Real Estate stocks were higher Tuesday, led by a rally in American Tower and Welltower as both topped earnings estimates.
American Tower (NYSE:AMT) rallied 5% after posting third-quarter earnings and revenue on Tuesday that topped expectations on stronger U.S. billings growth supported by investments in high-speed mobile technology.
In a sign of confidence about future growth, the company also raised its guidance for full-year property revenue and net income.
Welltower (NYSE:WELL) reported earnings that topped expectations and lifted its full-year guidance, sending its shares up more than 4%.
Welltower reported normalized funds from operations (FFO) of $1.04 a share compared with $1.08 a share in the year-ago quarter, beating Wall Street estimates for an FFO of $1.02 a share.
Alexandria Real Estate Equities (NYSE:ARE) rose 4%, adding to gains from the prior day when it posted third-quarter earnings that met analysts' estimates, but narrowed guidance.
For the full year, the company said it now expected adjusted funds from operations of $6.59 to $6.61 per share, narrowing from $6.57 to $6.63 previously.
The S&P 500 Real Estate sector rose about 2%, but remains down about 0.7% year to date.
