Debate Time | Dividend Resumption | Marina M&A

September 29, 2020 | Hoya Capital

Debate Time | Dividend Resumption | Marina M&A Daily Recap Sep 29 Written By Daily Recap U.S. equity markets pulled back Tuesday ahead of the first U.S. Presidential debate that may bring clarity to a contentious election season ahead of a busy slate of employment data later this week. Following a rally of 1.6% yesterday, the S&P 500 finished lower by 0.5% today while the tech-heavy Nasdaq 100 also pulled back 0.5% and the Dow Jones declined 131 points.

After gaining 2.0% yesterday, real estate equities were generally lower with the broad-based Equity REIT ETF (VNQ) finishing off by 0.7% today with 17 of 18 property sectors in negative-territory. Manufactured Housing REIT Sun Communities (SUI) announced a deal today to acquire Safe Harbor Marinas in a relatively large deal valued at roughly $2.1B. Safe Harbor is the largest marina owner and operator in the United States. Record-low inventory levels combined with robust levels of homebuying activity have put substantial upward pressure on home values since the start of the pandemic.

The Case Shiller National Home Price Index recorded a 4.8% year-over-year rise in national home prices, the largest annual gain since late 2018. Real Estate Daily Recap U.S. equity markets pulled back Tuesday ahead of the first U.S. Presidential debate that may bring some clarity to a contentious U.S. election season ahead of a busy slate of employment data later this week. Following a rally of 1.6% yesterday, the S&P 500 ETF ( SPY ) finished lower by 0.5% today while the tech-heavy Nasdaq 100 ( QQQ ) also pulled back 0.5% and the Dow Jones Industrial Average ( DIA ) declined 131 points.