The Daily REITBeat | Thursday, October 9th, 2025

"The Data Desert"

Author

David Auerbach
October 09, 2025

Today’s Newsletter (October 9th, 2025)

Futures mixed at the time of this writing as talking heads focus on the lack of economic data reports due to the government shutdown and the upcoming corporate earnings season across all sectors as investors look for clues on jobs data and economic strength.

From Bloomberg

  • "US equity futures drifted as traders looked to the upcoming earnings season for validation of the artificial intelligence frenzy that has powered a record rally.

  • Futures on the S&P 500 were little changed after the gauge hit another record on Wednesday. Delta Air Lines Inc. climbed more than 5% in premarket trading after kicking off the third-quarter reporting season with a beat and guidance raise. PepsiCo Inc. gained after reporting stronger-than-expected revenue and flagging a turnaround at its US beverage unit.

  • Nvidia Corp. gained in premarket trading after the US approved several billion dollars worth of its chip exports to the United Arab Emirates. Shares of other Magnificent Seven tech giants were mixed.

  • Stocks around the world have soared to records as traders looked past worries of a potential bubble in high-profile tech names and instead focused on corporate resilience and the restart of Federal Reserve interest-rate cuts. The optimism now faces a key test as earnings season gets underway, with Wall Street lenders including Goldman Sachs Group Inc. and Citigroup Inc. due to report next week.

  • Tesla Inc. is the first of the Magnificent Seven set to report on Oct. 22, followed by Alphabet Inc., Microsoft Corp. and Meta Platforms Inc. on October 29.

  • “Given how lopsided the expectations have become, given how lofty the valuations have become, I think investors are laser focused on earnings,” Aidan Yao, a strategist at Amundi Investment Institute, said on Bloomberg TV. “They are trying to see if earnings are really catching up into the valuations.”"

In REIT News

  • Yesterday, Morningstar downgraded DLR to Sell from Hold (maintain $155 price target)

  • MRP announced unaudited results for the third quarter of 2025 ahead of upcoming investor meetings noting that they see 3Q AFFO of $.74/share plus invested capital of approximately $8.2 billion and weighted average yield of approximately 9.1% with a book value of approximately $35.29/share as of September 30, 2025

  • BXP announced with its joint venture partner, Delaware North, the closing of a $465 million, 5.5-year, non-recourse mortgage loan secured by the podium and office tower at The Hub on Causeway in Boston, MA as the loan is scheduled to mature on April 9, 2031 and bears interest at a fixed rate of approximately 5.733% per annum where proceeds from the loan were used to repay two existing loans on The Hub on Causeway having an aggregate outstanding principal balance of approximately $490 million

  • GMRE entered into an amended and restated credit facility that 1) extends the initial maturity date of the existing $400 million revolver component of the credit facility to October 2029 with two, six-month extension options available at the Company’s election to extend the maturity to October 2030; and 2) extends the maturity of the existing $350 million Term Loan A, dividing it into three term loans structured as follows: $100 million term loan maturing in October 2029; $100 million term loan maturing in October 2030; and $150 million term loan maturing in April 2031; and 3) removes the previous 0.10 (10 basis point) secured overnight financing rate credit spread adjustment on all credit facility borrowings

  • HR released its seventh annual Corporate Responsibility Report highlighting the Company’s 2024 environmental, social, and governance (ESG) initiatives and accomplishments plus outlines the Company’s progress toward its stated key performance indicators, environmental performance, and disclosures that align with the Task Force on Climate-Related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB)

  • FRMI secured an agreement with Energy Transfer to deliver firm natural gas supply to its campus located outside Amarillo, TX noting that the pipeline interconnection project is expected to be in service in Q1 2026 and requires minimal capital outlay by the company

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Have a great day!

David Auerbach