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- The Daily REITBeat | Tuesday, May 20th, 2025
The Daily REITBeat | Tuesday, May 20th, 2025
"Push It to the Limit"
David Auerbach
May 20, 2025
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Good Morning!
Futures in the red at the time of this writing as talking heads focus on a potential pause in the recent rally with the usual suspects in the news as elevated yields with the US credit downgrade still getting a lot of attention.
From Bloomberg
"A six-day winning streak that propelled the S&P 500 to the brink of a bull market is set to stall as investors bet that US stocks will lag the rest of the world.
S&P 500 contracts retreated 0.2%. By contrast, equity gauges in Europe and Asia advanced. The dollar was little changed. Gold edged higher while Bitcoin dropped 0.3%. Treasuries erased early gains, with the 10-year yield advancing one basis point to 4.46%.
Japanese notes tumbled after a government bond auction received the lowest demand since 2012, pointing to increasing concerns about investor support as the Bank of Japan dials back its huge debt holdings.
Some Wall Street strategists are betting European stocks will enjoy their best performance relative to the US in at least two decades as the region’s economic outlook improves. While US stocks have rallied in recent weeks, two Federal Officials warned on Monday that they would adopt a wait-and-see approach before lowering interest rates."
In REIT News
Evercore ISI upgrades PGRE to Outperform from Inline (raises price target by $3.50 to $8)
Deutsche Bank downgrades SBAC to Hold from Buy (raise price target by $14 to $247)
RHP priced an upsized underwritten offering of 2.6 million shares of common stock at $96.20/share raising gross proceeds of $250.12 million after signing a definitive agreement to purchase the JW Marriott Phoenix Desert Ridge Resort & Spa in Phoenix, AZ for $865 million and the Company plans for the resort to continue to be operated by Marriott International under the JW Marriott flag noting that the purchase price represents a 12.7x Adjusted EBITDAre multiple on JW Marriott Desert Ridge’s 2024 results and its 2025 results are expected to be impacted by construction disruption related to the meeting space renovation currently underway and ongoing through the third quarter of 2025 plus announced a $600 million notes offering due 2033 with proceeds used to fund a portion of the purchase of the property
Yesterday morning, PGRE announced that its Board of Directors has initiated a review and evaluation of strategic alternatives to maximize shareholder value plus announced that Ermelinda Berberi, who has served as Senior Vice President, Chief Accounting Officer since 2017, has been appointed Executive Vice President, Chief Financial Officer and Treasurer, effective immediately while Timothy Dembo, who has served as Vice President, Counsel since 2022, has been appointed Senior Vice President, General Counsel and Secretary, effective the same date as Ms. Berberi succeeds Wilbur Paes, and Mr. Dembo succeeds Gage Johnson, both of whom are stepping down from their respective roles as Chief Operating Officer, Chief Financial Officer and Treasurer and Senior Vice President, General Counsel and Secretary
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Have a great day!
David Auerbach