diff --git a/CODEOWNERS b/CODEOWNERS
index 5b436b7..68f394d 100644
--- a/CODEOWNERS
+++ b/CODEOWNERS
@@ -1 +1 @@
-* @github/ui-frameworks-reviewers
+* @github/primer-reviewers
diff --git a/package-lock.json b/package-lock.json
index 6644b16..0e99d43 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -4147,13 +4147,10 @@
       "dev": true
     },
     "node_modules/json5": {
-      "version": "2.2.0",
-      "resolved": "https://registry.npmjs.org/json5/-/json5-2.2.0.tgz",
-      "integrity": "sha512-f+8cldu7X/y7RAJurMEJmdoKXGB/X550w2Nr3tTbezL6RwEE/iMcm+tZnXeoZtKuOq6ft8+CqzEkrIgx1fPoQA==",
+      "version": "2.2.3",
+      "resolved": "https://registry.npmjs.org/json5/-/json5-2.2.3.tgz",
+      "integrity": "sha512-XmOWe7eyHYH14cLdVPoyg+GOH3rYX++KpzrylJwSW98t3Nk+U8XOl8FWKOgwtzdb8lXGf6zYwDUzeHMWfxasyg==",
       "dev": true,
-      "dependencies": {
-        "minimist": "^1.2.5"
-      },
       "bin": {
         "json5": "lib/cli.js"
       },
@@ -4623,9 +4620,9 @@
       }
     },
     "node_modules/minimatch": {
-      "version": "3.0.4",
-      "resolved": "https://registry.npmjs.org/minimatch/-/minimatch-3.0.4.tgz",
-      "integrity": "sha512-yJHVQEhyqPLUTgt9B83PXu6W3rx4MvvHvSUvToogpwoGDOUQ+yDrR0HRot+yOCdCO7u4hX3pWft6kWBBcqh0UA==",
+      "version": "3.1.2",
+      "resolved": "https://registry.npmjs.org/minimatch/-/minimatch-3.1.2.tgz",
+      "integrity": "sha512-J7p63hRiAjw1NDEww1W7i37+ByIrOWO5XQQAzZ3VOcL0PNybwpfmV/N05zFAzwQ9USyEcX6t3UO+K5aqBQOIHw==",
       "dev": true,
       "dependencies": {
         "brace-expansion": "^1.1.7"
@@ -5248,12 +5245,18 @@
       }
     },
     "node_modules/qs": {
-      "version": "6.7.0",
-      "resolved": "https://registry.npmjs.org/qs/-/qs-6.7.0.tgz",
-      "integrity": "sha512-VCdBRNFTX1fyE7Nb6FYoURo/SPe62QCaAyzJvUjwRaIsc+NePBEniHlvxFmmX56+HZphIGtV0XeCirBtpDrTyQ==",
+      "version": "6.11.0",
+      "resolved": "https://registry.npmjs.org/qs/-/qs-6.11.0.tgz",
+      "integrity": "sha512-MvjoMCJwEarSbUYk5O+nmoSzSutSsTwF85zcHPQ9OrlFoZOYIjaqBAJIqIXjptyD5vThxGq52Xu/MaJzRkIk4Q==",
       "dev": true,
+      "dependencies": {
+        "side-channel": "^1.0.4"
+      },
       "engines": {
         "node": ">=0.6"
+      },
+      "funding": {
+        "url": "https://github.com/sponsors/ljharb"
       }
     },
     "node_modules/queue-microtask": {
@@ -6131,9 +6134,9 @@
       }
     },
     "node_modules/ua-parser-js": {
-      "version": "1.0.2",
-      "resolved": "https://registry.npmjs.org/ua-parser-js/-/ua-parser-js-1.0.2.tgz",
-      "integrity": "sha512-00y/AXhx0/SsnI51fTc0rLRmafiGOM4/O+ny10Ps7f+j/b8p/ZY11ytMgznXkOVo4GQ+KwQG5UQLkLGirsACRg==",
+      "version": "1.0.33",
+      "resolved": "https://registry.npmjs.org/ua-parser-js/-/ua-parser-js-1.0.33.tgz",
+      "integrity": "sha512-RqshF7TPTE0XLYAqmjlu5cLLuGdKrNu9O1KLA/qp39QtbZwuzwv1dT46DZSopoUMsYgXpB3Cv8a03FI8b74oFQ==",
