GameStop Frenzy • REIT Dividend Boosts • Earnings Update

January 29, 2021 | Hoya Capital

GameStop Frenzy • REIT Dividend Boosts • Earnings Update Daily Recap Jan 29 Written By Summary U.S. equity markets posted sharp declines Friday pushing the major averages to the worst-week since last October amid an ongoing "short squeeze frenzy" that overshadowed a generally strong week of earnings. Finishing the week with declines of nearly 3.5%, the S&P 500 finished lower by 1.9% today while the Dow Jones Industrial Average slid 620 points.

Mid-Caps were hit especially hard this week. Real estate equities were a source of stability both today and on the week as the broad-based Equity REIT ETFs were lower by 1.2% today with 6-of-19 property sectors in positive territory. Overshadowed by the short squeeze phenomenon, we also heard a flurry of REIT dividend increases over the last 24 hours as Invitation Homes (INVH), Apartment Income (AIRC), and Postal Realty (PSTL) each boosted payouts.

Among these heavily-shorted names, previously-surging Macerich (MAC) dipped over 15% each today on reports that its biggest shareholder, Ontario Teachers Pension Plan, sold its entire 16% stake or roughly $500M. Real Estate Daily Recap U.S. equity markets posted sharp declines Friday pushing the major averages to the worst-week since last October amid an ongoing "short squeeze frenzy" that overshadowed a generally strong week of earnings and economic data. Finishing the week with declines of nearly 3.5%, the S&P 500 ETF ( SPY ) finished lower by 1.9% today while the Dow Jones Industrial Average ( DIA ) slid 620 points.

Real estate equities were a source of stability both today and on the week as the broad-based Equity REIT ETFs ( VNQ ) were lower by 1.2% today with 6 of 19 property sectors in positive territory while the Mortgage REIT ETFs ( REM ) declined by 2.3%. Uncertainty over the potential ramifications of the GameStop ( GME ) saga weighed on investor sentiment this week, but importantly, bond markets have so far been unphased ...