Daily REITBeat | Monday, October 28th, 2024

"Sighs of Relief?"

Author

David Auerbach
October 28, 2024

In Partnership With

Good Morning!

Dow futures up around 125 points at the time of this writing as talking heads focus on Israel/Iran, the US election in 8 days, a big week of corporate earnings and several important jobs reports that could shape Federal Reserve interest rate policy.

From Bloomberg

  • "A sense of relief percolated through markets after Israel’s retaliatory strikes against Iran avoided oil facilities, with crude tumbling and US stock futures rising at the start of what’s shaping to be a pivotal week for investors.

  • Iran said its oil industry was operating normally following Israel’s attacks on military targets across the country. That eased geo-political tensions as markets prepare for a week packed with key economic data and corporate earnings.

  • Among those are results for five of the “Magnificent Seven” big-tech behemoths, as well as eurozone and US economic-growth prints and a monthly payrolls report. And then comes the presidential election on Nov. 5, with markets increasingly pricing in a stocks-boosting victory for Donald Trump and the Republicans.

  • “Four factors are driving US equities higher right now: better macro data, solid third-quarter earnings, rising expectations of a Republican sweep and lower risk of an escalation in the Middle East,” said Wolf von Rotberg, an equity strategist at Bank J. Safra Sarasin. The Magnificent Seven earnings “are likely to provide another lift to S&P 500 earnings growth,” he said. "

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In REIT News

  • JPM initiates FVR with an Overweight rating ($21 price target)

  • BofA initiates FVR with a Buy rating ($22 price target)

  • Wells Fargo initiates FVR with an Overweight rating ($22 price target)

  • Morgan Stanley initiates FVR with an Overweight rating ($23 price target)

  • AKR announced quarterly earnings while BRX, CDP, CSR, KRC, LTC, PCH, REG, SAFE, SBAC, WELL announce after the close of trading and AMT, NXRT announce tomorrow morning before the open

  • SLG announced that it has signed a 72,515 sf, 10-year lease with leading hedge fund Verition Group NY, Inc., raising occupancy in the building to 92.5% and noted that Verition will expand its footprint in the building by 34,413 sf, relocating from the 35th floor to the entire 14th and 15th floors

  • On Friday, IVT announced the recast and upsizing of the Company’s Unsecured Revolving credit facility increasing capacity from $350 million to $500 million where the maturity date on the Revolver was extended to January 2029 with one 6-month extension option subject to an extension fee and the unsecured credit facility now totals $900 million with the unchanged $400 million term loan where the Facility is available for general corporate purposes including acquisitions and other working capital uses

  • On Friday, AHT completed a reverse split of the Company's common stock at a ratio of 1-for-10 and as a result of the reverse split the number of outstanding shares of common stock was reduced from approximately 55.2 million shares to approximately 5.5 million shares

This Week’s REIT Earnings Calendar

MONDAY 10/28
Earnings Pre-Market:  AKR
Earnings Post-Market:  BRX, CDP, CSR, KRC, LTC, PCH, REG, SAFE, SBAC, WELL

TUESDAY 10/29
Earnings Pre-Market:  AMT, NXRT
Earnings Post-Market:  AAT, AMH, BXP, CHCT, CTRE, ESS, EXR, FSP, ILPT, IVT, JBGS, PK, STAG, WPC

WEDNESDAY 10/30
Earnings Pre-Market:  HR, SITC, UE
Earnings Post-Market:  BNL, EPR, EQIX, EQR, FCPT, FPI, FRT, INVH, IRT, KRG, MAA, NSA, OHI, OPI, PGRE, PSA, UDR, VRE, VTR, WSR

THURSDAY 10/31
Earnings Pre-Market:  CIO, KIM, NNN, UNIT
Earnings Post-Market:  CPT, CUBE, SBRA, VICI

FRIDAY 11/1
Earnings Pre-Market:  SPG

Download today’s Daily REIT Beat here!

The Daily REITBeat 10-28-24.pdf594.63 KB • PDF File

Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen