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☆ Top Biden ally changes his tune as 8 more Democrats ask president to drop out
▼ + stars: | 2024-07-19 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

U.S. President Joe Biden arrives to deliver remarks on the assassination attempt on Republican presidential candidate former President Donald Trump, at the White House on July 14, 2024 in Washington, DC. "The stakes of this race couldn't be higher, and the only Democrat who's ever beaten Donald Trump is Joe Biden," Coons told ABC News on June 30. So far, 27 House Democrats and three Democratic senators have urged Biden to drop out. The new tally means that more than 10% of the Democratic House caucus, which has 213 members, have publicly called for Biden to step aside. "This November, we will harness the power of our community to defeat Donald Trump and his Project 2025 agenda, and reelect President Biden," CHC Bold PAC said in a statement.

Persons: Joe Biden, Donald Trump, Sen, Chris Coons, Joe Biden's, Biden, Coons, Democrat who's, Jen O'Malley Dillion, Donald Trump's, Trump, Martin Henrich of, Biden's, Jon Tester, Montana, Vermont's Peter Welch ., Sean Casten, Chuy Garcia, Zoe Logren, Jared Huffman, Marc Veasy of, Mark Pocan, Greg Landsman, Ohio, O'Malley Dillion, ", Dan Kanninen Organizations: Republican, White, Delaware Democrat, Democratic, Aspen National Security, Democrat, ABC News, NBC News, Democrats, Vermont's Peter Welch . Seven, Chuy Garcia of Illinois, Democratic House caucus, Congressional Hispanic Caucus, reelect, CHC, Biden Locations: Washington , DC, Delaware, America, Mexico, California, Marc Veasy of Texas, Wisconsin

Added to valuations from December, major REITs, which build, own and operate property assets, have marked down office portfolios by roughly a tenth or less over the past year. Dexus shares have fallen 28% since 2022, while Charter Hall has nearly halved. "Buyers aren't willing to pay the price from the last valuations," said Winston Sammut, an investment manager at Sequoia Financial Group and a former executive at Charter Hall. Dexus and Charter Hall did not respond to requests for comment. "We're looking to see whether the fund managers, the Charter Halls, the Centurias, the Dexus are also getting large redemptions."

Persons: Tom Westbrook, Buyers, Winston Sammut, it's, REITs, Centuria, Grant Berry, Dexus, Ping, Blackstone, Amy Pham, Sammut, Australia's, Hostplus, that's, Pham, Lewis Jackson, Scott Murdoch, Sam Holmes Organizations: REUTERS, Charter Hall, Sequoia Financial Group, Charter, Reuters, SG Hiscock, Company, Blackstone, Sydney, Pengana Capital, Thomson Locations: Epping, Sydney, Australia, SYDNEY, Canberra, United States

Charter Hall did not immediately respond to a Reuters request for comment. On its website Charter Hall said the fund would "only sell assets for prices that reflect fair value and given the lower sales volumes in the office investment markets, sales have proved challenging". Another REIT and Australia's largest office landlord Dexus (DXS.AX) last month sold a premium downtown Sydney office block for a 17% discount on a valuation made six months earlier. The Australian and U.S. REIT benchmark indexes are down roughly a fifth since highs at the end of 2021. But unlisted fund valuations have declined more slowly, creating an incentive for investors to pull money out while a chunky premium over listed equivalents remains, according to fund managers with investments in REITs.

Persons: Australia's, Hall, Dexus, Blackstone, Lewis Jackson, Byron Kaye, Jacqueline Wong Organizations: SYDNEY, Investors, PFA Fund, Charter Hall, KKR, Australian, Income, Thomson Locations: Australian, Sydney, REITs, BlackRock

SYDNEY, May 2 (Reuters) - Australia's biggest landlords and developers played down concerns about inflated commercial property valuations at a conference on Tuesday, while acknowledging economic uncertainty was making investors and renters more cautious. Premium buildings coupled with signs workers were returning to offices should help protect the portfolio, said chief investment officer Ross Du Vernet. "It doesn't really make a lot of sense," Du Vernet said at the Macquarie Australia Conference in Sydney. Du Vernet declined to provide a price guide. That question was making large leases harder to lock in years ahead of time, Du Vernet said.

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