The Daily REITBeat | Wednesday, April 23rd, 2025

"Substantial Cuts?"

Author

David Auerbach
April 23, 2025

Good Morning!

Futures deep in the green at the time of this writing as talking heads focus on potential softening tariff policy between the US and China along with President Trump’s comments regarding not firing Fed Chairman Powell as the other usual topics like earnings, crypto, oil/gold and treasuries get a lot of attention.

From Bloomberg

  • "Stocks jumped and bonds rose as a wave of relief swept through global markets after the Trump administration defused some of the tension that has rattled investors.

  • Wall Street was set to build on the biggest equity gains in two weeks, with S&P 500 futures climbing 2.5% after President Donald Trump allayed fears that he plans to fire Federal Reserve Chair Jerome Powell. Optimism of easing US-China trade tensions added to the risk-on mood.

  • Tesla Inc. rose about 7% in premarket trading after Chief Executive Officer Elon Musk said he will pull back from his work with the US government to focus on the electric-vehicle maker. Europe’s Stoxx 600 index marched 1.7% higher.

  • Treasuries mostly rallied as worries about threats to Powell’s position faded. A gauge of dollar strength steadied after rallying from a 16-month low. Bitcoin stormed above $90,000 for the first time since early March. Gold fell as demand for havens cooled. Oil extended its rebound."

In REIT News

  • Wolfe Research resumes IIPR with an Outperform rating ($57 price target)

  • ADC, BDN announced 1Q earnings while EGP, EPRT, GTY, VRE announce earnings after the close of trading and CURB announces tomorrow morning before the open

  • VNO announced that the panel appointed to determine the ground rent payable by its subsidiary for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 has determined that the annual rent payable during the current 25-year term will be $15 million and in connection with the panel’s determination, the Company will reverse approximately $17.2 million of rent expense that was previously accrued with respect to this ground lease and, going forward, will accrue based on a $15 million annual rent, pending final resolution of the litigation

  • NLOP announced the repayment in full of the $36 million J.P. Morgan mezzanine loan and the sale of two office properties located in Houston, TX and Krakow, Poland leased to Emerson Electric CO. and Nokia Corporation respectively for gross proceeds totaling $9.8 million during March

  • WSR announced that it has commenced a strategic redevelopment at Lion Square in Houston’s Asiatown – part of the International Management District – that will transform the Sun Wing Supermarket-anchored center into a vibrant and meaningful cultural hub that pays homage to the city’s expansive Asian community

Download today’s Daily REIT Beat here!

The Daily REITBeat 4-23-25.pdf638.51 KB • PDF File

Welcome your comments and feedback.

Have a great day!

David Auerbach