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- The Daily REITBeat | Wednesday, August 6th, 2025
The Daily REITBeat | Wednesday, August 6th, 2025
"What's the Macro?"
David Auerbach
August 06, 2025
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Futures in the green at the time of this writing as talking heads focus on mixed corporate earnings results and economic data along with the usual topics like tariffs, treasuries and commodities.
From Bloomberg
"US stock futures posted modest gains as investors assessed US President Donald Trump’s latest tariff threats, disappointing economic data and mixed corporate earnings reports.
Contracts on the S&P 500 added about 0.2% and Nasdaq 100 futures were flat. McDonald’s Corp. and Shopify Inc. jumped in premarket trading after earnings beats.
Uber Technologies Inc. and Walt Disney Co. dropped after reporting results that disappointed some investors. Super Micro Computer Inc. plunged more than 17% after cutting its annual sales forecasts, while Advanced Micro Devices Inc. slumped after the company was unable to give a clear outlook for resuming sales in China.
While earnings have been broadly solid so far this season, investors are worried about the impact of tariffs and a slowing economy. Data Tuesday showed weakening US services amid sticky price pressures, further complicating the Federal Reserve’s policy challenges after last week’s weak jobs numbers.
Meanwhile, Trump ramped up his tariff blitz, saying he’ll impose increased levies on countries buying energy from Russia and slap duties on semiconductor and pharmaceutical imports soon.
“Earnings are important, but at the headline level for markets, the most important thing is the macro,” said Jon Bell, a portfolio manager at Newton Investment Management. “I don’t think there’s any real expectation that uncertainty will go down. Every time we think we’ve got certainty about tariff levels, something else changes.”"
In REIT News
Morningstar upgrades VNO to Hold from Sell (maintain $31 price target)
Yesterday, Freedom Broker downgraded ILPT to Hold from Buy (raised price target by $.40 to $5.80)
CBL, CLDT, DEI, ELME, GMRE, HPP, INN, IRM, LINE, OLP, OUT, SAFE, SHO, SITC, SVC announced quarterly earnings while APLE, CTRE, FRT, GNL, GOOD, HHH, IIPR, NHI, O, ONL, PLYM, RYN, SILA, TRNO, UMH announce earnings after the close of trading while COLD, MDV, NLCP announce tomorrow morning before the open
DOC priced $500 million of 4.75% senior unsecured notes due 2033 on behalf of its operating partnership and intends to use the net proceeds to repay borrowing under commercial paper program, general corporate purposes, refinance, working capital, acquisitions, developments and redevelopment activities, and capital expenditures
KRC priced $400 million of 5.875% senior notes due 2035 on behalf of its operating partnership and intends to use the net proceeds to redeem or repay indebtedness and, to the extent not used for such purpose, for other general corporate purposes
UE closed on a $123.6 million interest-only, non-recourse mortgage on a portion of Shoppers World located in Framingham, MA as the 4-year Secured Overnight Financing Rate loan was swapped and converted to a fixed interest rate of 5.12% and the Company used a portion of the proceeds from the financing to pay off the $90 million outstanding balance on its line of credit that was bearing interest at a rate of 5.48%
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David Auerbach