REIT M&A • Earnings Updates • Dividend Hikes

February 22, 2023 | Hoya Capital

REIT M&A • Earnings Updates • Dividend Hikes Real Estate Daily Recap Feb 22 Written By U.S. equity markets remained under pressure Wednesday with the major benchmarks extending their longest losing-streak of the year amid lingering uncertainty over the path of inflation and Fed rate hikes. Following its worst decline since December, the S&P 500 declined 0.2% today - its fourth-straight session of losses - while the Dow declined 85 points following a nearly 700 skid yesterday.

Indus Realty (INDT) rallied 5% after announcing that it reached an agreement with Centerbridge Partners and GIC Real Estate to be acquired in an all-cash $868M transaction at $67.00/share. Tanger Outlets (SKT) rallied 4% after reporting better-than-expected results highlighted by strong leasing volume and a positive inflection in rental rate trends. Tanger recorded rent spreads of 10.1%- its strongest rent growth since 2016. SBA Communications (SBAC) dipped more than 5% after reporting mixed results and announcing that its CEO will retire at the end of 2023, overshadowing a 20% hike to its quarterly dividend to $0.85/share - becoming the 26th REIT to raise its dividend this year.

Income Builder Daily Recap U.S. equity markets remained under pressure Wednesday with the major benchmarks extending their longest losing streak of the year amid lingering uncertainty over the path of inflation and Fed rate hikes. Following its worst decline since December, the S&P 500 declined 0.2% today - its fourth-straight session of losses - while the Dow declined 85 points following a nearly 700 skid on Tuesday. Other major benchmarks eked out gains on the session, however, with the tech-heavy Nasdaq 100 clinging to 0.1% gains while the Mid-Cap 400 advanced 0.2%.

Bonds stabilized following a sharp sell-off on Tuesday as the 10-Year Treasury Yield retreated by 3 basis points to 3.92% today. Real estate equities were mixed amid the busiest 48-hour stretch of earnings season. The Equity REIT Index declined 0.9% today with 5-of-18 property ...