4 REITs ETFs Pop on Strong Q1 Earnings

Strong first quarter earnings results help bolster real estate investment trusts and related exchange traded funds on Friday.

Of the top performing ETFs on Friday, iShares Cohen & Steers Realty Majors (NYSEArca: ICF) gained 2.3%, Schwab US REIT ETF (NYSEArca: SCHH) rose 2.2%, SPDR Dow Jones REIT ETF (NYSEArca: RWR) advanced 2.2% and First Trust S&P REIT Index Fund (NYSEArca: FRI) increased 2.1%.

Strong corporate earnings has helped prop up the ailing sector. For example, Simon Property Group (NYSE: SPG) revealed a $2.00 per diluted share over the first quarter as compared to $1.53 per diluted share in the prior year period and a year-over-year increase in quarterly common stock dividend of 11.4%. Simon Property Group shares jumped 3.9% on the results.

“We delivered strong results to start the year,” David Simon, Chairman and Chief Executive Officer, said in a note. “Portfolio net operating income increased 4.8% over the prior year, driven by growth in operating income from our comparable properties and the accretive impact of our new developments, redevelopments, expansions and investments. Given our accomplishments this quarter and our current view for the remainder of 2018, today we are increasing our full-year 2018 guidance.”