BPYU - REITs Eye Uneven Recovery

• U.S. equity markets finished modestly lower on a choppy week as assurances from the Fed of a "lower-for-longer" policy regime didn't slow the continued march higher in long-term interest rates.
• Retreating from record closing highs last week, the S&P 500 declined by 1.2% this past week as large-cap technology stabilized while Small-Cap stocks dipped by more than 3%.
• Pressured by rising rates, real estate equities were also lower despite an ongoing wave of dividend increases. After jumping more than 5% last week, equity REITs pulled back by 1.2%.
• The wave of REIT dividend boosts continued this past week as eight more equity REITs and one additional mortgage REIT raised their payouts. 51 equity REITs and 17 mortgage REITs have now increased dividends this year.
• Homebuilder Lennar surged more than 8% this week after reporting better-than-expected earnings results and announcing a new push into single-family rentals and a spin-off of several successful PropTech ventures.

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