Yields Jolted • Net Lease Deal • REIT Dividend Hike

April 10, 2023 | Hoya Capital

Yields Jolted • Net Lease Deal • REIT Dividend Hike Daily Recap Apr 4 Written By Alex Pettee, CFA U.S. equity markets snapped a four-day winning streak while interest rates dipped to nine-month lows on downbeat economic data, including JOLTS data showing a steep decline in job openings. Dipping back into negative territory on the week, the S&P 500 finished lower by 0.6% today, while the Mid-Cap 400 and Small-Cap 600 each dipped by more than 1.5%.

The Dow slumped 199-points. Real estate equities were mixed today as traders balanced credit concerns against potential tailwinds from lower interest rates. The Equity REIT Index slipped 0.1% today. WP Carey (WPC) - which we own in the Focused Income Portfolio - finished lower by about 1% today after announcing a $470M sale-leaseback deal for four pharmaceutical R&D and manufacturing campuses with Apotex Pharmaceutical. Life Storage (LSI) - which yesterday agreed to be acquired by ExtraSpace Storage (EXR) in a $12.4B deal all-stock deal - today became the 43rd REIT to hike its dividend this year, raising its quarterly payout by 20%.

Income Builder Daily Recap U.S. equity markets snapped a four-day winning streak while interest rates dipped to nine-month lows as investors parsed downbeat economic data, including JOLTS data showing a steep decline in job openings in February. Dipping back into negative territory on the week, the S&P 500 finished lower by 0.6% today, while the Mid-Cap 400 and Small-Cap 600 each dipped by more than 1.5%. The Dow slumped 199 points.

Real estate equities were mixed today as traders balanced credit concerns against potential tailwinds from lower interest rates. The Equity REIT Index slipped 0.1% today with 12-of-18 property sectors in negative territory, while the Mortgage REIT Index finished fractionally higher. Despite the surprise OPEC cut over the weekend, benchmark interest rates retreated for a fifth-straight session today following a disappointing start to the busy week of employment data. The policy-sensitive ...