Real estate stocks underperform as earnings season picks up steam

[Real estate entrepreneurs meeting to sell a house, discussing real estate deals, with house plans on the table, symbolizing real estate investment and negotiations.]

This week, real estate stocks underperformed broader markets as the earnings season picked up steam.

The S&P 500 Real Estate Index Sector (SP500-60 [https://seekingalpha.com/symbol/SP500-60]) fell 1.41% to 278.83 points, while the accompanying State Street Real Estate Select Sector SPDR ETF (XLRE [https://seekingalpha.com/symbol/XLRE]) declined 1.42% to $43.83. The broader S&P 500 index outperformed with a 0.47% increase to 7,165.08 points.

The Dow Jones REIT Indx Equity REIT Total Return Index (REIT:IND [https://seekingalpha.com/symbol/REIT:IND]) retreated 1.32%, while the FTSE Nareit All Equity REITs index was down 1.30%.

Here is a look at the week's notable earnings releases:

* Digital Realty Trust [https://seekingalpha.com/news/4578964-digital-realty-trust-ffo-of-1_96-beats-by-0_01-revenue-of-1_64b-beats-by-40m] (DLR [https://seekingalpha.com/symbol/DLR]) - FFO beats, Revenue beats
* Rexford Industrial Realty [https://seekingalpha.com/news/4579023-rexford-industrial-realty-ffo-of-0_61-beats-by-0_02-revenue-of-245_08m-beats-by-1_85m] (REXR [https://seekingalpha.com/symbol/REXR]) - FFO beats, Revenue beats
* Gaming and Leisure Properties [https://seekingalpha.com/news/4578992-gaming-and-leisure-properties-ffo-of-1_02-beats-by-0_02-revenue-of-419_98m-beats-by-2_97m] (GLPI [https://seekingalpha.com/symbol/GLPI]) - FFO beats, Revenue beats
* Alpine Income Property Trust [https://seekingalpha.com/news/4578978-alpine-income-property-trust-ffo-of-0_53-beats-by-0_01-revenue-of-18_41m-beats-by-1_02m] (PINE [https://seekingalpha.com/symbol/PINE]) - FFO beats, Revenue beats
* CBRE Group [https://seekingalpha.com/news/4578529-cbre-tops-q1-estimates-raises-fy26-outlook] (CBRE [https://seekingalpha.com/symbol/CBRE]) - EPS beats, Revenue beats
* Crown Castle [https://seekingalpha.com/news/4578235-crown-castle-ffo-of-1_02-beats-by-0_18-revenue-of-1_01b-beats-by-15_17m] (CCI [https://seekingalpha.com/symbol/CCI]) - FFO beats, Revenue beats
* Essential Properties Realty Trust [https://seekingalpha.com/news/4578198-essential-properties-stock-down-despite-beat-and-raise-q1-as-2026-affo-guidance-comes-below-consensus] (EPRT [https://seekingalpha.com/symbol/EPRT]) - FFO beats, Revenue beats
* Getty Realty [https://seekingalpha.com/news/4578197-getty-realty-ffo-of-0_63-beats-by-0_01-revenue-of-57_84m-in-line] (GTY [https://seekingalpha.com/symbol/GTY]) - FFO beats, Revenue in-line
* Agree Realty [https://seekingalpha.com/news/4577477-agree-realty-ffo-of-1_13-beats-by-0_02-revenue-of-200_81m-beats-by-4_72m] (ADC [https://seekingalpha.com/symbol/ADC]) - FFO beats, Revenue beats

WEEKLY WINNERS & LOSERS

Among largecap stocks, CoStar Group (CSGP [https://seekingalpha.com/symbol/CSGP]) led the weekly losers, with an 8.26% decline to $36.44. The real estate services provider is set to post its first-quarter earnings [https://seekingalpha.com/symbol/CSGP/earnings/estimates?period=quarterly] next week.

