Kushner REIT Deal • BOJ Intervention • Weekly Rebound

October 21, 2022 | Hoya Capital

Kushner REIT Deal • BOJ Intervention • Weekly Rebound Real Estate Daily Recap Oct 21 Written By U.S. equity markets used a late-session rally Friday to lift the major benchmarks to their best weekly gains since July after signs of further international financial market instability dragged sovereign yields lower. Gaining for just the third week in the past ten with weekly gains of 4.7%, the S&P 500 advanced 2.4% today while the tech-heavy Nasdaq pushed its weekly gains to nearly 6%.

Real estate equities were mostly-higher today as investors looked ahead to a busy two-weeks of REIT earnings reports. The Equity REIT Index advanced 0.8% today with 14-of-18 property sectors higher. Veris Residential (VRE) - which recently completed a strategy shift from an office REIT into a pure-play multifamily REIT - surged more than 20% today after an unsolicited takeover bid from Kushner Companies to externally manage the company or to acquire the company for $16/share.

Hotel REIT Diamondrock (DRH) rallied nearly 4% after reporting preliminary third-quarter metrics, noting that its Revenue Per Available Room ("RevPAR") in Q3 was 8.7% above comparable 2019-levels while September was 9.8% above pre-pandemic levels. Income Builder Daily Recap U.S. equity markets used a late-session rally Friday to lift the major benchmarks to their best weekly gains since July after signs of further international financial market instability dragged sovereign yields lower.

Gaining for just the third week in the past ten with weekly gains of 4.7%, the S&P 500 advanced 2.4% today while the tech-heavy Nasdaq 100 advanced 2.3% today and nearly 6% on the week. Real estate equities were mostly-higher today as investors looked ahead to a busy two weeks of REIT earnings reports. Led by the more 'pro-cyclical' property sectors, the Equity REIT Index advanced 0.8% today with 14-of-18 property sectors in positive territory while the Mortgage REIT Index advanced 1.2%.

As the Federal Reserve entered its "quiet period" before its November FOMC ...