The Daily REITBeat | Thursday, September 18th, 2025

“There Are No Risk-Free Paths”

Author

David Auerbach
September 18, 2025

Today’s Newsletter (September 18th, 2025)

Futures in the green at the time of this writing as talking heads focus on yesterday’s 25bp interest rate cut by the Federal Reserve with more cuts potentially on the horizon in 2025 as the jobs picture really comes more into focus as the driver for interest rate policy. Nvidia and Intel also drawing a lot of coverage after Nvidia agrees to buy a $5 billion stake in the company.

From Bloomberg

  • "US equity futures rallied and Treasury yields fell after the Federal Reserve delivered its first interest rate cut of 2025, with traders eyeing the prospect of deeper easing ahead. 

  • Contracts on the Nasdaq 100 spiked 1.2% as traders shook off a choppy stretch that followed the Fed’s quarter-point move on Wednesday. S&P 500 futures advanced 0.9%. US government bonds recovered, with the 10-year yield slipping three basis points to 4.05%. The dollar held on to its post-Fed advance.

  • While stocks initially fluctuated in the hours after the Fed’s decision, investors on Thursday turned their focus to projections showing some policymakers penciling in two more reductions for 2025, adding one more cut than they saw in June. 

  • Strategists said the Fed’s focus on recent labor-market weakness suggests it’s ready to support the economy, even at a time when growth remains robust and corporate profits advance.

  • “The ‘front-loading’ is probably the most important part of all this,” said Michael Brown, research strategist at Pepperstone Group Ltd. “If labor market weakness persists, then the Fed will continue to cut. The monetary backdrop is set to become much easier, much sooner.”"

In REIT News

  • Yesterday, Wells Fargo upgraded PGRE to Equalweight from Underweight (raised price target by $2.40 to $6.60)

  • UMH announced that the Board of Directors appointed Mr. Todd J. Clark as a Class I Director for the term of Class I expiring in 2028

  • PK amended and restated its existing credit agreement to (i) increase total capacity under a senior secured revolving credit facility from $950 million to $1 billion, (ii) extend the termination date of the Revolving Facility from December 1, 2026 to September 17, 2029, and (iii) add a new senior unsecured delayed draw term loan facility of up to $800 million, available in up to three draws for up to one year after closing, with a scheduled maturity date of January 2, 2030

  • Yesterday morning, KRC announced the execution of a 24,000 sf lease with Color at Kilroy Oyster Point Phase 2, the Company’s state-of-the-art life science development project in South San Francisco

Download today’s Daily REIT Beat here!

The Daily REITBeat 9-18-25.pdf795.90 KB • PDF File

Welcome your comments and feedback.

Have a great day!

David Auerbach