The Daily REITBeat | Tuesday, December 23rd, 2025

"Hold Your Ground"

Author

David Auerbach
December 23, 2025

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Today’s Newsletter (December 23rd, 2025)

Futures in the red at the time of this writing as talking heads focus on one of the last economic reports of 2025 with GLP and Durable Goods data coming due along with the move in gold and copper.

From Bloomberg

  • "US stocks are holding their ground after a strong run as traders await some of the remaining data sets of 2025 to see whether they materially shift expectations for Federal Reserve interest-rate cuts.

  • The S&P 500 is set to open little changed after a three-day rally that has pushed the benchmark within reach of a new all-time high. European stocks were buoyed by a 7% surge in the shares of Novo Nordisk A/S, after the Danish firm won US approval to sell a pill version of its obesity drug Wegovy. 

  • Gold extended its record-breaking run, setting sights on $4,500 an ounce. Copper rose past $12,000 a ton for the first time. US Treasuries steadied after days of losses, with the 10-year yield declining two basis points to 4.15%. The dollar fell to the lowest level since October.

  • While Tuesday’s delayed third-quarter US gross domestic product print will likely be too dated to offer a clear read on current conditions, traders will also focus on consumer data after November showed a sharp slump in confidence.

  • Equity markets, however, have shaken off recent volatility as traders position for a seasonal year-end rally, with cooling inflation and mixed jobs data leading markets to price in at least two US rate cuts in 2026. Market watchers are now looking for another year of strong S&P 500 gains, supported by expectations for solid earnings and bets on policy easing."

In REIT News

  • GNL announced the successful closing of the sale of the McLaren Campus – a three-building, 840,000 sf property located in Woking, Surrey, England – for £250 million at a 7.4% cash cap rate and plans to use a significant portion of the net sale proceeds to meaningfully reduce outstanding debt

  • FCPT announced 1) the acquisition of a National Veterinary Associates property located in a highly trafficked corridor in Georgia for $4.4 million noting that the property is newly constructed and corporate-operated, under a long term, net lease with approximately 15 years of term remaining which priced at a 6.7% cap rate on rent as of the closing date and exclusive of transaction costs plus 2) announced the acquisition of an Applebee's property located in a strong retail corridor in California for $4.3 million noting that the property is franchisee-operated by Flynn Group under a triple net lease with approximately seven years of term remaining which priced at a 6.2% cap rate on base rent and a 7.4% cap rate inclusive of estimated percentage rent both as of the closing date and exclusive of transaction costs

  • BXP amended and restated its employment agreement with Owen D. Thomas, the current Chief Executive Officer and Chairman of the Board of Directors which is fundamentally the same as his previous agreement, and it is intended to more closely align the term of his employment with the company’s multi-year, strategic action plan

  • OLP completed the previously announced acquisition of a 397,440 sf, six building, multi-tenant industrial property located in Sewickley, PA for $53.5 million

  • Yesterday, S&P affirmed ARE’s ratings, including its “BBB+” issuer credit rating, and revised its outlook to negative from stable

  • Yesterday, Fitch Ratings upgraded the Long-Term Issuer Default Ratings of RHP and its limited partnership to “BB” from “BB-“ plus upgraded the senior secured credit facility to “BBB-“ from “BB+” with a stable outlook

  • Yesterday morning, TRNO purchased in bankruptcy two long-term leases encumbering its properties which will be terminated effective December 31, 2025 for $1.25 million which are land parcels of 12.7 acres in Carlstadt, NJ and 10.2 acres in Hayward, CA

  • Yesterday morning, APLE announced the opening and acquisition of the 260-room Motto by Hilton Nashville Downtown for approximately $98.2 million ($378,000/key)

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Welcome your comments and feedback.

Have a great day!

David Auerbach