Omnibus Spending • Hotel Updates • REIT Short Squeeze?

December 22, 2022 | Hoya Capital

Omnibus Spending • Hotel Updates • REIT Short Squeeze? Real Estate Daily Recap Dec 22 Written By U.S. equity markets finished broadly lower Thursday after the Senate passed a massive $1.7 trillion federal spending bill while jobless claims data raised questions over the outlook for waning inflation. Erasing its gains on the week and trading back at its lowest-levels since early November, the S&P 500 slipped 1.5% today while the Nasdaq dipped 2.5%- declining in six-of-seven sessions.

Real estate equities were among the better performers today with the Equity REIT Index finishing off by 0.4% today with 6-of-18 property sectors in positive territory. Mortgage REITs slipped 0.3%. Medical Properties Trust (MPW) - one of the most heavily-shorted REITs - surged nearly 10% after its largest tenant - Steward Health Care - completed the extension of its credit deal with its lenders through December 2023. A pair of hotel REITs - Park Hotels (PK) and Ryman Hospitality (RHP) - provided encouraging business updates that pushed back on concern over waning travel demand.

TSA data shows that December is on-pace to be the strongest month of travel since the pandemic. Income Builder Daily Recap U.S. equity markets finished broadly lower Thursday after the Senate passed of a massive $1.7 trillion federal spending bill while stronger-than-expected jobless claims data raised questions over the outlook for waning inflation. Erasing its gains on the week and trading back at its lowest levels since early November, the S&P 500 slipped 1.5% today while the tech-heavy Nasdaq 100 dipped 2.5% - declining in six-of-seven trading sessions.

Real estate equities were among the better performers today with the Equity REIT Index finishing off by 0.4% today with 6-of-18 property sectors in positive territory, while the Mortgage REIT Index slipped 0.3%. The 'good news is bad news' theme was back today as stronger-than-expected jobless claims data and an upward revision to third-quarter GDP kept upward pressure on the short ...