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- The Daily REITBeat | Friday, November 8th, 2024
The Daily REITBeat | Friday, November 8th, 2024
"Cooling Off?"
David Auerbach
November 08, 2024
Good Morning!
Dow futures up around 50 points at the time of this writing as talking heads focus on yesterday’s Federal Reserve interest rate cut and Chairman Powell press conference and the volatility in the market this week following President Trump’s re-election.
From Bloomberg
"US stock futures dropped as the market gave back some of the gains chalked up after Donald Trump’s election victory. Treasuries advanced.
Bonds got some relief after the Federal Reserve delivered a quarter-point interest-rate cut and left the door open for further easing next month. Contracts on the S&P 500 contracts slipped 0.1%. The index has surged 4.3% this week, putting it on track for its best week in a year.
“To me, there is little alternative to the US,” said Marija Veitmane, a senior multi-asset strategist at State Street Global Markets. “The US is already the best performing equity market globally and we expect that outperformance to continue. US companies are the most profitable and likely to remain so, helped by the potential for lower taxes and less stringent regulation.”
US equity funds attracted $20 billion on Wednesday when Trump secured victory in the election, the biggest daily addition in five months, according to Bank of America Corp. strategists. US stock funds overall added $32.8 billion in the week through Nov. 6."
REIT Academy Session Starting Soon!
In REIT News
BNP Paribas Exane downgrades PLYM to Neutral from Outperform (lower price target by $6 to $23)
Alliance Global Partners downgrades LAND to Neutral from Buy (lower price target by $1.50 to $14.50)
Compass Point upgrades IIPR to Buy from Neutral (maintain $125 price target)
AIV, BFS, BRT, DRH, LAMR, ONL, PEB, STRW announced quarterly earnings
CUZ priced an underwritten public offering of 6,000,000 shares of its common stock raising gross proceeds of $188 million (~$31.33/share) and intends to use the net proceeds of the offering to fund a portion of the $328.5 million purchase price of Vantage South End, a 639,000 sf lifestyle office property in Charlotte, NC but if this acquisition is not consummated, the net proceeds will be used for general corporate purposes, including the acquisition and development of office properties, other opportunistic investments and the repayment of debt
CTO announced the origination of a $40.2 million first mortgage loan with an initial term of thirty months and an initial fixed interest rate of 12.15% noting that the loan is for the development of an approximately 80,000 sf retail center on approximately 26.6 acres located in Forsyth County, GA which will be anchored by a 35,500 sf Whole Foods Market and the remainder of the development consisting of small shop space and pad sites
S&P placed ROIC’s ratings, including its “BBB-“ issuer credit rating, on CreditWatch with negative implications as it “reflects our view that its key credit metrics will likely deteriorate following the close of the acquisition.“
Yesterday morning, S&P assigned a “BBB+” issuer credit rating to SAFE and its operating subsidiary plus assigned an “A-2” short-term rating to its commercial paper program with a positive outlook
Yesterday morning, TRNO announced that it has executed an early lease renewal in Jamaica Queens, NY with a manufacturer of pre-cooked meals noting that the lease of 50,000 sf, which was to expire in September 2026, will now expire September 2036
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David Auerbach & Mary Jensen