The Daily REITBeat | Friday, December 19th, 2025

"The Last Major Event of 2025"

Author

David Auerbach
December 19, 2025

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Today’s Newsletter (December 19th, 2025)

Futures mixed at the time of this writing as talking heads focus on the last quad witching of 2025 as the usual topics such as AI, Mag 7, Oracle/Micron and potential Santa rally are discussed.

From Bloomberg

  • "US stocks are poised to close out a choppy week on a steady note as traders gear up for the year-end stretch that’s typically supportive of equities. Bond yields advanced following the Bank of Japan’s interest-rate hike.

  • S&P 500 futures rose 0.1% after the benchmark posted its biggest gain of the month on Thursday. Nasdaq 100 contracts climbed 0.3%.  Oracle Corp., long a focal point of concerns that the artificial-intelligence rally had become overheated, rose more than 4% in premarket trading. The company is leading a group of investors that signed binding agreements to bring TikTok’s US operations under an American-controlled venture.

  • Options expiries on Friday represent the last major event before markets enter the holiday period, when low volumes, seasonal flows and limited news tend to bolster stocks. Before that, however, a record $7.1 trillion in notional open interest will roll off across the US options market.

  • Stocks have swung in recent weeks as optimism over the outlook for Federal Reserve interest-rate cuts and a robust economy have clashed with fears that the AI-driven rally is vulnerable to a correction. Some strategists warn that while the broader backdrop remains favorable, volatility may persist."

In REIT News

  • Yesterday, Macquarie resumed VICI with an Outperform rating (lowered price target by $2 to $35)

  • SVC provided an update on its hotel dispositions and recent actions to strengthen its balance sheet commenting that 1) during the 2025 fourth quarter to date, it has closed on the sales of 66 hotels with a total of 8,294 keys for aggregate gross proceeds of approximately $534 million plus an agreement for the sale of seven focused-service hotels totaling 890 keys for a total sales price of approximately $88 million has been terminated and SVC is evaluating sale alternatives for these hotels and 2) announced the early redemption of $300 million of its aggregate $400 million of outstanding unsecured senior notes due February 2027 and expects to fund this redemption with the proceeds from completed hotel sales

  • UDR closed a $230 million expansion of its joint venture with LaSalle Investment Management and increasing the size of the joint venture to approximately $850 million whereby 1) it will contribute four additional apartment communities totaling 974 apartment homes, increasing the size of the venture to a total of 2,564 apartment homes and 2) Retain 51% ownership in the communities contributed to the joint venture plus 3) receive approximately $200 million in cash proceeds to be used for share repurchases, debt repayment, and general corporate purposes

  • AHR closed over $950 million of new acquisitions year-to-date in 2025 with no further acquisitions expected to close between now and year-end as all of the Company's new acquisitions are concentrated within its operating portfolio, which consists of the Integrated Senior Health Campuses and Senior Housing Operating Properties segments that have driven its strong operating momentum and growth in 2025

  • NHI invested $89.2 million, including transaction costs, in four separate transactions at an average initial yield of 8.20% plus completed investments of approximately $392.4 million year-to-date in 2025 at an average initial yield of 8.10% and currently has approximately $214.0 million in signed letters of intent at an average expected yield of approximately 7.80% after routine capital expenditures and primarily structured as SHOP investments

  • CPT announced the dual listing of its common stock on NYSE Texas, the newly launched, fully electronic equities exchange headquartered in Dallas, TX as the Company will maintain its primary listing on the New York Stock Exchange and trade under the same ticker symbol “CPT” on NYSE Texas

  • ADC released its 2024 Sustainability Report which highlights its environmental, social and governance initiatives and is aligned with the ISSB IFRS S1 and S2 disclosure standards

  • Yesterday morning, TRNO executed a lease for 117,000 sf in Doral, FL with an international freight forwarder and provider of customs brokerage, warehousing and inland transportation as the lease will commence December 31, 2025 and expire December 2036

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Welcome your comments and feedback.

Have a great day!

David Auerbach