• U.S. equity markets were mixed this past week as strong corporate earnings reports and housing market data were offset by a COVID reacceleration in Europe, which tempered growth and inflation expectations.
• The reimposition of economic restrictions in several countries this week - including a full lockdown imposed by Austria - halted the recent upward pressure on energy prices and interest rates.
• Large-cap equities outperformed with the S&P 500 eclipsing record-highs while the Mid-Cap 400 and Small-Cap 600 lagged. Real estate equities were mixed on a frenetic week of M&A news.
• A duo of transformational deals reshaped the data center REIT sector this week with American Tower acquiring CoreSite and KKR acquiring CyrusOne. CubeSmart and Sun Communities also announced major portfolio acquisitions.
• Consistent with strong earnings results from Home Depot and Lowe's, homebuilder confidence jumped in November to a six-month high as accelerating home buyer demand offset ongoing supply chain headwinds.

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Disclosure: Hoya Capital Real Estate advises two Exchange-Traded Funds listed on the NYSE. In addition to any long positions listed below, Hoya Capital is long all components in the Hoya Capital Housing 100 Index and in the Hoya Capital High Dividend Yield Index. Index definitions and a complete list of holdings are available on our website.

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.