The Daily REITBeat | Tuesday, April 22nd, 2025

"Whiplash?"

Author

David Auerbach
April 22, 2025

Good Morning!

Futures in the green at the time of this writing as talking heads focus on yesterday’s massive selloff along with progress on potential trade and tariff talks along with a busy earnings season as gold, bitcoin, treasuries and other commodities draw attention.

From Bloomberg

  • "US stocks are set to bounce back from Monday’s losses as investors nervously weighed up progress on trade talks with India and Tesla Inc.’s upcoming earnings. Gold topped $3,500 for the first time.

  • While S&P 500 contracts added 0.9%, the conversation on Wall Street was still focused on the implications of any White House effort to replace Federal Reserve Chair Jerome Powell. The dollar and Treasuries steadied. The yen strengthened beyond 140 per dollar for the first time since September.

  • In Europe, the Stoxx 600 index dropped as traders returned from the Easter break. Novo Nordisk A/S slumped almost 10% on concern it faces tougher competition from Eli Lilly & Co.’s experimental weight loss pill.

  • Concerns that Donald Trump may be preparing to fire Powell have added to unease for traders already grappling with the turmoil unleashed by the president’s tariff onslaught. Trump’s policies and his broadsides against the Fed have forced a reappraisal of the dollar and Treasuries as havens in times of stress."

In REIT News

  • B. Riley reinstates GNL ($8), and MDV ($18) with Buy ratings

  • B. Riley reinstates SVC with a Neutral rating ($2 price target)

  • BofA upgrades PSA to Buy from Neutral (raise price target by $19 to $368)

  • BofA upgrades EXR to Neutral from Underperform (raise price target by $14 to $155)

  • Yesterday, Morningstar downgraded AMT ($237) and PSA ($318) to Hold from Buy

  • ELS announced 1Q earnings while ADC and BDN announce after the close of trading

  • VRE acquired Ironstate Holdings' 15% stake in Jersey City Urby, a 762-unit, Class A multifamily property located on the Jersey City Waterfront, for $38.5 million, excluding transaction costs but including consideration for the termination of Urby's management contract and the annual tax credit and upon the close of the transaction on April 21, 2025, Veris Residential assumed management of the property, now known as Sable

  • FCPT announced the acquisition of a Chuy's property located in a strong retail corridor in Texas for $2.9 million and noted that the property is corporate-operated under a triple net lease with approximately five years of term remaining and priced at a 6.7% cap rate on rent as of the closing date and exclusive of transaction costs

  • BXP announced the release of its 2024 Sustainability & Impact Report which provides details on its approach, goals, key performance indicators, leadership, and reporting methodologies related to sustainability, social impact, and governance

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Welcome your comments and feedback.

Have a great day!

David Auerbach