Blackstone Inquiries • Mall Delisted • REIT Dividends

December 14, 2022 | Hoya Capital

Blackstone Inquiries • Mall Delisted • REIT Dividends Real Estate Daily Recap Dec 16 Written By U.S. equity markets declined for a third-straight session Friday- closing at the lowest levels since early November- as investors expressed doubt that the Fed will pivot quickly enough to avert recession. Extending its weekly decline to 2.5%, the S&P 500 dipped 1.1% today while the tech-heavy Nasdaq 100 fell 1.0% today and nearly 3% on the week.

Real estate equities were under pressure today amid a busy 24 hours of newsflow, but were among the stronger-performers this week. Equity REITs slipped 2.6% while Mortgage REITs declined 2.5%. Bloomberg reported that Blackstone (BX) and Starwood each received inquiries from the Securities and Exchange Commission after both firms limited investor redemption requests in their non-traded real estate vehicles. Pennsylvania REIT (PEI) was delisted by the New York Stock Exchange after failing to maintain at least a $15M market cap for 30 days.

Shopping center REIT Urstadt Biddle (UBA) and cannabis REIT New Lake Capital (NLCP) each hiked their dividends. Income Builder Daily Recap U.S. equity markets declined for a third-straight session Friday - and closed at the lowest levels since early November - as investors expressed doubt that the Fed will pivot quickly enough to avert a deeper recession. Extending its weekly decline to 2.5%, the S&P 500 dipped 1.1% today while the tech-heavy Nasdaq 100 fell 1.0% today and nearly 3% on the week.

Real estate equities were under pressure today amid a busy 24 hours of newsflow with the Equity REIT Index declining 2.6% with 17-of-18 property sectors in negative territory while the Mortgage REIT Index finished lower by 2.5%. Homebuilders declined 1.6% today but were among the better performers on the week amid a pullback in mortgage rates. Weaker-than-expected PMI data this morning kept downward pressure on interest rates and further widened the divide between market expectations of Fed policy and forecasts from ...