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- The Daily REITBeat | Tuesday, October 22nd, 2024
The Daily REITBeat | Tuesday, October 22nd, 2024
"A Chilly Dip"
David Auerbach
October 22, 2024
Good Morning!
Dow futures down around 200 points at the time of this writing as talking heads focus on corporate earnings, Federal Reserve interest rate outlook, and the 10-year treasury trading around 4.20%.
From Bloomberg
"US stock futures dipped and Treasuries steadied after Monday’s selloff as traders speculated over the path of US interest rates.
Contracts on the S&P 500 retreated, pointing to the first back-to-back decline in about 30 sessions for the gauge. The yield on 10-year Treasuries added one basis point to 4.21% after an 11 basis-point surge at the start of the week.
Investors are paring back their expectations for Fed rate cuts after central bank officials indicated a preference for reducing rates at a slower pace after recent resilient economic data. The inflationary impact of a possible Donald Trump presidential win is also weighing, given his promised tax cuts and trade tariffs could ultimately entail higher rates.
“This is very clearly linked to trading a victory of the Republicans — and therefore to an agenda which would be much more inflationist than that of the Democrats. We’re in a market that is betting on Trump,” said Christopher Dembik, senior investment adviser at Pictet Asset Management. “The rise in yields is starting to threaten equity markets.”"
In REIT News
ARE, ELS, ESRT announced quarterly earnings while ADC, BDN, HIW and ROIC announce after the close of trading
REXR announced the appointment of Michael Fitzmaurice as Chief Financial Officer (CFO) and the promotion of Laura Clark, the Company's current CFO, to the role of Chief Operating Officer (COO), effective November 18, 2024
ALEX amended its revolving credit facility, which extends the term of the facility to October 2028, with two six-month extension options and provides for $450 million of borrowing capacity where the interest rate under the amended revolving credit facility remains unchanged from the prior facility, bearing interest at a rate of SOFR plus 1.05% based on a leverage-based pricing grid, plus a SOFR adjustment of 0.10%
ESRT announced that the Empire State Building opened the Empire Lounge, a 10K sf facility with new amenities on the building’s club level which includes a basketball/pickleball court for the exclusive use of the ESB’s Fitness Center’s tenant members, and “ESRTees,” two golf simulators
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David Auerbach & Mary Jensen