The Daily REITBeat | Thursday, February 13th, 2025

"Reciprocals..."

Author

David Auerbach
February 13, 2025

Good Morning!

Futures mixed at the time of this writing as talking heads focus on reciprocal tariffs on trade partners along with key PPI data be released.

Take The Survey?

The Daily REITBeat Newsletter is tailored towards all investors to understand the day-to-day happenings in the world of REITs.

How can I make this newsletter better? Please spend a minute or 2 and fill out this survey?

From Bloomberg

  • "The euro gave up an advance against the dollar after President Donald Trump signaled he’s about to announce reciprocal tariffs on trading partners.

  • Trump said in a social media post the new levies will be announced on Thursday. Futures contracts on the S&P 500 and Nasdaq 100 erased early gains, while Europe’s Stoxx 600 benchmark slipped from session highs.

  • The combined currency earlier climbed as much as 0.6% on optimism that US-Russia talks could end the Ukraine war. Oil fell on speculation that risks to Russian supply may ease, and Ukraine dollar bonds rose the most among emerging-market peers.

  • Aside from tracking developments over tariffs and Ukraine, Wall Street is preparing for a fresh batch of US economic data including initial jobless claims and producer-price inflation. Wednesday’s hot consumer price index numbers forced traders to push out bets on the next Federal Reserve interest-rate cut to December."

In REIT News

  • Piper Sandler downgrades KRG to Neutral from Overweight (lower price target by $8 to $25)

  • Morningstar upgrades EQIX to Hold from Sell (raise price target by $50 to $860)

  • Yesterday, Capital One initiated EPRT ($35) and NTST ($18) with Overweight ratings

  • Yesterday, Morningstar downgraded REG to Hold from Buy (maintain $80 price target)

  • CTRE, EPRT, EQIX, FCPT, GTY, IRM, IRT, LXP, STAG, VTR announced quarterly earnings while DLR, ELME, FRT, OPI, PDM announce after the close of trading

  • SKT announced it has acquired Pinecrest, a 640,000 sf open-air, grocery-anchored, mixed-use center in one of the most desirable submarkets of Cleveland, Ohio for approximately $167 million using cash on hand and available liquidity

  • FCPT announced the acquisition of an automotive service property located in a highly trafficked corridor in Ohio that is leased to a national operator for $4.9 million and noted that the property is under a corporate long-term triple net lease which priced at a 6.8% cap rate on rent as of the closing date and exclusive of transaction costs

  • AHT closed on a $580 million refinancing secured by 16 hotels which includes the hotels that were previously part of the Company's KEYS Pool C Loan, KEYS Pool D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton and the Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on its strategic financing, including the exit fee while the remaining excess proceeds were used to fund transaction costs and reserves for future capital expenditures plus noted that it has fully paid off its strategic financing, including the exit fee as this financing dates back to early 2021 and was instrumental in helping the Company recover from the impacts of the COVID pandemic

  • Yesterday, ROIC announced with Blackstone that Blackstone Real Estate Partners X completed its previously announced acquisition of all outstanding common shares of ROIC for $17.50/share in an all-cash transaction valued at approximately $4 billion, including outstanding debt

Download today’s Daily REIT Beat here!

The Daily REITBeat 2-13-25.pdf643.26 KB • PDF File

Welcome your comments and feedback.

Have a great day!

David Auerbach