The Daily REITBeat | Friday, April 11th, 2025

Good Morning!

Futures in the green at the time of this writing as talking heads focus on the rollercoaster in the markets ahead of today’s PPI report along with big bank earnings season getting underway.

From Bloomberg

"The dollar tumbled on concern its status as the world’s reserve currency is being eroded as the US-China trade war intensifies. Gold soared and the euro topped a three-year high.
In a week that’s seen the biggest swings in decades erupt across stock and bond markets, currency moves took the spotlight on Friday. A index of the dollar sank 1% to a six-month low. Treasuries were steady. S&P 500 futures edged higher as bank earnings season kicked off, with JPMorgan Chase & Co. posting record equity trading revenue but sounding a warning on the economic outlook.
“The question of a potential dollar confidence crisis has now been definitively answered – we are experiencing one in full force,” ING Bank NV strategists including Francesco Pesole wrote in a note. “The dollar collapse is working as a barometer of ‘sell America’ at the moment.”
In the latest tit-for-tat move, China announced it would raise tariffs on all US goods from 84% to 125% and warned that it plans to “resolutely counterattack and fight to the end” if the US continues to infringe on its rights and interests. The Ministry of Finance also called the Trump administration’s actions a “joke” and said it no longer considers them worth matching."

In REIT News

XHR sold the 545-room Fairmont Dallas for $111 million (~$203,670/key) which represents an 8.6x multiple and a 10.0% capitalization rate on the property’s Hotel EBITDA and Net Operating Income for the twelve months ended February 28, 2025 respectively and net proceeds from the sale will be utilized for general corporate purposes, which may include debt repayments, potential acquisitions consistent with the Company’s strategy, and/or share repurchases under the Company’s existing authorization
ONL announced highlights for 2025 through April 10, 2025 commenting that it 1) has leased approximately 425,000 square feet in a combination of new and renewal leases, with a weighted average lease term of approximately 7.7 years; 2) closed on the sale of three vacant properties totaling 287,000 sf for a gross sales price of $19.1 million ($66/sf) plus two additional properties, representing 211,000 sf, are under contract for $27.3 million ($129/sf) and are scheduled to close later in 2025; and 3) liquidity remains strong at approximately $243.9 million represented by cash on hand and the available balance on the revolver as of April 10, 2025
KRC announced that independent director, Scott Ingraham, will retire from the Board of Directors at its upcoming Annual Meeting to be held on May 20, 2025 and with this change, the Board approved a reduction in the number of Board members from eight to seven effective at the Annual Meeting
Yesterday morning, TRNO announced that it acquired an industrial property located in Redmond, WA on April 9, 2025 for a purchase price of approximately $9.3 million noting that the property is 100% leased on a short-term basis and after the existing tenant vacates, the property will be renovated to contain approximately 26,000 sf where the estimated stabilized cap rate after renovation is 5.5%

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David Auerbach & Mary Jensen

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David Auerbach
dauerbach@irrealized.com
214.492.3777

David Auerbach boasts over two decades of experience in the securities industry, specializing as an institutional trader with a focus on Real Estate Investment Trusts (REITs), Equity and Preferred stocks, MLPs, ETFs, and Closed End Funds.

Based in Dallas, TX throughout his entire career, David currently serves as the Chief Investment Officer for Hoya Capital, managing the Hoya Housing 100 ETF (Ticker: HOMZ) and The High Yield Dividend ETF (Ticker: RIET).

Previously, David held the position of Managing Director at Armada ETF Advisors, the sub-advisor for the Residential REIT ETF (Ticker: HAUS) and The Private Real Estate Strategy via Liquid REITs ETF (Ticker: PRVT). Additionally, he acts as a consultant with IRRealized, LLC, focusing on corporate access in the REIT industry.

David's industry journey includes roles at World Equity Group, Esposito Securities, and Green Street Advisors where he got his start in the REIT industry. At Esposito Securities, he played a crucial role in building the REIT/Real Estate platform and worked extensively with institutional investors, Equity REITs, and ETF issuers.

Throughout his career, David has been quoted by reputable publications such as Bloomberg, WSJ, Financial Times, REIT.com, and GlobeSt.com. He has also made notable appearances as a featured guest on networks like Yahoo Finance, TD Ameritrade, and Bloomberg.

David holds a BBA in Finance from the University of Texas at Austin (May 1999) and an MBA in Finance from Southern Methodist University (May 2005). He maintains FINRA Series 7, 24, 55, and 63 registrations.

In his leisure time, David is an avid traveler, often found crisscrossing the country in pursuit of attending as many Phish concerts as possible.

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