Carnage Continues • Mall Earnings • Data Center M&A?

May 9, 2022 | Hoya Capital

Carnage Continues • Mall Earnings • Data Center M&A? Real Estate Daily Recap May 9 Written By U.S. equity markets finished sharply lower Monday - extending a punishing sell-off across essentially all sectors - driven by mounting doubt over the Fed's ability to engineer a "soft landing." Posting its worst three-day slide since the March 2020 pandemic lows, the S&P 500 dipped another 3.2% today while the tech-heavy Nasdaq 100 declined nearly 4%.

Real estate equities were also broadly lower as the Equity REIT Index dipped 4.4% today with all 19 property sectors in negative territory while Mortgage REITs declined by 3.5%. Ahead of the closely-watched report this afternoon from Simon Property (SPG), earnings results this morning from Macerich (MAC) were a bit disappointing as leasing spreads slipped in Q1, but tenant sales productivity showed notable improvement. Bloomberg reported this afternoon that Digital Bridge (DBRG) has emerged as a suitor for data center operator Switch (SWCH) and is reportedly competing against a unit of Brookfield Asset Management.

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U.S. equity markets finished sharply lower Monday - extending a punishing sell-off across essentially all sectors - driven by mounting doubt over the Federal Reserve's ability to engineer a "soft landing." Posting its worst three-day slide since the March 2020 pandemic lows, the S&P 500 dipped another 3.2% today while the tech-heavy Nasdaq 100 declined nearly 4% to push its drawdown to over 26%. Real estate equities were also broadly lower as the Equity ...