The Daily REITBeat | Thursday, September 26th, 2024

"Making A Pledge"

Author

David Auerbach
September 26, 2024

Good Morning!

Dow futures up around 175 points at the time of this writing as talking heads focus on China’s fiscal stimulus measures ahead of today’s GDP and weekly jobs reports.

From Bloomberg

  • "Global stocks rallied after China pledged fiscal stimulus and traders raised their bets on interest-rate cuts by major central banks.

  • Futures on the S&P 500 climbed 0.8% as US-listed China stocks advanced and Micron Technology Inc. surged in premarket trading. Contracts on the Nasdaq 100 jumped 1.5% and the Stoxx 600 index in Europe headed for a record close. Treasury yields and the dollar edged lower. 

  • Growing expectations that the Federal Reserve and European Central Bank will push on with their easing path are buoying markets. Traders are waiting for a pre-recorded address by Federal Reserve Chair Jerome Powell and jobs data later Thursday.

  • “The message, over the last 10 days or so, from monetary and fiscal policymakers across the globe, has been clear and undeniable — the policy ‘put’ is well and truly back,” said Michael Brown, a strategist at Pepperstone Group Ltd. “The path of least resistance is likely to continue to lead to the upside, over both the short- and medium-term.”

  • The promises to support fiscal spending and revive growth by China’s top leaders on Thursday added to a slew of measures from Beijing this week that have supercharged local assets and fueled broader risk appetite.” 

In REIT News

  • Wolfe Research downgrades PK and RLJ to Peer Perform from Outperform

  • Deutsche Bank downgrades REG to Hold from Buy (raise price target by $5 to $75)

  • AHH upsized and priced a public offering of 9 million shares of common stock raising gross proceeds of $94.5 million (~$10.50/share) and intends to use the net proceeds from the offering to repay (A) the loan secured by Chronicle Mill, (B) the loan secured by Premier, (C) the loan secured by Market at Mill Creek and (D) amounts outstanding under the Company’s revolving credit facility, with any remaining net proceeds being used for general corporate purposes and working capital

  • STRW completed the acquisition of an 83-bed Skilled Nursing Facility and 28-room Assisted Living Facility for $6.7 million located in Gainesboro, TN noting that the facility was added to an existing Infinity of Tennessee Master Lease and will increase the Company's annual rents by $670K and is subject to 3% annual increases

  • MAA announced the appointment of Sheila K. McGrath to the Board of Directors and the appointment of Ms. McGrath, along with the previous election of John Case and Tamara Fischer at the May 2024 Annual Meeting of Shareholders, was executed under the Board of Director's long-term succession plan to pre-emptively address three planned director retirements in 2025, in line with their director refreshment endeavors

  • Yesterday morning, TRNO announced the closing of an $800 million senior amended and restated unsecured credit facility to replace its existing $600 million senior unsecured credit facility, including an increase in borrowing capacity under its revolving credit facility by $200 million to $600 million and in connection with the closing, the maturity of the revolving credit facility was extended to January 2029 plus as of September 24, 2024, there were no borrowings outstanding under its revolving credit facility

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Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen