The Daily REITBeat | Monday, September 30th, 2024

"Looking Ahead?"

Author

David Auerbach
September 30, 2024

Good Morning!

Dow futures down around 75 points at the time of this writing as talking heads focus on a potential port strike along with key labor data coming due this week.

From Bloomberg

  • "US equity futures posted small moves after last week’s record highs on Wall Street, with traders already looking forward to key data on the American labor market due Friday and its impact on Federal Reserve interest-rate cuts.

  • S&P 500 and Nasdaq 100 contracts were steady. US-listed Chinese stocks rallied in premarket trading after the latest steps by authorities to boost the economy. Treasury yields climbed, led by the policy-sensitive two-year note. The dollar was little changed."

In REIT News

  • DHC announced last night that it has entered into a purchase and sale agreement with Brookdale Senior Living Inc. whereby Brookdale will acquire 18 triple net leased senior living communities that Brookdale currently leases from DHC for $135 million noting that the 18 communities include 876 units located across 10 states serving primarily assisted living residents as well as memory care residents and DHC intends to use the proceeds from the transaction to pay down its $941 million of senior secured notes due January 2026

  • DLR announced that it has amended, extended and upsized its existing $3.75 billion senior unsecured multi-currency global revolving credit facility to $4.2 billion as the maturity date of the global revolving credit facility was extended by three years to January 2029 and total availability was expanded by $450 million plus the Company has the ability to increase the global revolving credit facility by up to $1.8 billion, including incremental term loan capacity and the Company also amended, extended, and upsized its existing Japanese yen-denominated senior unsecured revolving credit facility by $297 million while the maturity date was extended to January 2029

  • SITC provided an update on transaction activity along with updated projected Curbline Properties Corp. balance sheet information noting that from September 17, 2024 to September 27, 2024, SITE Centers sold 11 wholly owned properties for an aggregate gross price of $610.1 million and as a result of disposition activity, Curbline is now expected to be capitalized with $800 million of cash at the time of the spin-off in addition to a $400 million undrawn, unsecured line of credit, a $100 million unsecured, delayed draw term loan and no indebtedness

  • GLPI announced the promotion of Chief Operating Officer, Brandon Moore, to the additional role of President, effective immediately noting that Mr. Moore will continue to report to the Company’s Chairman and Chief Executive Officer, Peter Carlino

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Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen