The Daily REITBeat | Tuesday, April 15th, 2025

"Ramping Up?"

Author

David Auerbach
April 15, 2025

Good Morning!

Futures in the red at the time of this writing as talking heads as market volatility continues to be driven by tariffs and potential exemptions as earnings season starts picking up.

From Bloomberg

  • "US stock futures fluctuated after a two-day advance as traders focused on signs that the Trump administration may add more tariff exemptions to ease the economic turmoil of the trade war. 

  • S&P 500 futures were little changed. In Europe, stocks pushed higher after President Donald Trump floated a pause in auto tariffs. Boeing Co. sank 4% in premarket trading after China ordered airlines not to take any further deliveries of the company’s jets. 

  • Tuesday’s market moves were milder than the big swings of late, reflecting hopes that there may be room for negotiations over Trump’s reciprocal levies. Investors were also watching the early stages of the earnings season, with Bank of America Corp. topping analysts’ estimates. 

  • “The overall market mood is set on de-escalation,” said David Kruk, head of trading at La Financiere de L’Echiquier. “We got caught out last week with Trump’s reversal of fortunes, and this weekend as well, so we’re waiting before reacting now.”"

In REIT News

  • Morgan Stanley downgrades PGRE to Underweight from Equalweight (lower price target by $.75 to $3.25)

  • VNO announced that its 52% owned street retail joint venture has completed a $450 million financing of 1535 Broadway, a premier Times Square retail destination with full blockfront 4K LED signage noting that the interest only, non–recourse loan carries a fixed rate of 6.90% and matures in May 2030 and after transaction costs and reserves, $407 million of the net proceeds from the financing were used to partially redeem Vornado’s Retail JV preferred equity

  • AHT extended its Morgan Stanley Pool mortgage loan secured by 17 hotels noting that the loan had an original final maturity date in November of 2024 and the extension provides for an initial maturity in March of 2026 and two, one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date in March of 2028 as the loan has a current balance of $409.8 million and continues to bear interest at a floating rate of SOFR + 3.39% while the extension also provides added flexibility for the Company to release assets upon sale

  • REXR announced that Richard Ziman, Chairman of the Board of Directors, will retire from his role and the Board of Directors following the Company's Annual Meeting of Stockholders on June 3, 2025 and subject to the results of the Annual meeting and the election of directors, the Board of Directors approved the appointment of current lead independent director Tyler Rose to serve as the Chairman of the Board of Directors effective as of the conclusion of the Annual Meeting

  • HHH extended its previously announced standstill agreement with Pershing Square Capital Management L.P. which will now remain in effect until April 30, 2025, unless further extended

  • Yesterday morning, Fitch Ratings affirmed the Long-Term Issuer Default Rating of RHP and its limited partnership at “BB-“ and affirmed the senior secured credit facility at “BB+” with a positive outlook

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Welcome your comments and feedback.

Have a great day!

David Auerbach