The Daily REITBeat | Friday, February 7th, 2025

"What's the Path?"

Author

David Auerbach
February 07, 2025

Good Morning!

Futures relatively flat at the time of this writing as talking heads set the stage for today’s Nonfarm Payrolls report (est: 175K/158K Private Payrolls/4.1% Unemployment Rate) as earnings, tariffs, treasuries and the usual suspects get attention with Amazon numbers in focus.

From Bloomberg

  • "Stocks, bonds and the dollar fluctuated in narrow ranges as traders looked ahead to the monthly US jobs report to help decide the path for interest rates. 

  • S&P 500 futures were little changed, with the index on track for a 0.7% weekly advance. Treasury 10-year yields held at 4.43%. In Europe, stocks were on course for the longest run of weekly gains since last March.

  • The US jobs report is expected to show 175,000 new roles added last month after advances in excess of 200,000 in the prior two months — which partly reflected recovery from two severe hurricanes — according to the median estimate in a Bloomberg survey. 

  • Wall Street will be closely watching a revision to job growth for the 12 months through the previous March. Economists expect the markdown to show a labor market that’s gradually cooling.

  • “The stock market, needing a boost after a decent but lukewarm earnings season, could potentially rise if the job market shows signs of cooling,” said Florian Ielpo, head of macro research at Lombard Odier Investment Managers. An uptick in hiring might reignite concerns about inflation, he added."

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In REIT News

  • CDP, CPT, CUZ, EGP, KIM, PECO, PINE, REG announced quarterly earnings

  • ESS priced $400 million of 5.375% senior unsecured notes due 2035 on behalf of its limited partnership and intends to use the net proceeds to repay upcoming debt maturities, including to fund a portion of the repayment of the Issuer’s $500.0 million aggregate principal amount outstanding of 3.500% senior notes due April 2025, and for other general corporate and working capital purposes, which may include the funding of potential acquisition opportunities

  • EPRT closed an amendment to its existing senior unsecured credit facility where the amended and restated credit facility consists of a $1.0 billion unsecured revolving credit facility and three existing term loans with a combined balance of $1.3 billion as the revolving credit facility matures in February 2029, with an option to extend the maturity date to February 2030 and the amendment increases and extends the Company’s previous $600 million unsecured revolving credit facility which was set to mature in February 2026

  • AHH executed a large and impactful new lease at The Interlock, the Company’s mixed-use community located in Atlanta’s West Midtown with The Gathering Spot, a membership-only gathering hub for creative professionals, which has leased 38,000 sf on The Interlock’s rooftop and an additional 20,000 sf of office space for their new headquarters

  • SPG announced that Herbert Simon, Chairman Emeritus of the Board of Directors, has retired effective February 4th, 2025 plus S&P Global affirmed the ratings on the company, including its “A-“ issuer credit rating, and revised its outlook to positive from stable

  • Yesterday, Fitch Ratings assigned PDM and its operating partnership a first-time Long-Term Issuer Default Rating of “BBB-“ and assigned a “BBB-“ rating to its senior unsecured notes, term loans and revolving credit facility with a stable outlook

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Welcome your comments and feedback.

Have a great day!

David Auerbach