Daily REITBeat | Friday, October 25th, 2024

"Through the Looking Glass"

Author

David Auerbach
October 25, 2024

In Partnership With

Good Morning!

Dow futures up around 100 points at the time of this writing as talking heads focus on corporate earnings, today’s economic calendar, treasury yields, election and next week’s Jobs reports including the October Nonfarm Payrolls report.

From Bloomberg

  • "US stock futures pointed to gains at the Wall Street open as investors looked past a jump in borrowing costs that cooled market sentiment earlier in the week.

  • Contracts on the S&P 500 rose 0.3%, suggesting the underlying gauge could trim its first weekly drop in seven. Treasury yields declined for a second day, leaving the rate on the 10-year note up about one tenth of a percentage point in the week.

  • Traders’ attention is turning to US economic data next week, including a monthly payrolls report, for fresh clues on the scope for Federal Reserve interest-rate cuts. With the Nov. 5 presidential vote approaching, some analysts are predicting a stock market boost should Donald Trump win, while others warn it may reignite inflation and slow the pace of Fed easing. 

  • “The markets at least are sniffing out a Republican sweep, and perhaps an electoral/Senate landslide,” Stephen Auth, chief investment officer for equities at Federated Hermes, wrote in a note. “Should this occur, and we think it very well might, we’d expect the modest rally we’ve experienced since July to pick up steam. A Trump win would likely favor the old economy financial, industrial, energy and small cap stocks.”"

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In REIT News

  • KeyBanc initiates REG with an Overweight rating ($80 price target)

  • RBC downgrades ARE to Sector Perform from Outperform (lower price target by $5 to $125)

  • Scotiabank downgrades REXR to Sector Perform from Sector Outperform (lower price target by $7 to $48)

  • ALEX, CTO, CUZ, DLR, DOC, GLPI, PDM, PECO, WY announced quarterly earnings

  • ADC priced an upsized underwritten public offering of 4,400,000 shares of its common stock at $74/share raising gross proceeds of $325.6 million in connection with forward sale agreements and intends to use the net proceeds for general corporate purposes, including to fund property acquisitions and development activity or the repayment of outstanding indebtedness under its revolving credit facility

  • EQR announced the publication of its 2024 Corporate Responsibility report which describes the Company’s strategies around sustainability, employee development, customer engagement, community service and governance as well as its goals and achievements in these areas

  • UDR announced the publication of its sixth annual ESG Report which summarizes their ESG achievements in calendar year 2023 and details the Company’s progress towards its enhanced ESG goals

  • Yesterday, ESRT announced that Bloomsbury Publishing, Inc. signed a new 24,209 sf lease for office space at 1359 Broadway

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Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen