Rally Resumes • Major Warehouse Deal • REIT Dividend Hikes

March 21, 2022 | Hoya Capital

Rally Resumes • Major Warehouse Deal • REIT Dividend Hikes Real Estate Daily Recap Mar 22 Written By U.S. equity markets rallied Tuesday despite a continued rise in Treasury yields as investors assessed the economic and valuation impacts of a more-aggressive Federal Reserve in tamping down soaring inflation. Resuming last week's rally after finishing flat on Monday, the S&P 500 advanced 1.1% today while the tech-heavy Nasdaq 100 rallied 1.8% and is back within 12% of its recent highs.

Real estate equities were also higher today but lagged the broader indexes as the Equity REIT Index advanced 0.3% with 12-of-19 property sectors in positive territory while Mortgage REITs rallied 1.2%. Prologis (PLD) - the largest industrial REIT with a market cap of roughly $120B - reportedly bid more than $23B for Blackstone’s Mileway logistics warehouse company in Europe, a portfolio of about 2,000 European warehouses. Cousins Properties (CUZ) - which we own in the Income Builder REIT Portfolio - became the 61st REIT to raise its dividend this year, hiking its quarterly dividend by 3.2% to $0.32/share.

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U.S. equity markets rallied Tuesday despite a continued rise in Treasury yields as investors assessed the economic and valuation impacts of a more aggressive Federal Reserve in tamping down soaring inflation. Resuming last week's rally after finishing flat on Monday, the S&P 500 advanced 1.1% today while the tech-heavy Nasdaq 100 rallied 1.8% and is back within 12% of its recent highs. Real estate ...