REITweek Ahead • OPEC Clash • REIT Dividend Hike

June 5, 2023 | Hoya Capital

REITweek Ahead • OPEC Clash • REIT Dividend Hike Daily Recap Jun 5 Written By Alex Pettee, CFA U.S. equity markets declined Monday while benchmark interest rates were little-changed as investors weighed the impacts of additional Saudi oil production cuts from against a slate of softer-than-expected PMI data. Following gains of nearly 2% last week that lifted the benchmark to the cusp of "bull market" territory, the S&P 500 slipped 0.2% today while Mid-Caps and Small-Caps posted steeper declines.

Real estate equities laggards today as the annual REITweek industry conference kicks off in New York City with several dozen business updates expected over the next several days. Lab space operator Alexandria Real Estate (ARE) - which we own in the Dividend Growth Portfolio - was among the better-performers today after it hiked its dividend by 3% to $1.24/share,. The proxy battle between activist investor Blackwells Capital and AR Global - the external manager of Global Net Lease (GNL) and Necessity Retail REIT (RTL) - reached an apparent conclusion today as the companies announced a cooperation agreement.

Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets declined Monday while benchmark interest rates were little-changed as investors weighed the impacts of additional Saudi oil production cuts from against a slate of softer-than-expected PMI data. Following gains of nearly 2% last week that lifted the benchmark to the cusp of "bull market" territory, the S&P 500 slipped 0.2% today while the Mid-Cap 400 and the Small-Cap 600 each posted declines of over 1%.

The Dow declined 200 points. Real estate equities laggards today as the annual REITweek industry conference kicks off in New York City with several dozen business updates expected over the next several days. The Equity REIT Index declined 0.7% today, with 16-of-18 property sectors in negative territory while the Mortgage REIT Index also declined 0.7%. As noted in our Weekly Outlook , Fed officials entered the 'quiet ...