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- The Daily REITBeat | Thursday, June 5th, 2025
The Daily REITBeat | Thursday, June 5th, 2025
"Jobs Data Overload Continues..."
David Auerbach
June 05, 2025
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Good Morning!
Futures slightly in the green at the time of this writing as talking heads focus on more Jobs data coming due with today’s Challenger report ahead of tomorrow’s May Nonfarm Payrolls report with tariffs, travel restrictions, and other market items like treasuries and commodities getting coverage.
From Bloomberg
"US equity futures struggled for direction as investors awaited Friday’s payrolls report, following a series of data releases that offered varied signals on the health of the economy.
S&P 500 contracts drifted. The yield on 10-year US Treasuries steadied as Wednesday’s bond rally faded. The dollar edged lower. Stocks and bonds in Europe gained ahead of an expected interest rate cut.
The wild swings in stocks that were sparked by the Trump administration’s tariff announcements in April — and subsequent rebound — have given way to more subdued daily moves in recent weeks. The US benchmark has remained largely flat since mid-May as traders assess the impact of the trade war on economic activity.
Friday’s jobs report is expected to show that growth in nonfarm payrolls slowed and the unemployment rate remained steady. While the figures would chime with Wednesday data that showed a contraction in US services and a deceleration in private hiring, separate data earlier in the week unexpectedly showed a fairly broad advance in US job openings.
“Consensus is for lower job creation,” said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg. “I think there must be a big surprise to the downside for volatility to increase.”"
In REIT News
GIPR announced the successful sale of two assets-an Auburn University-occupied industrial building in Huntsville, AL and a Starbucks-occupied retail property in Tampa, FL as both were previously encumbered under a single commercial mortgage-backed securities (CMBS) loan and the sales resulted in the full repayment of the loan's approximately $10.5 million principal balance, leaving the Company's remaining CMBS-encumbered property-a 7-Eleven in Washington, D.C.-completely unleveraged
Yesterday morning, RHP announced that its subsidiaries completed the previously announced private placement of $625 million aggregate principal amount of 6.500% senior notes due 2033 and intends to use the net proceeds of the offering to fund a portion of the approximately $865 million purchase price for the previously announced pending acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa located in Phoenix, Arizona and to pay related fees and expenses of the Desert Ridge Acquisition
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Have a great day!
David Auerbach