REIT Merger • Tanger Hikes Dividend • CPI Ahead

April 11, 2023 | Hoya Capital

REIT Merger • Tanger Hikes Dividend • CPI Ahead Daily Recap Apr 11 Written By Alex Pettee, CFA U.S. equity markets were mixed Tuesday while benchmark interest rates drifted slightly higher ahead of the critical CPI inflation report on Wednesday morning and bank earnings later this week. Finishing essentially flat for a second-straight session, the S&P 500 closed fractionally lower today, but the Mid-Cap 400 and Small-Cap 600 each posted gains of around 1% for a second-day.

Real estate equities were among the leaders today with the Equity REIT Index advancing 0.4% with 15-of-18 property sectors in positive territory, while the Mortgage REIT Index gained 1.0%. A pair of struggling externally-managed REITs advised by RMR Group - Office Properties Income (OPI) and Diversified Healthcare (DHC) - announced plans to combine in a controversial deal that sent both stocks sharply lower on the session. Tanger Outlets (SKT) traded higher today after hiking its quarterly dividend by 11%, becoming the 44th REIT to raise its dividend this year.

Income Builder Daily Recap U.S. equity markets were mixed Tuesday while benchmark interest rates drifted slightly higher ahead of the critical CPI inflation report on Wednesday morning and bank earnings later this week. Finishing essentially flat for a second-straight session, the S&P 500 closed fractionally lower today, but the Mid-Cap 400 and Small-Cap 600 each posted gains of around 1% for a second-day. The Dow advanced 98 points while the tech-heavy Nasdaq 100 slipped 0.6%.

Real estate equities were among the leaders today with the Equity REIT Index advancing 0.4% with 15-of-18 property sectors in positive territory, while the Mortgage REIT Index gained 1.0%. Unveiled to a closed U.S. equity market due to the Easter holiday, the critical BLS nonfarm payrolls report last Friday showed that the U.S. economy added 236k jobs in March - the lowest monthly increase since December 2020 - which followed a downside surprise in all five major employment reports: ...