The Daily REITBeat | Friday, July 25th, 2025

"A Winding Path"

From Bloomberg

"Stocks posted small moves at the end of a record-setting week after lackluster results from Intel Corp. and Puma SE. The dollar advanced.
S&P 500 futures were little changed, while Europe’s Stoxx 600 benchmark dropped 0.3%. Intel sank more than 5% in premarket trading and Puma tumbled as much as 19% after slashing its profit forecast. The MSCI All Country World Index snapped a seven-day run of gains.
Traders are hitting pause on a rally that took the S&P 500 to its 10th record high in 19 days amid optimism around trade deals and corporate earnings. Next week is the busiest of the earnings season and investors are looking to the Federal Reserve’s interest-rate meeting on July 30 after data reduced the case for further cuts.
“Markets now see a greater chance that the Fed Chair will maintain a hawkish tone at the upcoming meeting,” said Hebe Chen, an analyst at Vantage Markets in Sydney. “Political dynamics and economic indicators reinforce a more cautious Fed stance.”
Ten-year US Treasury yields rose two basis points to 4.42% and a gauge of dollar strength advanced 0.3%."

In REIT News

Scotiabank upgrades SLG to Sector Outperform from Sector Perform (maintain $71 price target)
Janney downgrades CIO to Neutral from Buy (raised price target by $1 to $7)
ALEX, DLR, DOC, GLPI, PECO, PINE announced quarterly earnings
NTST priced an upsized public offering of 10,800,000 shares of its common stock at $17.70/share raising gross proceeds of $191.16 million in connection with a forward sale agreement on behalf of its operating partnership and intends to use the net proceeds for general corporate purposes, which may include the repayment of amounts outstanding from time to time under the Company’s revolving credit facility, and funding of acquisitions of properties and development activities in the Company’s pipeline
SAFE closed on a ground lease for the development of an Affordable Housing community in the Mission Valley area of San Diego, CA as the Low-Income Tax Credit development will provide 227 total units upon delivery in 2028 and the project will be developed by The Pacific Companies, a prolific developer of Affordable Housing and repeat Safehold customer
EQR announced the appointment of Chris Carr to the Company’s Board of Trustees to serve until the next annual meeting of shareholders as Mr. Carr qualifies as an independent trustee under the New York Stock Exchange’s listing standards plus he will serve on the Company’s Audit and Corporate Governance Committees and with this appointment, the Company’s Board will increase to 11 members, nine of whom are independent
BNL added three new development projects to its pipeline of build-to-suit commitments as these projects represent an aggregate estimated total project investment of approximately $61.4 million
Fitch Ratings affirmed SKT and its limited partnership’s Long-Term Issuer Default Rating at “BBB” with a stable outlook
Yesterday morning, REG announced the acquisition of a portfolio of five premier suburban shopping centers, all located within the 23,000-acre Rancho Mission Viejo master-planned community in Orange County, CA which consists of Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops, and Sendero Marketplace, comprising close to 630,000 sf in aggregate for $357 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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