Sector Sentiment · Real Estate (Discourse)

## What this measures

Mean `sentiment_score` across S&P 500 companies in the GICS Real Estate sector, trailing 90 days, one document per company per calendar quarter.

## Why it matters

Sector tone diverges long before sector earnings do. Read against the cross-sector mean (`discourse.sentiment`).

## How to read it

The score ranges from 0 to 1. A rise indicates management language across Real Estate firms has become more positive; a fall indicates more cautious or negative tone. Compare the series to the cross-sector mean to isolate sector-specific shifts in sentiment.

## What it does not say

The score reflects language tone, not financial performance, analyst opinion or forward guidance. It does not indicate whether sentiment changes will translate into earnings outcomes or stock returns.

## Source

Palanor derives the series from discourse data covering S&P 500 Real Estate companies. Each firm contributes one document per calendar quarter; the score averages sentiment over the trailing 90 days.

## Revision — 2026-09-26

Universe updated to current S&P 500 constituents (8 out, 3 in). Out: Builders FirstSource, Molson Coors and The Trade Desk, which left the index on 21 September 2026; Electronic Arts, which was taken private and left on 5 August 2026; and MongoDB, Cloudflare, Snowflake and Zoom, which were never members and had been included in error since May 2026. In: Bloom Energy, Everpure and Illumina, which joined on 21 September 2026. Membership now comes from a dated constituent list refreshed monthly. The corrected list applies from 26 September 2026. Readings before that date are unchanged.