The Daily REITBeat | Wednesday, October 1st, 2025

"Shut Down"

Author

David Auerbach
October 01, 2025

Today’s Newsletter (October 1st, 2025)

Futures in the red at the time of this writing as talking heads focus on the first government shutdown in seven years and the potential blackout of pending economic and jobs data coming due.

From Bloomberg

  • "US stock futures and the dollar slipped as the first government shutdown in nearly seven years got underway, disrupting one of the nation’s biggest employers and threatening a blackout in economic data. Gold rose.

  • Contracts on the S&P 500 fell 0.4% as traders reduced risk after the benchmark’s strongest September in 15 years. Nasdaq 100 futures retreated 0.5%, with tech stocks among the biggest decliners in premarket trading. Nike Inc. rose nearly 4% as its turnaround gained traction.

  • Gold neared $3,890 an ounce to sustain a record-breaking rally. The dollar extended its slide for a fourth day. Treasuries rose across the curve, with the 10-year yield falling two basis points to 4.13%.

  • The US government shut down after a midnight funding deadline as President Donald Trump and Congressional Democrats clashed over health-care spending. With key economic reports on hold, traders fear the loss of visibility will leave markets in the dark on the outlook for monetary policy.

  • The immediate reports at risk are Thursday’s weekly jobless claims and the Oct. 3 release of September’s nonfarm payrolls. Wednesday’s private-sector payrolls data from ADP Research may therefore have added significance."

In REIT News

  • Cantor initiates APLE ($14), BNL ($21), BXP ($90), CDP ($35), EGP ($190), EPRT ($35), ESS ($300), HPP ($3.50), HR ($23), NHI ($90), NTST ($21), OHI ($50), REXR ($50), RHP ($108), STRW ($14), TRNO ($70), VICI ($37), VTR ($77), WELL ($195) with Overweight ratings

  • Cantor initiates ARE ($88), AVB ($205), CPT ($115), CSR ($62), CTRE ($37), DEI ($16), DOC ($20), EQR ($70), FR ($55), GLPI ($51), HST ($19), LTC ($38), MAA ($150), O ($64), PEB ($12), PK ($12), SAFE ($20), SBRA ($20), STAG ($37), UDR ($40), UMH ($15) with Neutral ratings

  • Evercore ISI initiates O with an Inline rating ($62 price target)

  • BNP Paribas Exane downgrades ARE to Underperform from Neutral (lower price target by $3 to $82)

  • FRMI announced the pricing of its initial public offering of 32,500,000 shares of its common stock at a public offering price of $21/share and will begin trading on the Nasdaq Global Select Market on October 1, 2025 and the London Stock Exchange on October 2, 2025 under the ticker symbol "FRMI."

  • GLPI announced that it intends to acquire the real estate assets of Sunland Park Racetrack & Casino for $183.75 million with an initial 8.2% cap rate and will represent its second property in New Mexico

  • LXP announced the sale of two vacant development projects, totaling 2,138,640 sf, located in Ocala, FL and Indianapolis, IN for an aggregate gross price of $175 million where net proceeds from the sale will be used for debt repayment and other general corporate purposes plus commenced a tender offer to purchase for cash up to $150 million of its 6.75% Notes due 2028

  • FCPT announced the acquisition of a Tires Plus property located in a strong retail corridor in Illinois for $1.6 million noting that the property is corporate-operated under a triple net lease with approximately four years of term remaining and priced at a 6.9% cap rate on rent as of the closing date and exclusive of transaction costs plus acquired via sale-leaseback five Christian Brothers Automotive properties located across Alabama (1), Illinois (1), Nebraska (2), and Tennessee (1) for $22.6 million noting that the properties are each under a long-term lease guaranteed by the corporate entity and priced at a cap rate in range with previous transactions

  • OHI closed a new senior unsecured credit facility comprised of a (i) four-year $2.0 billion senior unsecured revolving credit facility and (ii) a three-year $300.0 million senior unsecured delayed draw term loan facility plus amended its $428.5 million senior unsecured term loan facility to reduce the interest rate margins

  • INVH released its 2024 Impact Report which highlights notable achievements across the Company’s operations

  • Yesterday morning, LTC announced a $195 million Senior Housing Operating Portfolio acquisition of five independent living, assisted living and memory care communities totaling 520 units in Wisconsin where Lifespark, a new company operating partner, has managed the communities since 2021

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Have a great day!

David Auerbach