• U.S. equity markets finished lower for the second straight day on Tuesday amid continued turmoil in the oil markets and a pull-back in the recently-outperforming technology sectors.
• Following declines of 1.8% yesterday, the S&P 500 retreated by 3.1% while the Dow Jones Industrial Average dropped roughly 630 points after yesterday's similarly-sized decline.
• Real estate equities were relative outperformers on the day after a solid start to REIT earnings season. The broad-based Equity REIT ETFs were lower by 1.7% today.
• Mortgage REITs, meanwhile, gained nearly 4% after the FHFA announced measures to provide relief to mortgage servicers to ease near-term liquidity concerns from mortgage forbearance.
• So far, so good for REIT earnings. After solid results yesterday from Agree Realty and Equity Lifestyle, Industrial REIT stalwart Prologis announced fairly strong results and guidance today, projecting Core FFO growth for 2020 in the high-single digits.

Real Estate Daily Recap

U.S. equity markets snapped a two-day skid with solid gains on Wednesday as oil prices stabilized and corporate earnings results, so far, haven't been quite as dismal as previously feared. After skidding nearly 5% on the prior two days, the S&P 500 ETF (SPY) gained 2.3% while the Dow Jones Industrial Average (DIA) gained 450 points after shedding 1,200 points in the prior two sessions. Real estate equities finished mostly higher as earnings results and updates on rent collection continue to trickle in. Following declines of 1.7% yesterday, the broad-based Equity REIT ETFs (VNQ) (SCHH) were higher by 1.3% with solid gains from residential REITs offset by weakness from retail REITs while Mortgage REITs (REM) finished lower by 1.3%. 

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