The Daily REITBeat | Friday, September 12th, 2025

"How Long Does it Hold?"

Author

David Auerbach
September 12, 2025

Today’s Newsletter (September 12th, 2025)

Futures mixed at the time of this writing as talking heads focus on the recent market rally with major indexes hitting new all-time highs just ahead of next week’s Federal Reserve meeting. Does the rally continue or lose some steam?

From Bloomberg

  • "Equities edged lower in cautious trading as investors weighed how much further a record rally driven by expectations of Federal Reserve interest-rate cuts can run. 

  • S&P 500 futures slid 0.1% after all major US benchmarks hit all-time highs on Thursday. Europe’s Stoxx 600 eased as well. Microsoft Corp. rose in premarket trading, leading the Magnificent Seven after it avoided a hefty antitrust penalty from the European Union.

  • Treasuries pulled back from Thursday’s advance alongside weakness in Europe, with the US 10-year yield rising two basis points to 4.04%. The dollar rebounded from back-to-back losses. Gold advanced above $3,650 an ounce. 

  • Stocks have scaled all-time highs after a raft of data this week pointed to a strained labor market and relatively contained inflation, sealing a Fed cut when policymakers meet next week. Some now question whether the rally has further room to run as seasonal weakness and geopolitical uncertainty linger."

In REIT News

  • Citi upgrades AKR to Buy from Neutral (raise price target by $3 to $23)

  • Citi upgrades SLG to Buy from Neutral (raise price target by $5 to $70)

  • Citi upgrades VNO to Neutral from Sell (raise price target by $8 to $42)

  • Citi downgrades KRG to Neutral from Buy (lower price target by $4 to $24)

  • AMT priced $200 million of 4.90% senior notes due 2030 and $375 million of 5.35% senior notes due 2035 and intends to use the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility and for general corporate purposes

  • AHT signed a definitive agreement to sell the 150-room Residence Inn San Diego Sorrento Mesa located in San Diego, California for $42.0 million ($280,000/key) noting that when adjusted for the Company's anticipated capital expenditures of $16.0 million, the sale price represents a 5.7% capitalization rate on net operating income or a multiple of 15.3 times Hotel EBITDA for the twelve months ended July 31, 2025

  • BRT announced the appointment of Matthew Gibbons and Isaac Kalish as chief accounting officer and chief financial officer, respectively as Mr. Gibbons' appointment is effective immediately while Mr. Kalish’s appointment is effective upon the retirement of current Chief Financial Officer, George Zweier, which the Company anticipates will take place in the first quarter of 2026

  • Yesterday, Moody’s raised SKT’s limited partnership’s senior unsecured debt rating to “Baa2” from “Baa3”, its senior unsecured shelf rating to “(P)Baa2” from “(P)Baa3” and subordinate shelf rating to “(P)Baa3” from “(P)Ba12” plus raised its preferred shelf and non-cumulative shelf ratings to “(P)Baa3” from “(P)Ba1” plus revised its outlook to stable from positive

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Welcome your comments and feedback.

Have a great day!

David Auerbach