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- The Daily REITBeat | Friday, December 27th, 2024
The Daily REITBeat | Friday, December 27th, 2024
"Hitting the Headwinds?"
David Auerbach
December 27, 2024
Good Morning!
Futures remain in the red at the time of this writing as talking heads focus on South Korea’s second Presidential impeachment, today’s economic reports along with the move in the 10-year treasury hovering around 4.60% and potential implications to the market heading into the new year.
From Bloomberg
"US equity futures declined after Thursday’s muted session on Wall Street, while European stocks edged higher in subdued holiday trading as the year draws to a close.
The 10-year Treasury yield hovered near a seven-month high and a gauge of the dollar ticked up, on track for its best year since 2015.
The S&P 500 ended Thursday flat, while the tech-heavy Nasdaq 100 fell 0.1% in quiet post-holiday session as mixed jobless claims data did little to alter bets on the Federal Reserve’s policy outlook. With the economy remaining resilient, investors are concerned President-elect Donald Trump’s policies — which could include tariffs and tax cuts — will stoke price rises, forcing a more hawkish stance from the central bank.
“The most important move in this year-end is the rise of the US 10-year bond; this shows how much everybody is waiting for Trump’s inauguration and its impact on inflation,” said David Kruk, head of trading at La Financiere de L’Echiquier in Paris. “Other than that, most of the trades are technical ones, short-covering and profit taking but there’s no big trend going on as is typical during this time of the year.””
In REIT News
On Tuesday, FCPT announced the acquisition of a portfolio of automotive service properties located in strong retail corridors across multiple states for $12 million from a national operator via sale-leaseback noting that the properties are under long-term, triple net leases and priced at a cap rate in range with previous transactions
On Tuesday, TRNO announced that it completed the redevelopment of its 2.8-acre improved land parcel in Rancho Dominguez, California noting that the property is 100% leased on a short-term basis to a trucking and transloading provider for 18 months and the stabilized cap rate of the redeveloped property is approximately 2.3%
On Tuesday, BDN announced the completion of two significant sales within its JV portfolio: 4040 Wilson, a mixed-use development in Arlington, VA, and the Dabney and Brittons Hill portfolio in Richmond, VA noting that these transactions yielded combined gross sale proceeds of $265.8 million, advancing its strategic objectives to improve its competitive position, reduce forward capital commitments, and generate incremental liquidity for future investments
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David Auerbach & Mary Jensen