RMRM - REITs Rally As Rents Roar

• U.S. equity markets were mixed this week following a disappointing employment report that raised questions about the momentum behind the economic recovery and the monetary policy direction of the Fed.
• Impacted by chatter over potential corporate tax hikes, large-caps led the way on the week with the S&P 500 and Nasdaq 100 each posting weekly gains, but Mid-Caps and Small-Caps lagged.
• Real estate equities were firmly higher following data showing that rents are soaring across the country at "staggering" rates, pushing the Equity REIT Index higher by nearly 4% on the week.
• Single Family Rental REIT, Invitation Homes reported that it achieved 18.9% growth on new leases in August. Apartment REIT, Centerspace became the 101st REIT to raise its dividend this year.
• The U.S. economy added just 235k jobs in August - far below consensus expectations of 720k - providing further evidence that progress on economic reopenings stalled amid the "fourth wave" of the pandemic.

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