Market Commentary

Retail sales grew a surprising 0.6% in June, demonstrating the strength of the consumer sector as the economic reopening continues.

REITs posted significant gains last week, with a total return of 2.5% on the FTSE Nareit All Equity REITs Index

The pandemic and subsequent recovery have changed the outlook for both interest rates and inflation.

The FTSE Nareit All Equity REITs Index delivered a total return of 12.0%, bringing the year-to-date return to 21.3%.

The FTSE Nareit All Equity REITs Index rose last week, with a total return of 1.7%. Last week’s increase brought year-to-date returns to 22.7%.

Retail sales in May were 10.9% above recent trends, despite declining slightly from April. Brick & mortar sales are healthy even as e-commerce grows.

DEI programs and activities, designed to empower employees to bring their “whole self” to work, helped AvalonBay provide ongoing support to its associates.

REIT share prices declined last week, with a total return of negative 3.1% on the FTSE Nareit All Equity REITs Index.

Prices on commodity futures contracts can provide an early warning of inflation trends.

REITs rose last week with a 2.5% total return on the FTSE Nareit All Equity REITs Index, the fourth consecutive weekly gain.

Despite the bumps in the road ahead, the issue of a strong recovery is no longer “if” but “when”.

REITs are up more than 20% so far this year, as of June 4.