       "dev": true,
       "funding": [
         {
@@ -9677,13 +9680,10 @@
       "dev": true
     },
     "json5": {
-      "version": "2.2.0",
-      "resolved": "https://registry.npmjs.org/json5/-/json5-2.2.0.tgz",
-      "integrity": "sha512-f+8cldu7X/y7RAJurMEJmdoKXGB/X550w2Nr3tTbezL6RwEE/iMcm+tZnXeoZtKuOq6ft8+CqzEkrIgx1fPoQA==",
-      "dev": true,
-      "requires": {
-        "minimist": "^1.2.5"
-      }
+      "version": "2.2.3",
+      "resolved": "https://registry.npmjs.org/json5/-/json5-2.2.3.tgz",
+      "integrity": "sha512-XmOWe7eyHYH14cLdVPoyg+GOH3rYX++KpzrylJwSW98t3Nk+U8XOl8FWKOgwtzdb8lXGf6zYwDUzeHMWfxasyg==",
+      "dev": true
     },
     "keygrip": {
       "version": "1.1.0",
@@ -10070,9 +10070,9 @@
       "dev": true
     },
     "minimatch": {
-      "version": "3.0.4",
-      "resolved": "https://registry.npmjs.org/minimatch/-/minimatch-3.0.4.tgz",
-      "integrity": "sha512-yJHVQEhyqPLUTgt9B83PXu6W3rx4MvvHvSUvToogpwoGDOUQ+yDrR0HRot+yOCdCO7u4hX3pWft6kWBBcqh0UA==",
+      "version": "3.1.2",
+      "resolved": "https://registry.npmjs.org/minimatch/-/minimatch-3.1.2.tgz",
+      "integrity": "sha512-J7p63hRiAjw1NDEww1W7i37+ByIrOWO5XQQAzZ3VOcL0PNybwpfmV/N05zFAzwQ9USyEcX6t3UO+K5aqBQOIHw==",
       "dev": true,
       "requires": {
         "brace-expansion": "^1.1.7"
@@ -10548,10 +10548,13 @@
       }
     },
     "qs": {
-      "version": "6.7.0",
-      "resolved": "https://registry.npmjs.org/qs/-/qs-6.7.0.tgz",
-      "integrity": "sha512-VCdBRNFTX1fyE7Nb6FYoURo/SPe62QCaAyzJvUjwRaIsc+NePBEniHlvxFmmX56+HZphIGtV0XeCirBtpDrTyQ==",
-      "dev": true
+      "version": "6.11.0",
+      "resolved": "https://registry.npmjs.org/qs/-/qs-6.11.0.tgz",
+      "integrity": "sha512-MvjoMCJwEarSbUYk5O+nmoSzSutSsTwF85zcHPQ9OrlFoZOYIjaqBAJIqIXjptyD5vThxGq52Xu/MaJzRkIk4Q==",
+      "dev": true,
+      "requires": {
+        "side-channel": "^1.0.4"
+      }
     },
     "queue-microtask": {
       "version": "1.2.3",
@@ -11196,9 +11199,9 @@
       "dev": true
     },
     "ua-parser-js": {
-      "version": "1.0.2",
-      "resolved": "https://registry.npmjs.org/ua-parser-js/-/ua-parser-js-1.0.2.tgz",
-      "integrity": "sha512-00y/AXhx0/SsnI51fTc0rLRmafiGOM4/O+ny10Ps7f+j/b8p/ZY11ytMgznXkOVo4GQ+KwQG5UQLkLGirsACRg==",
+      "version": "1.0.33",
+      "resolved": "https://registry.npmjs.org/ua-parser-js/-/ua-parser-js-1.0.33.tgz",
+      "integrity": "sha512-RqshF7TPTE0XLYAqmjlu5cLLuGdKrNu9O1KLA/qp39QtbZwuzwv1dT46DZSopoUMsYgXpB3Cv8a03FI8b74oFQ==",
       "dev": true
     },
     "unbox-primitive": {
diff --git a/src/processors.ts b/src/processors.ts
index d50c06c..0c2cb7c 100644
--- a/src/processors.ts
+++ b/src/processors.ts
@@ -19,7 +19,7 @@ export function createProcessor(processPart: PartProcessor): TemplateTypeInit {
 }
 
