BRMK - IPOs Are Hot REITs Are Not

• U.S. equity markets finished modestly lower this past week as vaccine optimism and an IPO-frenzy were offset by concerns over the ongoing intensification of the coronavirus outbreak and resulting shutdowns.
• A potentially pivotal turning point in the battle against COVID-19, the FDA approved the first COVID-19 vaccine in the United States Friday night with vaccinations expected to begin within days.
• The S&P 500 retreated 1.0% as pockets of froth in equity markets became more visible amid an IPO mania with Airbnb and DoorDash surging in their public market debuts.
• After leading the gains last week, real estate equities were the laggards despite another wave of dividend increases. Equity REITs dipped 2.3% on the week with 15 of 18 property sectors in negative territory.
• It's been a very merry dividend season thus far for REITs. After six equity REITs boosted their dividends last week, five more equity REITs boosted their dividends this week. 48 equity REITs have now raised dividends above pre-pandemic rates in 2020.

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