Healthpeak Properties (DOC [https://seekingalpha.com/symbol/DOC]) followed, retreating 5.41% to close at $16.43.

Equinix (EQIX [https://seekingalpha.com/symbol/EQIX]) (+1.85% W/W to $1,108.76) and AGNC Investment (AGNC [https://seekingalpha.com/symbol/AGNC]) (+1.10% W/W to $11.02) topped the gainers.

AGNC posted [https://seekingalpha.com/news/4576841-agnc-investment-q1-earnings-hold-up-as-book-value-declines-amid-mbs-volatility] stronger-than-expected Q1 earnings this week even as its book value dipped due to volatility in the mortgage-backed securities market at the end of the quarter.

For the midcap losers, Fermi (FRMI [https://seekingalpha.com/symbol/FRMI]) was the biggest decliner, retreating 17.56% to close at $5.40. The stock dropped amid a short call [https://seekingalpha.com/news/4576665-fermi-extends-plunge-amid-short-call-from-fuzzy-panda-research] from Fuzzy Panda Research and after the company announced that its CEO and CFO were stepping down.

National Health Investors (NHI [https://seekingalpha.com/symbol/NHI]) (-10.10% W/W to $77.00) was the next on the list. This week, the health care REIT announced [https://seekingalpha.com/news/4579028-nhi-cfo-to-retire-successor-named] the retirement of CFO John Spaid.

Opendoor Technologies (OPEN [https://seekingalpha.com/symbol/OPEN]) (+4.16% W/W to $5.51), The St. Joe Company (JOE [https://seekingalpha.com/symbol/JOE]) (+3.94% W/W to $71.01), and Cousins Properties (CUZ [https://seekingalpha.com/symbol/CUZ]) (+3.36% W/W to $24.90) were the top gainers.

Sila Realty Trust (SILA [https://seekingalpha.com/symbol/SILA]) was the biggest gainer among smallcap stocks, adding 19.08% to $30.40. The week saw SILA announce [https://seekingalpha.com/news/4576565-blue-owl-affiliates-to-acquire-sila-realty-trust-in-24b-all-cash-deal] a definitive merger agreement with certain affiliates of Blue Owl Capital (OWL [https://seekingalpha.com/symbol/OWL]) involving an all-cash transaction valued at ~$2.4B.

Industrial Logistics Properties Trust (ILPT [https://seekingalpha.com/symbol/ILPT]) (+14.88% W/W to $7.41) followed. The stock benefited from a company announcement [https://seekingalpha.com/news/4578251-industrial-logistics-properties-trust-prices-162b-refinancing-deal] about a $1.62B five-year, interest-only mortgage financing at a 5.71% fixed rate.

KKR Real Estate Finance Trust (KREF [https://seekingalpha.com/symbol/KREF]) was the biggest loser in the category. The stock plunged 10.16% to $6.01 on Q1 earnings [https://seekingalpha.com/news/4578240-kkr-real-estate-finance-trust-non-gaap-eps-of-0_06-misses-by-0_24] miss.

Here is a look at the subsector performances for the week:
[S&P, Nareit]
Percentage-wise price change across real estate indices

MORE ON REAL ESTATE

* The State Of REITs: April 2026 Edition [https://seekingalpha.com/article/4892545-the-state-of-reits-april-2026-edition]
* The Biggest Misconception About REITs [https://seekingalpha.com/article/4890312-the-biggest-misconception-about-reits]
* The Pain For Housing And The U.S. Economy Is Just Beginning [https://seekingalpha.com/article/4887202-pain-for-housing-and-us-economy-just-beginning]
* Mortgage rates fall for third straight week [https://seekingalpha.com/news/4578809-mortgage-rates-fall-for-third-straight-week]
* National Health Investors is the most oversold real estate stock as Q1 earnings roll on [https://seekingalpha.com/news/4578693-national-health-investors-is-the-most-oversold-real-estate-stock-as-q1-earnings-roll-on]