The Daily REITBeat | Monday, October 21st, 2024

"Shifting Views?"

Author

David Auerbach
October 21, 2024

Good Morning!

Dow futures down around 125 points at the time of this writing as talking heads set the stage for a busy week of earnings including Tesla and Boeing along with several key economic releases as the 10-year trades north of 4.13%

From Bloomberg

  • "US stock futures fell as investors looked to a busy week of company earnings for further signs on the strength of the economy. Oil climbed and gold touched a record on mounting tensions in the Middle East.

  • Contracts on the S&P 500 were down 0.3% after the underlying gauge capped its longest run of weekly gains this year, while futures for the tech-heavy Nasdaq 100 fell 0.5%. US 10-year Treasury yields rose four basis points and the dollar edged higher.

  • Financial markets are being shaped by investors’ shifting views on the health of major economies on the one hand, and the impact of hostilities in the Middle East and geopolitics on the other. More than a fifth of S&P 500 companies are due to report this week, according to data compiled by Bloomberg, with Tesla Inc., Boeing Co., General Motors Co. and Coca-Cola Co. in the lineup."

In REIT News

  • Wolfe Research initiates ELME with a Peer Perform rating

  • Deutsche Bank upgrades DOC to Buy from Hold (raise price target by $8 to $28)

  • BofA upgrades GTY to Buy from Neutral (raise price target by $3 to $34)

  • Raymond James upgrades MAA to Strong Buy from Market Perform ($175 price target)

  • Raymond James upgrades NXRT to Outperform from Market Perform ($50 price target)

  • Raymond James downgrades CSR and ESS to Market Perform from Outperform

  • Goldman Sachs downgrades PLD to Neutral from Buy (lower price target by $10 to $132)

  • Wells Fargo downgrades EXR to Equalweight from Overweight (maintain $175 price target)

  • Melius Research downgrades HLT to Hold from Buy (raise price target by $5 to $249)

  • On Friday, Morningstar downgraded ESRT to Sell from Hold (maintain $9.60 price target)

  • FPI confirmed that the recently announced sale of a portfolio of farmland to Farmland Reserve, Inc. closed as scheduled on October 16, 2024 noting that the portfolio consisted of 46 farms, comprising 41,554 acres of farmland in Arkansas, Florida, Louisiana, Mississippi, Nebraska, Oklahoma, and the Carolinas and the $289 million all-cash transaction generated a total gain for FPI of approximately $50 million, or approximately 21% over the aggregate net book value of the farms within the portfolio with $146.6 million of the proceeds used to pay down debt

  • On Friday, PSA announced that Chris Sambar has joined as Chief Operating Officer

REIT/Real Estate Earnings Calendar

MONDAY 10/21
Earnings Post-Market:  ARE, ELS, ESRT

TUESDAY 10/22
Earnings Post-Market:  ADC, BDN, HIW, ROIC

WEDNESDAY 10/23
Earnings Post-Market:  EGP, EPRT, EQC, GTY

THURSDAY 10/24
Earnings Post-Market:  ALEX, CTO, CUZ, DLR, DOC, GLPI, PDM, PECO, WY

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Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen