The Daily REITBeat | Friday, January 17th, 2025

"Is There Some Room?"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on the Israel/Hamas ceasefire, today’s economic calendar and corporate earnings results, treasury yields and bitcoin movement along with Monday’s inauguration and MLK/market holiday.

From Bloomberg

"US stocks were set to rise on Friday as the revival of Federal Reserve policy-easing bets pushed Treasury yields lower.
Contracts on the S&P 500 rose 0.4%, with the underlying index poised for its biggest weekly gain since November’s election, while Nasdaq 100 futures advanced 0.5%. Recent data and comments from Fed officials have suggested the central bank will have room to cut interest rates this year. Ten-year Treasury yields edged lower, slipping more than 15 basis points below recent multi-month highs.
Swap markets now expect some 40 basis points worth of rate cuts from the Fed this year, moving from not even pricing a single quarter-point move earlier this week.
“Even equity managers were more concerned over rates than earnings,” said Kevin Thozet, a member of the investment committee at Carmignac. “What we have had is reassuring data on this front — whether retail sales or inflation — hinting that the US economy may not be overheating. This has allowed for fixed income markets to take a bit of a breather.”
Europe’s Stoxx 600 index also gained and was on course for its strongest week since September. Basic resources shares led the way after Bloomberg News reported that Glencore Plc and Rio Tinto Group held early-stage talks about combining their businesses. The news, alongside a weaker pound, helped London’s FTSE 100 hit a record high.
China-focused European sectors such as retail and auto also climbed after data suggested Beijing’s stimulus blitz is succeeding in shoring up economic growth. "

In REIT News

Baird upgrades VTR to Outperform from Neutral (lower price target by $1 to $65)
Yesterday, Morningstar upgraded MAR to Hold from Sell (raised price target by $25 to $253)
EXR priced $350 million of 5.50% senior notes due 2030 in an add-on offering on behalf of its operating partnership and intends to use the net proceeds to repay amounts outstanding from time to time under its lines of credit and commercial paper program (which may include borrowings from the underwriters or their affiliates), and for other general corporate and working capital purposes, including funding potential acquisition opportunities

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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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