Drill Baby Drill • REIT Acquisitions • Jobs Day Ahead

June 2, 2022 | Hoya Capital

Drill Baby Drill • REIT Acquisitions • Jobs Day Ahead Real Estate Daily Recap Jun 2 Written By U.S. equity markets rebounded Thursday ahead of the closely-watched employment report Friday as dovish Fed commentary and an OPEC agreement to increase oil production eased some concern over rising rates. Erasing two days of losses and pushing its week-to-date gains to 0.5%, the S&P 500 rallied 1.8% today while the tech-heavy Nasdaq 100 jumped nearly 3%.

Led by the industrial and technology REIT sectors real estate equities were also broadly higher as the Equity REIT Index advanced 1.4% today with all 19 property sectors in positive territory. A handful of REITs announced additions to their property portfolio. Rexford Industrial acquired four industrial properties for $163.8M; Terreno Realty (TRNO) acquired an industrial property for $34.6M; EPR Properties acquired a pair of Canadian resorts for $142M. In tomorrow's employment report, economists are looking for job growth of 310k in May which would be the lowest month-over-month increase since April 2021 as the U.S. has now recovered 95% of the 22 million jobs lost from the COVID-related economic shutdowns.

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U.S. equity markets rebounded Thursday ahead of the closely-watched employment report Friday as dovish Fed commentary and an OPEC agreement to increase oil production eased some concern over rising rates. Erasing two days of losses and pushing its week-to-date gains to 0.5%, the S&P 500 rallied 1.8% today while the tech-heavy Nasdaq 100 jumped nearly 3%. The ...