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.
