The Daily REITBeat | Friday, February 7th, 2025
"What's the Path?"
From Bloomberg
- "Stocks, bonds and the dollar fluctuated in narrow ranges as traders looked ahead to the monthly US jobs report to help decide the path for interest rates.
- S&P 500 futures were little changed, with the index on track for a 0.7% weekly advance. Treasury 10-year yields held at 4.43%. In Europe, stocks were on course for the longest run of weekly gains since last March.
- The US jobs report is expected to show 175,000 new roles added last month after advances in excess of 200,000 in the prior two months — which partly reflected recovery from two severe hurricanes — according to the median estimate in a Bloomberg survey.
- Wall Street will be closely watching a revision to job growth for the 12 months through the previous March. Economists expect the markdown to show a labor market that’s gradually cooling.
- “The stock market, needing a boost after a decent but lukewarm earnings season, could potentially rise if the job market shows signs of cooling,” said Florian Ielpo, head of macro research at Lombard Odier Investment Managers. An uptick in hiring might reignite concerns about inflation, he added."
In REIT News
- CDP, CPT, CUZ, EGP, KIM, PECO, PINE, REG announced quarterly earnings
- ESS priced $400 million of 5.375% senior unsecured notes due 2035 on behalf of its limited partnership and intends to use the net proceeds to repay upcoming debt maturities, including to fund a portion of the repayment of the Issuer’s $500.0 million aggregate principal amount outstanding of 3.500% senior notes due April 2025, and for other general corporate and working capital purposes, which may include the funding of potential acquisition opportunities
- EPRT closed an amendment to its existing senior unsecured credit facility where the amended and restated credit facility consists of a $1.0 billion unsecured revolving credit facility and three existing term loans with a combined balance of $1.3 billion as the revolving credit facility matures in February 2029, with an option to extend the maturity date to February 2030 and the amendment increases and extends the Company’s previous $600 million unsecured revolving credit facility which was set to mature in February 2026
- AHH executed a large and impactful new lease at The Interlock, the Company’s mixed-use community located in Atlanta’s West Midtown with The Gathering Spot, a membership-only gathering hub for creative professionals, which has leased 38,000 sf on The Interlock’s rooftop and an additional 20,000 sf of office space for their new headquarters
- SPG announced that Herbert Simon, Chairman Emeritus of the Board of Directors, has retired effective February 4th, 2025 plus S&P Global affirmed the ratings on the company, including its “A-“ issuer credit rating, and revised its outlook to positive from stable
- Yesterday, Fitch Ratings assigned PDM and its operating partnership a first-time Long-Term Issuer Default Rating of “BBB-“ and assigned a “BBB-“ rating to its senior unsecured notes, term loans and revolving credit facility with a stable outlook
Download The REIT Beat here!
Welcome your comments and feedback.
Have a great day!
David Auerbach & Mary Jensen
Subscribe here to receive The Daily REITBeat newsletter every morning.
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.
Confidentiality Notice: The content in this article is provided for informational purposes only and is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, any security. Additionally, the information herein should not be relied upon as recommendations or financial planning advice. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this email is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately. This message is intended only for the addressee. If you are not the intended recipient, please notify the sender by e-mail reply and delete this message. You may not copy, disclose, distribute or otherwise make use of this message or its contents for yourself or for any other person, as that action may be unlawful. You should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. All data is reported from Bloomberg, SNL, or Hoya Capital unless otherwise indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by Hoya Capital as to the future profitability of investments recommended by these organizations.
Subscribe here to receive The Daily REITBeat newsletter every morning.
Last updated: 2025-05-12 - v0.3