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- The Daily REITBeat | Friday, September 26th, 2025
The Daily REITBeat | Friday, September 26th, 2025
"What's the Real Driver?"
David Auerbach
September 26, 2025
Futures mixed at the time of this writing as talking heads focus on jobs data as next week’s September Nonfarm Payrolls report looms as tariffs, inflation and the usual subjects overhang the market. 10-year trades near 4.18%.
From Bloomberg
"US equity futures struggled for traction as investors ponder the Federal Reserve’s next policy move following strong data from the world’s biggest economy.
Contracts on the S&P 500 were little changed, while those on the Nasdaq 100 dipped. The S&P 500 is on track for its first weekly decline of the month ahead of Friday’s inflation report and next week’s key monthly jobs numbers, after US GDP data Thursday complicated the outlook for further interest-rate cuts.
Truckmaker PACCAR Inc. climbed more than 5% in premarket trading after President Donald Trump levied new tariffs on imports of heavy vehicles. Shares in several European peers dropped.
After a $15 trillion rebound in global equities from April’s lows, traders now face a wall of uncertainty as tariff headlines return to unsettle markets and investors fret about inflated valuations for big tech companies. Fed policy, the upcoming earnings season, and the threat of a US government shutdown are also weighing on sentiment. Attention now turns to Friday’s inflation report and key monthly jobs data next week.
“Excitement on AI and Fed rate cuts turbo-charged the bull market and sent global and US equities to new highs,” Barclays Plc strategists led by Emmanuel Cau wrote in a note. “But with much of the Goldilocks narrative arguably in the price now, and positioning higher, investor fatigue is palpable as we hit an air pocket ahead of next week’s non-farm payrolls report and third-quarter earnings.”"
In REIT News
BofA upgrades MAC to Buy from Neutral (raise price target by $4 to $23)
O priced $400 million of 3.95% senior unsecured notes due 2029 and $400 million of 4.50% senior unsecured notes due 2033 and intends to use the general proceeds for general corporate purposes, which may include, among other things, the repayment or repurchase of its indebtedness, foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of certain properties in its portfolio
NTST closed $450.0 million in additional financing commitments and amendments to its existing credit facilities which consists of a $200.0 million senior unsecured, 5.5-year term loan facility and a $250.0 million senior unsecured, 7-year term loan facility
LTC announced the closing of a $40 million Senior Housing Operating Portfolio acquisition of two assisted living and memory care communities in Kentucky which totals 158 units that is operated by Charter Senior Living and has now closed $175 million (38%) of its projected $460 million pipeline where $75 million has been added to SHOP and the Company expects to close an additional $195 million in SHOP acquisitions by mid-October 2025, and an additional $90 million by the end of 2025
CTO announced the successful closing of $150 million in term loan financing which includes a new $125 million term loan due September 2030 and a $25 million upsizing of the Company’s existing term loan due September 2029 with proceeds used to retire the $65 million term loan due March 2026 representing the majority of the Company’s 2026 maturities and to reduce the balance outstanding on the Company’s revolving credit facility
HST recommended that holders of OP units reject the “mini-tender” offer by MacKenzie Capital Management LP to purchase up to 100,000 operating partnership units at $10.55/OP Unit as the offer price is below the $17.37/share closing stock price of the Company’s common stock on September 24, 2025 while based on the closing price of the Company’s common stock on September 24, 2025 of $17.37, an OP Unit holder would receive shares with a market value of approximately $17.74 compared to the cash MacKenzie Offer
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David Auerbach