VPN - REITs Reignite Animal Spirits

• U.S. equity markets rallied to fresh record-highs this past week on data showing faster-than-expected job growth and continued strength behind the housing market while jitters over rising interest rates calmed.
• Closing the holiday-shortened week at record highs, the S&P 500 gained 1.2% led by a rebound in large-cap technology stocks while Small-Caps and Mid-Caps lagged for the third straight week.
• Led by the residential REIT sectors, real estate equities were higher on the week as the broad-based Equity REIT Index gained 0.7% with 13 of 19 property sectors in positive territory.
• Housing data showed that robust levels of homebuying activity continue to clash with record-low inventory levels, which has accelerated the upward pressure on home values and suburban rents.
• Animal Spirits Reignited? Brookfield Asset Management reached an agreement with Brookfield Property to acquire the remainder of its outstanding shares. The $6.5B would be the largest REIT-involved deal in two years.

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