 export function processPropertyIdentity(part: TemplatePart, value: unknown): void {
-  part.value = String(value)
+  part.value = value instanceof Element ? value : String(value)
 }
 
 export function processBooleanAttribute(part: TemplatePart, value: unknown): boolean {
diff --git a/src/template-instance.ts b/src/template-instance.ts
index ddf8910..4e6ce0c 100644
--- a/src/template-instance.ts
+++ b/src/template-instance.ts
@@ -5,7 +5,7 @@ import {propertyIdentity} from './processors.js'
 import {TemplatePart, TemplateTypeInit} from './types.js'
 
 function* collectParts(el: DocumentFragment): Generator<TemplatePart> {
-  const walker = el.ownerDocument.createTreeWalker(el, NodeFilter.SHOW_TEXT | NodeFilter.SHOW_ELEMENT, null, false)
+  const walker = el.ownerDocument.createTreeWalker(el, NodeFilter.SHOW_TEXT | NodeFilter.SHOW_ELEMENT, null)
   let node
   while ((node = walker.nextNode())) {
     if (node instanceof Element && node.hasAttributes()) {
diff --git a/src/types.ts b/src/types.ts
index 1170530..a5c2520 100644
--- a/src/types.ts
+++ b/src/types.ts
@@ -2,7 +2,7 @@ import type {TemplateInstance} from './template-instance.js'
 
 export interface TemplatePart {
   expression: string
-  value: string | null
+  value: Element | string | null
 }
 
 type TemplateProcessCallback = (instance: TemplateInstance, parts: Iterable<TemplatePart>, params: unknown) => void
diff --git a/test/template-instance.ts b/test/template-instance.ts
index b4f65af..1c5e8ea 100644
--- a/test/template-instance.ts
+++ b/test/template-instance.ts
@@ -14,6 +14,19 @@ describe('template-instance', () => {
     root.appendChild(instance)
     expect(root.innerHTML).to.equal(`Hello world`)
   })
+  it('applies data to templated element nodes', () => {
+    const template = document.createElement('template')
+    const element = Object.assign(document.createElement('div'), {
+      innerHTML: 'Hello world'
+    })
+    const originalHTML = `{{x}}`
+    template.innerHTML = originalHTML
+    const instance = new TemplateInstance(template, {x: element})
+    expect(template.innerHTML).to.equal(originalHTML)
+    const root = document.createElement('div')
+    root.appendChild(instance)
+    expect(root.innerHTML).to.equal(`<div>Hello world</div>`)
+  })
   it('can render into partial text nodes', () => {
     const template = document.createElement('template')
     const originalHTML = `Hello {{x}}!`
diff --git a/tsconfig.build.json b/tsconfig.build.json
index f4b9da6..2ab0489 100644
--- a/tsconfig.build.json
+++ b/tsconfig.build.json
@@ -1,5 +1,5 @@
 {
-  "exclude": ["__tests__"],
+  "exclude": ["test"],
   "extends": "./tsconfig.json",
   "compilerOptions": {
     "declaration": true,