The Daily REITBeat | Tuesday, September 16th, 2025

"Relentless"

Author

David Auerbach
September 16, 2025

Today’s Newsletter (September 16th, 2025)

Futures mixed at the time of this writing as talking heads set the stage for tomorrow’s Federal Reserve interest rate policy decision as the Nasdaq looks to set the 10th day of gains.

From Bloomberg

  • "The relentless advance in technology shares is set to drive the Nasdaq 100 to a 10th straight day of gains, just as the Federal Reserve prepares to launch a new cycle of interest-rate cuts. Gold closed in on $3,700 an ounce.

  • Futures for the index advanced 0.2%, with Oracle Corp. rising more than 5% in premarket trading. S&P 500 contracts edged higher after the US benchmark powered through the 6,600 mark on Monday. Europe’s Stoxx 600 fell 0.2%.

  • Stock bulls are riding high ahead of a widely expected 25-basis-point Fed cut on Wednesday, the first move in a policy easing round projected to run into 2026. Rate-sensitive tech shares have led the charge in the post-Liberation Day rebound, fueled by enthusiasm over artificial intelligence.

  • “Capex and profit forecasts linked to AI are overwhelming,” said Thomas Brenier, head of equities at Lazard Freres Gestion. “Look at Oracle, it seems that the sky is the limit.”"

In REIT News

  • BofA upgrades PLD to Buy from Neutral (raise price target by $12 to $130)

  • Truist Securities downgrades BDN to Hold from Buy (lower price target by $1 to $4)

  • Yesterday, Morningstar downgraded SLG to Sell from Hold (maintain $50 price target)

  • DHC priced $375 million aggregate principal amount of 7.25% senior secured notes due October 2030 and expects to use the net proceeds from the offering to partially redeem approximately $307 million of the 2026 Notes at a redemption price equal to 100% of the principal amount being redeemed on September 26, 2025, to pay related fees and expenses associated with such redemption and for general business purposes

  • OHI announced that it will redeem all of the outstanding $600,000,000 aggregate principal amount of its 5.250% Senior Notes due 2026 on October 15, 2025 at a redemption price of 100% of their principal amount, plus accrued and unpaid interest to, but not including, the redemption date

  • LTC announced that it expects 2025 investments to reach $460 million, up from $400 million, driven primarily by significant SHOP growth which includes 1) $135 million of investments closed to date, including $35 million in SHOP investments; 2) $235 million of SHOP investments expected to close in the next 30 days; and 3) $90 million of SHOP investments expected to close subsequent to the end of the third quarter

  • AHT closed on the refinancing of the mortgage loan for the 673-room Renaissance Hotel in Nashville, Tennessee noting that the new, non-recourse loan has a balance of $218.1 million, and has a two-year term with three one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date of September 2030

  • AIV closed on the sale of four properties located in suburban Boston for $490 million and the Board of Directors has declared a $2.23/share special cash dividend to be paid on October 15, 2025, to stockholders of record as of September 30, 2025

  • Yesterday, S&P affirmed SVC’s “B” issuer credit rating on the company, lowered its issue-level rating on its senior unsecured notes to “B+” from “BB-“, lowered its issue-level rating on its guaranteed senior unsecured notes to “B” from “BB-“ and lowered its issue-level rating on its nonguaranteed senior unsecured notes to “CCC+” from “B” with a negative outlook

  • Yesterday, S&P raised KIM’s issuer credit rating on the company and its operating partnership to “A-“ from “BBB+” plus raised its issue-level ratings on its unsecured notes to “A-“ from “BBB+” and issue-level rating on its preferred stock to “BBB” from “BBB-“ with a stable outlook

  • Yesterday morning, HPP announced the election of T. Ritson Ferguson to the company’s Board of Directors and the retirement of Director Mark D. Linehan both effective September 11, 2025

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Have a great day!

David Auerbach