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- The Daily REITBeat | Monday, May 19th, 2025
The Daily REITBeat | Monday, May 19th, 2025
"Cooling Off"
David Auerbach
May 19, 2025
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Good Morning!
Futures in the red at the time of this writing as talking heads focus on the late Friday announcement that Moody’s cut the United States credit rating as treasuries and other benchmarks like commodities and the dollar have been on the move.
From Bloomberg
"US bonds, stocks and the dollar dropped after Moody’s Ratings stripped the government of its top credit rating, reinforcing concern about the status of American assets. Gold rose.
S&P 500 contracts fell 1.1%, with investors cooling on equities after a five-day winning streak. European and Asian shares also dropped. The yield for 30-year Treasuries surpassed 5%, rising to the highest level since November 2023. The euro rose as much as 1.1% as all major currencies advanced against the greenback.
The Moody’s downgrade risks reinforcing Wall Street’s growing worries over the US sovereign bond market as a ballooning budget deficit shows little signs of narrowing. The rating cut comes as lawmakers debates even more unfunded tax cuts and the economy looks set to slow as Trump upends long-established partnerships and restructures trade deals."
In REIT News
BofA reinstates AMT ($255), CCI ($115), DLR ($210), EQIX ($1,000) and SBAC ($260) with Buy ratings
Wolfe Research upgrades CUBE to Outperform from Peer Perform ($48 price target)
On Friday, Citizens downgraded NXRT to Market Perform from Market Outperform
EXR announced the planned succession for its Executive Vice President and Chief Financial Officer, P. Scott Stubbs, who will retire on December 31, 2025 and The Board of Directors has selected Jeff Norman, the Company's current Senior Vice President of Capital Markets and Treasury, to succeed Mr. Stubbs as Executive Vice President, Chief Financial Officer beginning July 1, 2025 while Mr. Stubbs will remain a member of the Company's Executive Committee until his retirement, and he will continue to work closely with Mr. Norman and the Company's finance and accounting functions through December 31, 2025
On Friday, UMH completed the addition of ten communities containing 2,001 sites to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $101.4 million noting that this interest only loan is at a fixed rate of 5.855% with a 10-year term and proceeds will be used to invest in additional acquisitions, expansions, rental homes and repay higher interest rate debt on a short-term basis
On Friday, Moody’s affirmed EGP’s “Baa2” issuer rating and revised its outlook to positive from stable
On Friday, Moody’s upgraded SUI’s operating partnership’s issuer rating and backed senior unsecured rating to “Baa2” from “Baa3” with a stable outlook
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Have a great day!
David Auerbach