes, mortgage rates continue to climb
Real estate stocks dropped in the week that the Federal Reserve hiked interest rates for the first time in three years as the central bank tries to tamp down inflation that had remained elevated for more than five years.Mortgage rates followed, with the average 30-year mortgage rising to nearly 7…
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Real estate stocks dropped in the week that the Federal Reserve hiked interest rates for the first time in three years as the central bank tries to tamp down inflation that had remained elevated for more than five years. Mortgage rates followed, with the average 30-year mortgage rising to nearly 7% and keeping pressure on the housing market. The US 10-year Treasury yield ended the week at 5.00%, up 3 basis points from a week ago. For the week ended Sept. 18, the S&P 500 Real Estate Sector Index fell 2.3%, with residential REITs taking the biggest hit, falling 4.8%, and industrial REITs faring the best, losing only 0.7%. By comparison, the broader S&P 500 Index ticked down 0.1%. The week saw a setback for Zillow During the week, two real estate joint ventures were announced. Realty Income Among notable stock gainers for the week, one was a life-science-focused REIT, and three were industrial REITs. Alexandria Real Estate Equities EastGroup Properties Stag Industrial Pebblebrook Hotel Trust The largest decliners comprised a mix of real estate sectors. Fermi Residential online platform Opendoor Technologies Mortgage REIT Armour Residential Essential Properties Trust Hospital landlord Medical Properties Trust Here is a look at the subsector performance for the week: Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.
Z 
ZG as a court denied the online residential brokerage a preliminary injunction in its case against Compass 
COMP and Midwest Real Estate Data. Zillow class C shares Z fell 10% for the week, while Compass COMP dipped 5.4%.
O formed a euro-denominated joint venture to invest in stabilized net lease assets across four countries in Europe: Spain, Ireland, Poland, and the Netherlands. Digital Realty 
DLR and entered the republic of Türkiye through a strategic joint venture with Rönesans Infrastructure to develop and operate next-generation data centers in the country.
ARE, which owns life science properties in the Boston, San Diego, Bay Area, New York City, and Maryland hubs, ran up 4.2%.
EGP, an industrial REIT, gained 2.2%.
STAG increased 1.2%, and Rexford Industrial REIT 
REXR, which completed a $1.2B portfolio sale, grew 0.9%.
PEB climbed 1.1% during the week.
FRMI, which develops electric grids for data centers, slid 9.5%.
OPEN fell 8.2% as the Fed hike propelled mortgage rates higher.
ARR dropped 7.1%.
EPRT, which leases to service-oriented and experience-based businesses, slid 7.1%.
MPT ended the week down 6.6%, erasing a rally early on Thursday spurred by the sale of two hospitals.