TMUS - Divided Nation Lifts REITs

• U.S. equity markets surged by the most since April on an election week rally fueled by the mounting prospects of a divided government after the "Blue Wave" failed to materialize.
• Rebounding from their worst week since March, the S&P 500 surged by 7.2% this past week while the Dow Jones Industrial Average rallied by nearly 2,000 points.
• While the ultimate balance of power remains undetermined, a near-even split in both chambers of Congress reduces the possibilities for significant changes to tax or regulatory policy and suggests a "lower-for-longer" environment.
• Real estate equities delivered a fairly strong week despite underperformance from the COVID-sensitive property sectors. REITs jumped more than 4% while homebuilders surged nearly 7%.
• Apartment REITs were among the leaders after California voters rejected a rent control initiative. Cannabis REITs surged as several more states legalized marijuana. Two more REITs boosted dividends on a frenetic week of real estate earnings reports.

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