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  • Alex Pettee, CFA

REITs Jump Into SPAC Mania

  • U.S. equity markets climbed to fresh record highs this week amid a pullback in interest rates and inflation expectations as the global growth outlook has been tempered by ongoing COVID issues abroad.

  • Climbing to fresh record highs, the S&P 500 gained another 2.7% on the week while the tech-heavy Nasdaq 100 surged nearly 4%. Mid-Caps and small-caps, however, lagged for the fourth straight week.

  • Real estate equities were mixed amid a busy week of news flow - and one dividend cut - as the Equity REIT Index gained 0.2%. Homebuilders rallied as mortgage rates retreated.

  • Joining a wave of other real estate SPACs this year, including Simon Property and Alexandria, billboard REIT Lamar Advertising announced the formation of a $300 million special purpose acquisition vehicle.

  • Prison REIT GEO Group plunged 25% this week after its board immediately suspended the company's quarterly dividend payments and stated that it will "undertake an evaluation of GEO's structure as a REIT."

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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Hoya Capital Research & Index Innovations is an affiliated index provider and research firm that builds custom indexes tracking U.S. commercial and residential real estate sectors, including indexes tracked by exchange-traded funds (ETFs). 

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