The Daily REITBeat | Monday, September 29th, 2025

"Does the Jobs Data Reinforce It?"

Author

David Auerbach
September 29, 2025

Today’s Newsletter (September 29th, 2025)

Futures in the green at the time of this writing as talking heads focus on multiple jobs reports coming due this week with extra attention shifted towards the ADP report along with other topics such as tech stock momentum including Electronic Arts potentially going private and corporate earnings reports this week.

From Bloomberg

  • "Stocks rose at the start of a week that will be dominated by a series of labor market reports, with traders betting the data will reinforce expectations for US interest rate cuts. Gold set a fresh record.

  • Futures for the S&P 500 climbed 0.5%, keeping the US benchmark on track for its best September since at least 2013. Europe’s Stoxx 600 rose 0.3%. A gauge for Asian stocks advanced following gains of 1.9% in Hong Kong.

  • A Bloomberg gauge of the dollar headed for a second day of declines. Treasuries rose across the curve, with the 10-year yield falling three basis points to 4.14%. Gold surged past $3,800 an ounce. Oil fell as expectations that OPEC+ will hike production again in November exacerbated concerns about a glut.

  • A busy week of data releases will culminate in Friday’s nonfarm payrolls report, arriving as the Federal Reserve leans toward supporting the jobs market. In the mix is the risk of a US government shutdown amid an impasse in Congress that could delay some releases.

  • The momentum in markets is “driven by a Goldilocks environment of optimistic growth prospects alongside expectations of a more dovish Fed,” said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg. “There might be some adverse effects if the shutdown were to prevail for a longer period, which is not our base case.”"

In REIT News

  • BNP Paribas Exane downgrades AVB to Neutral from Outperform (lower price target by $5 to $207)

  • BNP Paribas Exane downgrades EQR to Neutral from Outperform (lower price target by $3 to $69)

  • BNP Paribas Exane downgrades ESS to Neutral from Outperform (lower price target by $11 to $280)

  • BNP Paribas Exane downgrades UDR to Neutral from Outperform (lower price target by $5 to $39)

  • BNP Paribas Exane downgrades MAA to Underperform from Neutral (lower price target by $13 to $138)

  • MPW announced that Yale New Haven Health System has entered into a settlement agreement with the company and Prospect Medical Holdings under which Yale will pay $45 million to Prospect while Prospect and MPT will release Yale of any obligation to purchase the three facilities in Connecticut that it agreed to purchase in 2022 and the Company expects that the $45 million will be used to reduce the Company’s outstanding debtor-in-possession loan to Prospect plus sold 2 facilities in Phoenix, AZ for $50 million and expects to use the anticipated cash receipts from the Prospect DIP repayment, the Arizona asset sales and other asset sales for debt repayment, investments, returns to shareholders and general corporate purposes

  • On Friday, PSA announced that its operating company priced a public offering of €425 million aggregate principal amount of 3.50% senior notes due 2034 and expects to use the net proceeds to repay the outstanding €242 million in aggregate principal amount of its 2.175% senior notes due November 2025 and for general corporate purposes, including to make investments in self-storage facilities (such as acquisitions of facilities or interests in entities that own facilities, development, and mortgage loans secured by facilities), repayment of debt and the redemption of outstanding securities

  • On Friday, BNL closed on its offering of $350 million of 5.00% senior notes due 2032 on behalf of its operating partnership and intends to use the net proceeds to fund potential acquisition opportunities, to repay amounts outstanding under its unsecured revolving credit facility, term loans and other indebtedness, and for other general corporate and working capital purposes

  • On Friday, BDN announced that its Board of Trustees has declared a quarterly cash dividend of $0.08/share ($0.32share annually) which represents an ~47% reduction from the previous quarter’s annual rate of $0.60 per common share plus noted the prepayment of a secured loan in October will result in a fourth quarter earnings charge totaling $12-$14 million, or $0.07-$0.09/share which is currently not included in its 2025 earnings guidance

  • On Friday, CLDT announced that it has successfully entered into a new credit agreement that (i) increases total capacity under a senior unsecured revolving loan from $260 million to $300 million and (ii) increases total capacity under its senior unsecured term loan from $140 million to $200 million as the newly enhanced $500 million credit facility can be increased up to $650 million through an accordion feature and matures in September 2029

  • On Friday, ARE announced the opening of Lilly Gateway Labs San Diego on the One Alexandria Square Megacampus in Torrey Pines which features 82,514 sf of flexibly designed laboratory and office space to accommodate up to 15 life sciences companies and more than 250 employees of LGL-based companies

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Have a great day!

David Auerbach