The Daily REITBeat | Thursday, September 25th, 2025

"Back Foot?"

Author

David Auerbach
September 25, 2025

Today’s Newsletter (September 25th, 2025)

Futures at the time of this writing as talking heads

From Bloomberg

  • "US equities remained on the back foot after two days of losses as traders waited for new drivers to guide the market’s next move.

  • Contracts on the S&P 500 retreated 0.4% after concerns over stretched valuations and the pace of interest-rate cuts dragged the main gauge back from a record high. Big-tech firms were among the biggest decliners in early trading, with Oracle Corp. falling more than 2%. 

  • Bitcoin and other cryptocurrencies weakened as the week neared a potentially volatile close, with $22 billion in large options expiries looming. The dollar held recent gains. Global bonds staged a broad retreat, with the yield on 10-year US Treasuries rising one basis point to 4.16%. 

  • Bullishness fueled by rate cut anticipation and the artificial intelligence boom culminated last week when the Federal Reserve signaled a faster pace of easing to support a weakening jobs market. Since then, higher oil prices and caution from some officials have tempered the optimism amid a lack of clear catalysts."

In REIT News

  • Yesterday, Freedom Broker initiated SELF with a Buy rating ($6 price target)

  • BXP priced an upsized $850 million offering of 2.00% exchangeable senior notes due 2030 on behalf of its operating partnership and intends to use the net proceeds to pay the cost of the capped call transactions, and the remainder to fund in part the repayment or redemption, as applicable, of the $1.0 billion aggregate principal amount of its 3.650% senior notes due 2026 that are scheduled to mature on February 1, 2026 and will use available cash and/or borrowings under its unsecured revolving credit facility to fund the remaining portion of the funds needed to repay or redeem the 2026 Notes in full

  • SMA announced the signing of a contribution agreement for Argus Professional Storage Management to combine with SmartStop where they will own or manage over 460 self-storage properties in North America plus closed its previously announced CAD$200 million aggregate principal amount of 3.888% Series B Senior Unsecured Notes due September 24, 2030 as it intends to use the net proceeds to repay outstanding indebtedness, fund acquisitions and for general corporate purposes

  • SHO entered into a Third Amended and Restated Credit Agreement with an aggregate borrowing capacity of $1.35 billion to address all near term maturities, extend the duration of the remaining in-place loans, and further strengthen the Company's balance sheet

  • PSTL announced the appointment of Steve Bakke as Executive Vice President, Chief Financial Officer and the Company’s Principal Financial Officer effective on or about November 5, 2025 and will be based at the Company’s headquarters in Cedarhurst, NY

  • COLD announced the opening of its new state-of-the-art cold storage facility in Dubai which was developed through its joint venture RSA Cold Chain and in strategic partnership with DP World and offers 40,000 pallet positions, multi-temperature capabilities, and both bonded and non-bonded storage

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Welcome your comments and feedback.

Have a great day!

David Auerbach