The Daily REITBeat | Friday, July 11th, 2025

"An Escalating Battle..."

From Bloomberg

"US equities were poised to retreat from a record high as US President Donald Trump intensified his trade offensive.
Contracts for the S&P 500 dropped 0.6% after Trump said he plans to impose blanket levies of 15% or 20%. Europe’s Stoxx 600 fell for the first time this week. Nvidia Corp. dropped 0.6% in premarket trading, pulling back after the artificial intelligence-bellwether closed at a $4 trillion valuation.
The dollar strengthened against most major peers, with the yen posting the steepest decline. Treasury yields advanced across the curve. In a sign that some investors were still prepared to take on risk, Bitcoin extended its record rally to nearly $118,000."

In REIT News

Morgan Stanley downgrades FVR to Equalweight from Overweight (lower price target by $3.50 to $13.50)
Morgan Stanley downgrades ADC to Equalweight from Overweight (maintain $75 price target)
Goldman Sachs downgrades MAA to Neutral from Buy (lower price target by $27 to $165)
Yesterday, Fitch Ratings affirmed GLPI and its limited partnership’s Long-Term Issuer Default Ratings and unsecured debt at “BBB-“ with a stable outlook
Yesterday, S&P Global raised RYN’s issuer credit rating to “BBB” from “BBB-“ and removed all ratings from CreditWatch which was placed with positive implications on March 1st
Yesterday morning, OHI announced an update after Genesis Healthcare, Inc. filed for Chapter 11 bankruptcy where the Company elected to commit $8 million to fund 26.7% of the expected debtor-in-possession financing, in order to support sufficient liquidity to effectively operate the facilities during bankruptcy
Yesterday morning, LTC announced an update after Genesis Healthcare, Inc. filed for Chapter 11 bankruptcy whereby on June 3, 2025, the Company received Genesis’ written notice of its exercise of a 5-year extension option, which would extend the term of the lease to April 30, 2031 as the annualized revenue and annualized contractual cash revenue from Genesis were $8.4 million and $9.5 million, respectively, representing 4.5% and 5.1% of it’s annualized revenue and annualized contractual cash revenue, respectively, as of March 31, 2025 and Genesis has paid their contractual rent through July 2025 while it holds $4.7 million of security from Genesis as required by the master lease in a letter of credit
Yesterday morning, VRE announced the amendment of its $500 million credit facility established in April 2024 as the transaction reflects its continued progress in advancing its 2025 corporate plan to sell non-strategic assets and reduce leverage plus also supports the Company’s multi-year balance sheet strategy, reducing borrowing costs and positioning it to reduce Net Debt to EBITDA to below 10.0x by year-end 2025 and to below 9.0x by year-end 2026 as the Company completes the contemplated sales plus it completed the $85 million sale of Signature Place and used proceeds from the divestiture to reduce its Term Loan by $80 million to $120 million

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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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