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- The Daily REITBeat | Tuesday, June 17th, 2025
The Daily REITBeat | Tuesday, June 17th, 2025
"Looking for a Real End"
David Auerbach
June 17, 2025
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Futures in the red at the time of this writing as talking heads focus on the potential escalation now of Israel/Iran conflict and a ceasefire looking less likely as oil continues its move higher ahead of a busy economic calendar.
The Significance of June 17th, 1994
Do you know how famous this date is in sports history? Did you know there was a documentary made many years ago about this day?
Besides today being one of the best 2nd sets in Phish history (in Milwaukee, WI of all places), here are a few tidbits on what happened:
June 17, 1994, was a day filled with significant sports events, most notably the O.J. Simpson car chase, Arnold Palmer playing his final round at the U.S. Open, the opening of the 1994 FIFA World Cup in the United States, and the New York Rangers' Stanley Cup parade. In addition, Ken Griffey Jr. tied Babe Ruth's record for most home runs before the end of June plus the Houston Rockets defeating the New York Knicks in Game 5 of the NBA Finals though this game was overshadowed by the Simpson chase.
From Bloomberg
"US equity futures dropped and oil advanced as sentiment turned negative on fears of escalation in Israel’s war with Iran, after US President Donald Trump played down the likelihood of a ceasefire.
S&P 500 contracts fell 0.7% following the US benchmark’s rebound in the previous session. Brent crude gained 1.8%, extending oil’s advance since hostilities started to more than 7%. US Treasury yields declined across the curve. The dollar was little changed.
Sentiment shifted on Tuesday as investors reacted to fast-moving developments in the Middle East and their potential impact on global markets. While traders had earlier shown confidence the conflict would be contained, oil remains in focus, with a commodity that had hovered near pandemic-era lows emerging as an unexpected source of inflation.
As Israel and Iran continued to trade attacks, Trump left the Group of Seven leaders’ meeting in Canada early to deal with the crisis. Though he hasn’t outlined what comes next, Trump told reporters aboard Air Force One he was looking for “a real end, not a ceasefire” to the conflict.
“Today’s downward movement, triggered by Trump, could actually last for a few days or even a few weeks,” said Alexandre Baradez, chief market analyst at IG in Paris. “There’s been little progress on trade negotiations and now there’s an added geopolitical risk. I don’t see a selloff but the VIX could certainly move higher.”"
In REIT News
Yesterday, Odeon Capital initiated HPP with a Buy rating ($5 price target)
JPM downgrades FVR to Neutral from Overweight (lower price target by $2 to $12)
KIM priced $500 million of 5.30% senior unsecured notes due 2035 on behalf of its operating partnership and intends to use the net proceeds for general corporate purposes, including, but not limited to, repaying outstanding borrowings under its $2.0 billion unsecured revolving credit facility and funding for suitable acquisition, investment and redevelopment opportunities
FVR announced the appointment of Sean Fukumura as Interim Chief Financial Officer of the Company effective immediately noting that he will continue to serve as the Company’s Chief Accounting Officer and The appointment follows the Board’s decision to terminate Randall Starr for cause effective immediately as an Audit Committee investigation, assisted by outside counsel, determined that cause existed pursuant to the terms of his employment agreement though Mr. Starr’s termination is unrelated to the Company’s business operations, financial results or previously filed financial statements
WSR announced it has acquired 5000 South Hulen, a 86,907 sf shopping center located in Fort Worth, TX which is home to a synergistic mix of thriving national and regional businesses, including Sephora, Old Navy, Barnes & Noble, Potbelly, Sports Clips, Kincaid’s Hamburgers and Jamba Juice
AHH announced that Eva Hardy, who has served on the Company’s Board of Directors since 2015 and as lead independent director since 2022, will retire from the Board in accordance with the mandatory retirement age policy instituted by the Company in 2024
Yesterday, Cohen & Steers announced that the firm invested $300 million in HPP “as a cornerstone investor to support HPP's balance sheet recapitalization” and noted that the investment reflects 43% of its recent $690 million offering
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Have a great day!
David Auerbach