M&A Monday • Twitter Takeover • REIT Earnings

April 25, 2022 | Hoya Capital

M&A Monday • Twitter Takeover • REIT Earnings Real Estate Daily Recap Apr 25 Written By U.S. equity markets rebounded Monday while bonds caught a bid amid COVID concerns in China and a wave of major M&A news ahead of the busiest week of corporate earnings. Emerging back out of "correction" territory, the S&P 500 rebounded by 0.6% today while the tech-heavy Nasdaq 100 gained 1.3% after entering the sesion on the cusp of "bear market" territory.

Real estate equities were mixed today following several strong weeks of outperformance as the Equity REIT Index slipped 0.3% today with 10-of-19 property sectors in positive-territory. Mortgage REITs gained 0.1%. PS Business Parks (PSB) surged 12% today after it agreed to be acquired by asset manager Blackstone (BX) at $187.50 - a 12% premium to Friday's close. For Blackstone, the deal is the second major REIT acquisition in two weeks and the fifth over the past twelve months.

Mall REIT Simon Property Group (SPG) and asset manager Brookfield (BAM) plan to partner on a bid for department store brand Kohl's (KSS) for $68/share in a deal valued at $8.6B. SPG has seen decent success of late in its strategy of purchasing distressed retailers. Income Builder Daily Recap We recently launched Hoya Capital Income Builder - a premier income-focused investment research service through Seeking Alpha Marketplace - that will be the new exclusive home of all of Hoya Capital's investment research.

Income Builder focuses on real income-producing asset classes that offer the opportunity for diversification, monthly income, capital appreciation, and inflation hedging. If you're not already on board, give us a try with a completely risk-free two-week trial and take a look around. U.S. equity markets rebounded Monday while bonds caught a bid amid COVID concerns in China and a wave of major M&A news ahead of the busiest week of corporate earnings season.

Emerging back out of "correction" territory, the S&P 500 rebounded ...