Real estate ETFs fall as REITs see their worst day in 10 weeks

Exchange-traded funds with exposure to commercial real estate slumped Monday as real estate investment trusts continued to report earnings that reflected the full brunt of the coronavirus pandemic. The real estate Sector SPDR fund was down 1.6% in the early afternoon, making it the worst-performing sector of the S&P 500 by far. Among the biggest losers in the fund was CBRE Group, Inc., a commercial real estate firm that on Friday reported a 57.5% yearly decline in adjusted net income in the second quarter. CBRE shares were down 4.8% on Monday, on track for its worst day since mid-May. Shares of Apartment Investment & Management Co., a real estate investment trust due to report its earnings after the bell, were down 3.8%. The Vanguard Real Estate ETF and the Schwab U.S. REIT ETF were both 1.5% lower in the early afternoon.



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