- The Daily REITBeat
- Posts
- The Daily REITBeat | Thursday, December 5th, 2024
The Daily REITBeat | Thursday, December 5th, 2024
"To The Moon?"
David Auerbach
December 05, 2024
Good Morning!
Futures slightly in the red at the time of this writing as talking heads focus on Chairman Powell’s comments yesterday, tomorrow’s November Nonfarm Payrolls report and Bitcoin passing the $100,000 level.
From Bloomberg
"US equity futures kept to small ranges as investors paused a record-breaking rally. Bitcoin topped $100,000 after President-elect Donald Trump picked a crypto proponent to be the next head of the Securities & Exchange Commission.
French assets rebounded slightly as investors debated the implications of the ousting of Michel Barnier’s government. The CAC 40 stock index climbed 0.1% in Paris, tracking Europe’s regional Stoxx 600 gauge. French bonds rose, trimming the extra yield investors demand to hold the debt over safer German peers. The euro was up 0.2%.
S&P 500 contracts were steady after the 56th record close of 2024 put the index on course for its best year since 2019. Federal Reserve Chair Jerome Powell buoyed sentiment on Wall Street by saying the US economy is in “remarkably good shape.” The dollar and Treasuries were lower. Attention turns next to today’s US jobless claims numbers before key non-farm payrolls data Friday.
“If you look under the hood of the economy, it all looks strong,” said Kenneth Broux, a strategist at Societe Generale SA. “The problem is we are trying to put our arms around what the incoming administration and Congress will do, and the Fed can’t say much until they know.”"
In REIT News
Mizuho downgrades SBRA to Neutral from Outperform (maintain $20 price target)
PK provided an update on fourth quarter operating trends commenting “preliminary November 2024 RevPAR is expected to be just 3.9% lower over the prior year period, however, excluding the impact of recently resolved strike activity in Honolulu, Boston, and Seattle, November 2024 RevPAR growth would have improved by 510 basis points to 1.2%. Preliminary fourth quarter 2024 RevPAR is expected to be 2.7% lower, or up an impressive 2.3% when excluding the impact from recently resolved strike activity, translating to full-year 2024 RevPAR growth of approximately 2.5%, or 3.9% when excluding strike activity, as compared to the prior year periods.”
CUZ completed its previously announced acquisition of Vantage South End, a 639,000 sf lifestyle office property in Charlotte, NC, for $328.5 million
SLG announced that a Canadian institutional investor has committed to anchor the SLG Opportunistic Debt Fund with a $250.0 million commitment that “will seek to capitalize on current capital markets dislocation through structured debt investments in high-quality New York City commercial assets (which) will originate new loans and/or purchase existing loans, loan portfolios and controlling CMBS securities”
Fitch Ratings affirmed HHH’s Long-Term Issuer Default Rating and unsecured bonds at “BB” plus revised its outlook to stable from negative
Download today’s Daily REIT Beat here!
|
Welcome your comments and feedback.
Have a great day!
David Auerbach & Mary Jensen