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- The Daily REITBeat | Monday, September 22nd, 2025
The Daily REITBeat | Monday, September 22nd, 2025
"Collective Overconfidence?"
David Auerbach
September 22, 2025
Futures in the red at the time of this writing as talking heads focus on last week’s massive market moves and volatility after the Federal Reserve interest rate policy decision and outlook along with a preview of a big economic calendar ahead this week.
From Bloomberg
"US stocks are set to pull back from all-time highs as traders search for new catalysts to drive markets at the start of a relatively quiet week on the event calendar. Gold hit a fresh record.
Futures for the S&P 500 retreated 0.2% after bets on a series of interest rate cuts drove the benchmark to a fresh high at the end of last week. Kenvue Inc. extended losses in premarket trading, following a Washington Post report that the Trump administration plans to link the active ingredient in Tylenol to autism Monday. Treasuries and the dollar were little changed.
After the Federal Reserve cut rates for the first time this year, this week’s data calendar looks thin, with Friday’s release of policymakers’ preferred gauge of underlying inflation the main item. With the central bank’s dovish stance largely shaped by a weakening labor market, next week’s payrolls report looms as the bigger catalyst, alongside the start of the earnings season next month.
“This week is overall the calmest week of the month on the macro front and with the earnings season over, markets will likely drift on hearsay and sentiment,” said Panmure Liberum strategist Joachim Klement. “Investors are increasingly bullish on the six-month outlook for US stock markets as the Fed has restarted its cuts, but we think this is a case of collective overconfidence.”"
In REIT News
Lucid Capital initiates MRP with a Buy rating ($40 price target)
Jefferies initiates IRM with a Buy rating ($120 price target)
Evercore ISI downgrades PGRE to Inline from Outperform (lower price target by $1.40 to $6.60)
Wolfe Research upgrades CCI to Outperform from Peer Perform ($114 price target)
On Friday, Morningstar upgraded WELL to Hold from Sell (raised price target by $12 to $158)
SLG announced with PGIM that it has completed a $1.4 billion, five-year, fixed-rate refinancing of 11 Madison Avenue as the mortgage carries a stated coupon of 5.625% which replaces the previous $1.4 billion of debt on the property which was comprised of a $1.075 billion senior mortgage and two mezzanine loans totaling $325.0 million and also announced that it has completed two transactions at 1552-1560 Broadway noting that in June, the JV with Wharton Properties acquired the debt encumbering the fee interest at 1552 Broadway and the leasehold interest at 1560 Broadway and subsequent to the loan purchase, the joint venture finalized a ground lease and a sign bracing agreement at 1560 Broadway with GFP Real Estate and Benenson Capital Partners, with the term through 2074
SMA announced the pricing of a Canadian Maple Bond offering as its operating partnership will issue CAD $200 million of series B 3.888% senior unsecured notes due September 24, 2030 and the company intends to use the net proceeds from the offering to repay outstanding indebtedness, fund acquisitions and for general corporate purposes
WSR announced that its operating partnership amended, expanded and extended its $750 million credit facility (comprised of a $375 million revolver and $375 million term loan) as the revolver is scheduled to mature in September 2029 with two six-month options to extend the maturity date and the term loan is scheduled to mature in January 2031 and the revolver has an initial interest rate of SOFR plus 1.40% while the term loan has an initial interest rate of SOFR plus 1.35%
PSTL closed on the recast and expansion of its credit facilities to $440 million effective September 19, 2025 noting that because of its entry into the 2025 Credit Facility, the Company was able to extend the maturity dates on each of its existing senior unsecured revolving credit facility (from January 2026 to November 2029) and existing Term Loan (from January 2027 to January 2030)
GLPI announced an update with Bally’s Corporation on the development and its $1.19 billion investment in the Chicago casino resort development at the former Chicago Tribune site which is expected to open in 4Q’2026
UMH announced that the Board of Directors has authorized the Company to repurchase up to $100 million of its outstanding common stock which is an increase from the Board’s previous authorization of up to $25 million of common stock repurchases
Moody’s affirmed the “Baa3” issuer rating and senior unsecured debt rating of NHI plus affirmed its “(P)Baa3” senior unsecured shelf rating with a stable outlook
On Friday, GMRE completed the previously announced one-for-five reverse stock split which also effected a proportionate reduction in the Company’s authorized shares of its Common Stock from 500,000,000 shares to 100,000,000 shares and reduced the number of shares of Common Stock outstanding from 67,037,048 shares to approximately 13,407,409 shares
On Friday, SUI announced the granting of an equity award to incoming Chief Executive Officer Charles D. Young which consists of shares of the Company’s common stock with an aggregate value of $1,000,000, valued as of the date of the grant, which is expected to be Mr. Young’s starting date at the Company, October 1, 2025
On Friday, FCPT announced the acquisition of newly constructed Left Lane Auto property located in a strong retail corridor in Mississippi for $3.0 million noting that the property is corporate-operated under a long term, triple net lease with approximately 15 years of term remaining and priced at a 7.2% cap rate on rent as of the closing date and exclusive of transaction costs
On Friday, Fitch Ratings affirmed INVH and its operating partnership’s Long-Term Issuer Default Ratings and unsecured debt ratings at “BBB+” with a stable outlook
On Friday, TRNO announced that it has leased 100% of Countyline Corporate Park Phase IV Building 34 in Hialeah, Florida as it 1) previously announced a pre-lease for 153,000 sf with a cruise ship industry provider of non-perishable food items and food service supplies which commenced on September 10, 2025, upon building shell completion and tenant build-out and expires March 2033 plus 2) executed a lease for 35,000 sf with a white-glove delivery service provider that will commence upon completion of tenant improvements expected in March 2026 and expire in November 2036 and 3) executed a lease for 32,000 square feet with a global manufacturer and distributor of automotive refinish systems that will commence upon completion of tenant improvements expected in March 2026 and expire in August 2031
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David Auerbach