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- The Daily REITBeat | Monday, February 10th, 2025
The Daily REITBeat | Monday, February 10th, 2025
"More Disruptions?"
David Auerbach
February 10, 2025
Good Morning!
Futures in the green at the time of this writing as talking heads focus on President Trump’s tariff proposals on steel and aluminum imports along with Chairman Powell’s testimony on Capitol Hill this week.
From Bloomberg
"The dollar strengthened and gold hit a record high as President Donald Trump’s plan for steel and aluminum import tariffs brought fresh disruption to markets. US stock futures signaled a rebound from Friday’s slump.
The yen and the Canadian dollar were the main losers against the greenback as the Bloomberg Dollar Spot Index rose to its highest in nearly a week. Like the dollar, bullion climbed as the president’s latest trade threats helped boost demand for haven assets.
S&P 500 and Nasdaq 100 futures contracts gained at least 0.4%. The tariff news lifted American metals stocks, with United States Steel Corp. surging as much as 15% in premarket. Alcoa Corp. rallied 5%. McDonald’s Corp. rose as it reported higher fourth-quarter sales.
In Europe, BP Plc shares surged the most since 2020 as Bloomberg News reported that activist investor Elliott Investment Management had built a stake in the oil company.
Trump’s intention to announce a 25% levy on steel and aluminum Monday added to already tense sentiment before Federal Reserve Chair Jerome Powell’s semiannual congressional testimony and the US President’s possible unveiling of reciprocal tariffs on “everyone” this week. Trump said the metals tariffs would apply to imports from all countries, though he didn’t specify when they would take effect.
“Our view in tariffs remain that they will cause volatility, are a negotiating tool and will eventually be not as bad as feared,” said Mohit Kumar at Jefferies International."
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In REIT News
ALX, BRX, KRC, VNO announce earnings this morning/afternoon after the close of trading while NNN announces tomorrow morning before the open
On Friday, Morningstar downgraded WELL to Sell from Hold (maintain $125 price target)
H announced with PLYA an agreement whereby Hyatt will acquire Playa for $13.50/share or approximately $2.6 billion (including approximately $900 million of debt net of cash)
SPG announced the launch of a transformative multimillion-dollar project at Smith Haven Mall which will begin this summer and is expected to be completed in 2026 that will include a number of new marquee retailers, dining destinations, an outdoor plaza, and amenities throughout the property
On Friday, ROIC announced that stockholders approved the all-cash acquisition of the Company by Blackstone Real Estate Partners X and the proposed acquisition is expected to be completed on or about February 12, 2025, subject to the satisfaction or waiver of customary closing conditions
On Friday, NHI announced that Robert Webb has notified the Board that he is resigning effective immediately
On Friday, Fitch Ratings affirmed EPR’s Long-Term Issuer Default Rating (IDR) and outstanding unsecured debt at “BBB-” along with its preferred stock at “BB” with a stable outlook
On Friday, OPI announced that it is offering noteholders the option to exchange their outstanding 2.650% Senior Unsecured Notes due 2026, 2.400% Senior Unsecured Notes due 2027 and 3.450% Senior Unsecured Notes due 2031 for up to $175 million in aggregate principal amount of 8.000% Senior Priority Guaranteed Unsecured Notes due 2030 and related guarantees noting that the New Notes will be guaranteed by certain of OPI’s subsidiaries which also guarantee its 3.250% Senior Secured Notes due 2027
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Have a great day!
David Auerbach