• Alex Pettee, CFA

REITs Throw Forever 21 A Lifeline [Daily Recap]

  • After dipping more than 2% last week, U.S. equity markets recovered on Monday as investor attention remains focused on the status of the coronavirus outbreak.

  • The S&P 500 finished higher by 0.7% while the Dow Jones Industrial Average added 140 points. The 10-Year Treasury Yield held steady at 1.52%.

  • The broad-based commercial Real Estate ETF (VNQ) underperformed a bit today, finishing higher by 0.3%, led by the prison, billboard, and data center REIT sectors as earnings season hits high-gear.

  • Bankrupt mall-based retailer Forever 21 will be purchased by a consortium that includes mall REITs Simon Property (SPG) and Brookfield Properties (BPR) in a fairly unprecedented move for these landlords.

  • Construction Spending data missed estimates, but still recorded 5.0% year-over-year growth, which was the strongest rate of growth since September 2018, led by a recovery in residential spending.

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