Blackstone Redemptions • Mixed Jobs Data • REIT M&A

December 2, 2022 | Hoya Capital

Blackstone Redemptions • Mixed Jobs Data • REIT M&A Real Estate Daily Recap Dec 2 Written By U.S. equity markets finished modestly lower Friday- but held onto weekly gains- as investors parsed payrolls data showing resilient hiring in November but signs of weakness beneath the headline figure. Ending the week with cumulative gains of roughly 1%, the S&P 500 slipped 0.1% today while the tech-heavy Nasdaq 100 declined 0.4%. The Mid-Cap 400 and Dow finished higher.

Real estate equities were mostly lower today- but posted another positive week. Equity REITs sipped 0.3% today with 8-of-18 property sectors in positive territory. Mortgage REITs declined 0.8%. The U.S. economy added 263k jobs in November - the slowest pace of hiring since December 2020 but still above expectations of roughly 200k. The BLS' household survey, however, showed a 138k decline in the employment level - a second-straight month of declines.

Real estate asset manager Blackstone (BX) was in focus today after its massive $70B nontraded REIT platform - BREIT - announced that it has begun limiting withdrawals after a wave of redemption requests that exceeded its monthly and quarterly limits. Income Builder Daily Recap U.S. equity markets finished modestly lower Friday - but held onto weekly gains - as investors parsed payrolls data showing resilient hiring in November but signs of weakness beneath the headline figure.

Ending the week with cumulative gains of roughly 1%, the S&P 500 slipped 0.1% today while the tech-heavy Nasdaq 100 declined 0.4%. The Mid-Cap 400 and Dow Jones Industrial Average , however, each finished slightly higher. Real estate equities were mostly lower today - but posted another positive week - as the Equity REIT Index sipped 0.3% today with 8-of-18 property sectors in positive territory while the Mortgage REIT Index declined 0.8%.

Homebuilders and the broader Hoya Capital Housing Index declined today but were among the leaders for the week. The Bureau of Labor Statistics reported this ...