The Daily REITBeat | Thursday, November 14th, 2024

"A Balanced Picture?"

Author

David Auerbach
November 14, 2024

Good Morning!

Futures in the green at the time of this writing as talking heads focu on today’s PPI report along with a slew of Fed speakres including Chairman Powell.

From Bloomberg

  • "US equity futures edged higher as investors wait to see if upcoming price data and a speech from Federal Reserve chief Jerome Powell will boost expectations for a December interest-rate cut.

  • Contracts for the S&P 500 and Nasdaq 100 rose about 0.1% in a fresh sign that a post-election equity surge is starting to slow. Treasury yields also ticked lower, after Wednesday’s consumer inflation data kept alive the likelihood of a Fed rate cut next month. However, the dollar index extended its rally to hold near two-year highs and Bitcoin traded at about $91,000, holding close to Wednesday’s record high.

  • Investors are trying to balance a picture of easing inflation and falling rates against the possibility that President-elect Donald Trump will implement hardline pledges on taxes and tariffs, reigniting price growth next year. Confirmation of a Republican election clean sweep suggests more policy leeway for Trump and limits potential curbs on his power.

  • “We are seeing that there is a bit more discrimination between Trump trades,” said Amelie Derambure, senior multi-asset portfolio manager at Amundi.

  • “There is expectation that Trump’s policies will be market friendly, growth friendly, will be impacting higher inflation but not massively, deregulation is going to be good for some sectors,” she said. “The assumption is we have good, soft Trump with no big negative impact priced by markets.”"

In REIT News

  • UBS initiates FCPT with a Buy rating ($33 price target)

  • UBS initiates BNL ($18) and EPR ($48) with Neutral ratings

  • Compass Point upgrades BXP to Buy from Neutral (raise price target by $8 to $88)

  • Scotiabank upgrades DEI to Sector Outperform from Sector Perform (raise price target by $5 to $21)

  • UBS downgrades SUI to Neutral from Buy (lower price target by $21 to $134)

  • Mizuho downgrades O to Neutral from Outperform (lower price target by $4 to $60)

  • Scotiabank downgrades KRC to Sector Underperform from Sector Perform (maintain $38 price target)

  • FVR and NCLP announced quarterly earnings

  • VTR commenced an underwritten public offering of 10.6 million shares of common stock in a forward sale agreement and intends to use the net proceeds for working capital and other general corporate purposes, which may include funding acquisitions and investments or repayment of existing indebtedness, and to pay fees and expenses related to the offering

  • CURB announced recent acquisition activity along with leasing metrics for the quarter ended September 30, 2024 whereby the Company generated cash new leasing spreads of 28.3% and cash renewal leasing spreads of 10.1% for the trailing twelve-month period ended September 30, 2024, and cash new leasing spreads of 9.0% and cash renewal leasing spreads of 8.1% for the third quarter of 2024

  • PINE announced that Jeffrey S. Yarckin has notified the Company of his resignation from the Company’s Board of Directors effective November 8, 2024 while the Company announced the appointment of Brenna A. Wadleigh to the Company’s Board of Directors effective November 8, 2024

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Have a great day!

David Auerbach & Mary Jensen