China Unrest • REIT M&A • Black Friday Spending

November 28, 2022 | Hoya Capital

China Unrest • REIT M&A • Black Friday Spending Real Estate Daily Recap Nov 28 Written By U.S. equity markets finished broadly lower Monday as investors monitored protests in China over COVID-zero policies, holiday spending data, and Fed commentary ahead of a critical week of employment data. Retreating from its highest closing level in two months set last week, the S&P 500 slipped 1.5% today while the Mid-Cap 400 fell 1.9% and the Small-Cap 600 dipped 2.3%.

Real estate equities were broadly lower as well today with the Equity REIT Index declining 2.7% with all 18 property sectors in negative territory while the Mortgage REIT Index slipped 1.7%. INDUS Realty (INDT) rallied nearly 12% after Centerbridge Partners and GIC Real Estate proposed to acquire the industrial REIT for $65.00 per share, a 13% premium to INDUS stock's closing price of $57.28 on Friday. Preliminary holiday spending and foot traffic data showed continued resilience in U.S. consumer spending despite the broader cooldown.

In-store foot traffic was up by about 5% year-over-year on Black Friday, but traffic at indoor malls was more muted than at strip centers. Income Builder Daily Recap U.S. equity markets finished broadly lower Monday as investors monitored protests in China over COVID-zero policies, holiday spending data, and hawkish Fed commentary ahead of a critical week of employment data. Retreating from its highest closing level in two months set last week, the S&P 500 slipped 1.5% today while the Mid-Cap 400 fell 1.9% and the Small-Cap 600 dipped 2.3%.

The 10-Year Treasury Yield was little-changed at 3.70%. Real estate equities were broadly lower as well today with the Equity REIT Index declining 2.7% with all 18 property sectors in negative territory while the Mortgage REIT Index slipped 1.7% and Homebuilders declined 1.3%. Employment data and inflation data highlight another critical week of economic data in the week ahead headlined by JOLTS and ADP Payrolls data on Wednesday, Jobless Claims ...