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- The Daily REITBeat | Tuesday, October 8th, 2024
The Daily REITBeat | Tuesday, October 8th, 2024
"Following a Path"
David Auerbach
October 08, 2024
Good Morning!
Dow futures up over 50 points at the time of this writing as talking heads focus on this week’s CPI report as interest rates chatter remains on the table and the 10-year hovers around 4.026%
From Bloomberg
"US equity futures rose, reversing their earlier slide, as traders turned their focus to inflation data due later this week to gauge the Federal Reserve’s interest-rate path.
Contracts on the S&P 500 Index and the Nasdaq 100 added 0.3%. Both benchmarks had slid Monday when traders dialed back wagers on expectations of interest rate cuts, pushing up US bond yields. Treasury borrowing costs were steady around 4% on Tuesday.
“Global risk appetite remains constructive overall,” said Benoit Anne, investment director at MFS Investment Management. “The fundamental story remains strong, the US labor market is still in good shape. The direction of travel for interest rates is still going to be lower.”
In premarket trading, Super Micro Computer Inc. rose after shipment data suggested robust demand for its servers, while Honeywell gained as the Wall Street Journal reported the industrial company plans to spin off its advanced materials division.
On the downside, US-listed Chinese shares dropped sharply, after China’s latest pledge to support its economy disappointed investors who had hoped for a fresh wave of stimulus. That also weighed on Europe’s Stoxx 600 index, with China-exposed names such as luxury firm Kering SA and Burberry Plc bearing the brunt. "
In REIT News
Citi initiates CURB with a Neutral rating ($25 price target)
Yesterday, Morningstar upgraded EQIX to Hold from Sell (raised price target by $100 to $810)
Yesterday, Morningstar downgraded DLR to Sell from Hold (lowered price target by $8 to $132)
ESRT announced four new tenants to its retail portfolio and plans to open a new ticketing center at the world-famous Empire State Building Observatory where new tenants include Alidoro at the Empire State Building, Wells Fargo and Dave
& Adams at 1350 Broadway, and Roppongi 37 at 501 Seventh Ave and the 2,174 sf ticketing center on the building’s ground floor is set to open in 2025 and will complement the Observatory Experience’s immersive exhibits and iconic Observation decks
AHT reported that the Company expects to report Occupancy of approximately 71% for the third quarter of 2024 with Average Daily Rate of approximately $187 resulting in RevPAR of approximately $132 as this Comparable RevPAR reflects an approximate decrease of 1.6% compared to the third quarter of 2023 plus for the month of July 2024, Comparable RevPAR increased approximately 0.3% versus July 2023 while for the month of August 2024, Comparable RevPAR decreased approximately 2.1% versus August 2023 and for the month of September 2024, Comparable RevPAR decreased approximately 3.0% versus September 2023
BHR announced that Jay Shah has joined the Board of Directors as a new independent director
Yesterday, S&P affirmed AVB’s “A-“ issuer credit and issue-level ratings plus affirmed its “A-2” short-term rating on tis commercial paper program with a stable outlook
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David Auerbach & Mary Jensen