• Despite another week of downright ugly economic data, U.S. equity markets delivered their best month since 1987 in April amid rising optimism of an impending economic reopening.
• The economic reopening could not come soon enough. Another 3.8 million Americans filed for unemployment claims this week, bringing the six-week total above 30 million.
• Ending April with gains of 13%, the S&P 500 ended this week lower by 0.1%, but mid-cap and small-cap stocks bucked the prevailing trends of 2020 by delivering strong gains.
• Equity and Mortgage REITs each outperformed this week as earnings results have generally been in line or slightly better than expectations. Rent collection has largely been a non-issue for non-retail REITs.
• Earnings season hits high-gear next week with 50% of the REIT sector reporting results. 28 out of 165 Equity REITs have cut dividends since the start of the pandemic.

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