The Daily REITBeat | Thursday, May 1st, 2025

"The Ol' Green Shoots?"

Author

David Auerbach
May 01, 2025

**No Daily REITBeat Newsletter tomorrow. Next publication will be Monday, May 5th**

Good Morning!

Futures deep in the green at the time of this writing as talking heads focus on strong tech earnings reports, potential tariff trade deals, and moves in treasuries/commodities/crypto.

From Bloomberg

  • "US equity futures rallied Thursday on stronger-than-expected tech earnings and signs the Trump administration may be close to announcing the first round of trade deals to reduce planned tariffs.

  • Contracts for the S&P 500 and Nasdaq 100 both gained at least 1%, helped by a post-market rally for Microsoft Corp. and Meta Platforms Inc. following their bullish results. Microsoft posted better-than-expected sales, while Meta also exceeded analysts’ sales estimates, suggesting customer demand hasn’t been rattled by tariffs.

  • Most markets in Europe and many in Asia are shut for holidays. The UK’s FTSE 100 index was steady, following 13 days of gains, the longest winning streak since 2017.

  • The yen fell 1% against the dollar as the Bank of Japan left its benchmark rate unchanged at 0.5% while pushing back the timing for when it expects to reach its inflation target and reducing its growth forecasts. An index of the dollar rose, while Treasuries edged lower across the curve."

In REIT News

  • AVB, BNL, CCI, EQIX, FCPT, HST, INN, INVH, IRM, IRT, IVT, KIM, LXP, MAA, MPW, NNN, OPI, PGRE, PSA, PSTL, RYN, SKT, UDR, VICI, VTR, WSR announced quarterly earnings

  • AMH, APLE, CPT, CSR, CTO, CTRE, CUBE, CUZ, DRH, ELME, HR, OHI, PEB, PLYM, RHP, UMH report earnings after the close of trading while CIO, XHR announce tomorrow morning before the open

  • Yesterday, Morningstar downgraded WELL to Sell from Hold (maintain $134 price target)

  • SUI completed the initial closing of the sale of its interests in the Safe Harbor Marinas business to an affiliate of Blackstone Infrastructure as its pre-tax cash proceeds after transaction-related costs are approximately $5.25 billion and pursuant to the terms of the transaction agreement, certain properties representing approximately $250 million of value were not part of the Initial Closing as the sales of those properties remain subject to the receipt of certain third-party consents, which may delay the timing of any such sale or may prevent any such property from being sold at all and the Company intends to implement a capital allocation plan that reflects a balanced, tax efficient approach to optimize shareholder value through significantly lower leverage, greater financial flexibility to drive sustainable cash flow growth, and a thoughtful capital return strategy plus announced that its operating partnership, Sun Communities Operating Limited Partnership, will redeem all $500 million aggregate principal amount of its outstanding 5.500% Senior Notes due 2029 and all $400 million aggregate principal amount of its outstanding 5.700% Senior Notes due 2033 on May 10, 2025

  • Yesterday, Fitch Ratings affirmed the Long-Term Issuer Default Ratings of SBRA and its limited partnership and its unsecured debt ratings at “BBB-“ with a stable outlook

  • Yesterday morning, HHH extended its previously announced standstill agreement with Pershing Square Capital Management L.P. which will now remain in effect until May 30, 2025 unless further extended

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The Daily REITBeat 5-1-25.pdf781.35 KB • PDF File

Welcome your comments and feedback.

Have a great day!

David Auerbach