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- The Daily REITBeat | Wednesday, May 21st, 2025
The Daily REITBeat | Wednesday, May 21st, 2025
"Nervous?"
David Auerbach
May 21, 2025
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Good Morning!
Futures in the red at the time of this writing as talking heads focus on the usual topics with oil on the move as Israel may strike Iran’s nuclear facilities.
From Bloomberg
"US stocks are set to extend a retreat with traders nervous about taking on more risk as House lawmakers debate tax cuts at the center of the Trump administration’s policy agenda. Treasuries and the dollar also fell.
S&P 500 futures slid 0.7% alongside a retreat in European shares. Oil climbed about 0.9% on a report that Israel could be gearing up for a possible strike on Iran’s nuclear facilities. Yields on 30-year Treasuries rose further above the 5% mark. The greenback lost ground against all major currencies.
Republicans negotiated through the night on Wednesday over a bill that’s expected to include compromises on the state and local tax deduction and spending cuts. While investors have rushed back into stocks on hopes that the US is easing off its tariff threats, there are questions about whether gains can be sustained."
In REIT News
RHP upsized and priced the private placement of $625 million of 6.50% senior unsecured notes due 2033 and intends to use the net proceeds to fund a portion of the approximately $865 million purchase price for the previously announced pending acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa plus S&P raised its issuer credit rating and issue-level ratings on its debt to “BB-“ from “B+” with a stable outlook
LXP executed a lease for its approximately 1.1 million square foot industrial facility in the Greenville/Spartanburg, South Carolina market noting that the lease to a U.S. subsidiary of a global logistics company commences on June 1, 2025, for a two-year term, with two five-year renewal options, and an initial rent of $5.50 per square foot with 3.25% annual rental escalations as the signing of the lease results in an estimated stabilized cash yield of approximately 8.0% for the development project
Yesterday morning, TRNO executed a lease renewal for 53,000 sf in Washington, D.C. with the United States Postal Service noting that the renewal lease will commence June 1, 2025 and expire June 2030
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David Auerbach