The Daily REITBeat | Friday, May 9th, 2025

"Double Down?"

Author

David Auerbach
May 09, 2025

Good Morning!

Futures in the green at the time of this writing as talking heads focus on this weekend’s talks with China on trade tariffs as we look forward to next week’s CPI/PPI/Retail Sales reports to see if/how inflation is impacting the economy.

From Bloomberg

  • "US stock futures pointed to a third day of gains on Wall Street and German stocks hit a record high, as investors seized on signs that global trade tensions are starting to ease.

  • Nasdaq 100 contracts edged up 0.4% and those on the S&P 500 rose 0.3%. Markets also benefited from a slew of positive earnings, with Microchip Technology Inc. gaining almost 10% in premarket trading. Pinterest Inc. shares surged 15% after revenue guidance topped estimates. Software company CloudFlare Inc. and ride-hailing firm Lyft Inc. also advanced after posting robust results. On the downside, travel firm Expedia Group Inc. fell after it cut bookings growth forecasts. 

  • In Europe, the Stoxx 600 index rose 0.5%, on track for a fourth weekly advance, while Germany’s DAX Index became the first major European gauge to surpass its March record high, recouping all losses sparked by US President Donald Trump’s trade war. 

  • Meanwhile, the trade optimism lifted Bitcoin as much as 3% to a three-month high, while oil prices extended Thursday’s gain.

  • Investors have been heartened by Thursday’s framework US-UK agreement on trade, which Trump said was the first of many deals with other partners. He also signaled that upcoming negotiations with China might result in tangible progress. Representatives of the two nations will hold talks this weekend, with the US administration said to be weighing dramatic tariff reductions.

  • “Much of the current rally can be explained by the relief triggered by the pause on tariffs and the US trade deal with the UK. There’s a sense that the worst is behind us in terms of newsflow,” said Thomas Brenier, head of equities at Lazard Freres Gestion in Paris."

In REIT News

  • AHR, AIV, BFS, BRT, FRT, OUT, PKST, STRW announced quarterly earnings

  • REG priced $400 million of 5.00% senior unsecured notes due 2032 on behalf of its operating partnership and intends to use the net proceeds to (i) reduce the outstanding balance on its line of credit, (ii) for the repayment of the $250 million aggregate principal amount outstanding of the 2025 Notes upon their maturity and (iii) for general corporate purposes, including, but not limited to, the future repayment of other outstanding debt

  • FCPT announced the acquisition of three Express Oil Change & Tire Engineers properties located in highly trafficked corridors in Georgia for $9.5 million noting that the properties are corporate-operated under long term, triple net leases with approximately 19 years of term remaining and priced at a 6.6% cap rate on rent as of the closing date and exclusive of transaction costs

  • PLD announced that Sarah Slusser was elected to its board of directors at the company's annual stockholder meeting on May 8, 2025 and noted that Slusser will serve on its Governance and Nomination committee

  • Yesterday, Moody’s upgraded STAG’s operating partnership’s backed senior unsecured bank credit facility rating to “Baa2” from “Baa3” and revised its outlook to stable from positive

  • Yesterday, Land & Buildings Investment Management announced that independent proxy advisory firm Glass, Lewis & Co., LLC recommended that stockholders vote “FOR” the election of Land & Buildings’ independent nominees – Jim Hoffmann and Adam Troso – to NHI’s Board of Directors at the 2025 Annual Meeting of Stockholders scheduled for May 21, 2025

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Welcome your comments and feedback.

Have a great day!

David Auerbach