The Daily REITBeat | Tuesday, February 11th, 2025

"The Heat Is On"

Author

David Auerbach
February 11, 2025

Good Morning!

Futures in the red at the time of this writing as talking heads focus on the same topics as the past few days such as DOGE cuts, tariffs, treasuries, earnings season and Chairman Powell testimony on Capitol Hill. So much to digest.

From Bloomberg

  • "Stocks struggled as the latest tariff news spurred caution among traders who are also looking ahead to testimony from Federal Reserve Chair Jerome Powell and key US inflation data.

  • S&P 500 and Nasdaq 100 futures retreated after President Donald Trump ordered tariffs on US imports of steel and aluminum. Europe’s Stoxx 600 index was held back by tumbling mining and travel shares and a gauge of Asian stocks dropped. Gold touched a fresh record high, while an index of the dollar held gains from Monday. Treasury yields rose.

  • The moves underscore how investors are struggling to gauge the potential flow-on effects from Trump’s actions for global trade, corporate earnings and inflation. The European Union said Tuesday it will respond to any tariffs the US might impose on it, escalating a potential transatlantic trade dispute.

  • “The best approach in terms of asset allocation is to find assets that can protect you,” said Christian Mueller-Glissmann, head of asset allocation research for Goldman Sachs, on Bloomberg Television. “The big challenge is that this is going to be much more difficult from here because the tariffs are very specific.”"

In REIT News

  • Evercore ISI upgrades BRX to Outperform from Inline (maintain $31 price target)

  • BRX, CURB, KRC, NNN, VNO announced quarterly earnings while ADC, AKR, HIW, IVT, KRG, WELL, WPC announce earnings after the close of trading and UE announces tomorrow morning before the open

  • EQC is under contract to sell its last remaining property, 1225 Seventeenth Street, a 709,402 sf office property in Denver, Colorado, for a gross sale price of $132.5 million where the net purchase price is expected to be approximately $124.4 million after credits primarily for contractual lease costs noting that the buyer has completed due diligence, and the earnest money deposit is non-refundable and the sale is scheduled to close in late February 2025 plus the Company reaffirms the estimated aggregate shareholder liquidating distribution range of $20.00 to $21.00 per common share previously announced on November 15, 2024, inclusive of the initial liquidating distribution of $19.00 per common share paid by the Company on December 6, 2024

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Welcome your comments and feedback.

Have a great day!

David Auerbach