The Daily REITBeat | Wednesday, September 3rd, 2025

"Finding Footing?"

Author

David Auerbach
September 03, 2025

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Today’s Newsletter (September 3rd, 2025)

Futures mixed at the time of this writing as talking heads focus on a busy economic calendar this week capped off by Friday’s August Nonfarm Payrolls report as tech stocks continue to remain in focus along with treasuries, tariffs, and the other usual topics.

From Bloomberg

  • "Stocks staged a modest rebound after days of losses as Alphabet Inc. lifted tech, while a bruising bond rout showed signs of easing. Gold hit a fresh all-time high.

  • Nasdaq 100 futures advanced 0.7% as Google’s parent jumped more than 6% in premarket trading. The search giant was buoyed by a ruling that it won’t be forced to sell its Chrome browser. Nvidia Corp. steadied after its longest slump since March. Contracts on the S&P 500 climbed 0.4%.

  • The selloff in government debt lost momentum as well. The yield on 30-year Treasuries came within touching distance of 5% before paring the advance. UK gilts and euro-area bonds eked out small gains. Japan’s 20-year debt yields hit the highest since 1999 earlier in the day.

  • The fragility of bond markets has underscored the strain from heavy public spending, which demands ever-rising issuance. That uncertainty is spilling into equities, where traders grapple with stretched valuations after a record rally, alongside persistent concerns over monetary policy and inflation.

  • “Yesterday was the largest issuance day on record in Europe as a whole,” wrote Fred Repton, a senior fund manager at Neuberger Berman. “However, one should not draw too many conclusions from one extremely active day. What can be said though is that market participants are again focused on deficits and political risk, and this theme is likely to continue.”"

In REIT News

  • Truist Securities upgrades PKST to Buy from Hold (raise price target by $3 to $19)

  • UDR announced that Joe Fisher has stepped down from his positions as President and Chief Investment Officer effective as of the close of business on September 2, 2025 and as part of the separation agreement, Mr. Fisher has agreed to provide transition assistance through December 31, 2025 while the Company’s Board of Directors appointed Tom Toomey as the Company’s President, in addition to his roles as the Company’s Chairman and CEO

  • SLG entered into a contract to purchase 346 Madison Avenue and the adjacent site at 11 East 44th Street, for $160.0 million noting that it represents a strategic opportunity to create a best-in-class new building on a prominent development site in the heart of Midtown East and these properties combined can accommodate approximately 800,000 rentable square feet, pursuant to East Midtown rezoning

  • PKST announced the sale of two office properties located in Birmingham, AL and Greenwood Village, CO and one industrial property located in Sparks Glencoe, MD for approximately $177 million noting that the sales were completed in separate transactions at a blended cap rate of 7.6%

  • REXR announced an operating, disposition and capital markets update for the third quarter to date whereby it executed 77 new and renewal leases comprising 1.9 million sf including approximately 1,604,000 sf of new leases and 303,000 sf of renewal leases and comparable rental rates on new and renewal leases increased by 30% compared to prior rents on a net effective basis and by 15% on a cash basis quarter to date, resulting in year-to-date average leasing spreads of 24% and 13%, respectively

  • DHC announced that it has entered agreements with AlerisLife Inc. and seven different operators to transition the management of 116 of its senior living communities managed by Five Star Senior Living and the Company expects to receive estimated net proceeds of between $25 million to $40 million for its 34% interest in AlerisLife which it plans to use these net proceeds to reduce leverage and for other general business purposes including reinvestment in its SHOP segment

  • EQR announced an update on certain same store operating trends in its business where same store revenue growth remains on track within the Company’s guidance range as described in its second quarter 2025 earnings release published on August 4, 2025 plus the Company is finishing its primary leasing season with continuing high Physical Occupancy and strong retention as it continues to expect to produce same store revenue growth of 2.6% to 3.2% and Physical Occupancy of 96.4% for the full year of 2025 plus it reaffirms its third quarter 2025 Blended Rate growth guidance of 2.2% to 2.8%

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Have a great day!

David Auerbach