The Daily REITBeat | Friday, June 13th, 2025

"A Major Escalation"

From Bloomberg

"Oil jumped and stocks slid after Israel attacked Iran’s nuclear program facilities and killed senior military commanders in a significant escalation of tensions in the Middle East. Gold advanced.
Brent crude gained 7.6%, having earlier surged as much as 13% in the biggest intraday jump since March 2022. S&P 500 futures were down 0.9% after paring deeper losses. Gold rose 1% to the highest in more than a month.
The dollar rebounded 0.5% from Thursday’s three-year low. US Treasuries were little changed, with the yield on the 10-year note at 4.37%.
The airstrikes against Iran’s nuclear program and ballistic-missile sites renewed a standoff between two adversaries that risks spiraling into a wider conflict. While the reaction was strongest in crude oil, other pockets of the market suggested that investors are watching how long the tensions will last and whether the situation escalates.
“We are seeing behavior fully consistent with risk-off,” said Geoff Yu, FX and macro strategist at Bank of New York Mellon Corp. “This is probably the starting point for markets, but as we know correlations have been variable in recent weeks and much will depend on the reaction of Iran, the US and others.”"

In REIT News

Colliers Securities initiates SUI with a Neutral rating ($130 price target)
PECO priced $350 million of 5.25% senior unsecured notes due 2032 on behalf of its operating partnership and intends to use the net proceeds for general corporate purposes, including to repay borrowings under its revolving credit facility, to repay its term loans and other outstanding indebtedness, to acquire additional properties, for capital expenditures, expansion and working capital, to redevelop and/or improve properties and for other general corporate purposes
FCPT announced the acquisition of a newly constructed automotive service property leased to a national operator located in a highly trafficked corridor in Texas for $5.8 million noting that the property is under a corporate long term triple net lease and priced at a 6.8% cap rate on rent as of the closing date and exclusive of transaction costs
OPI elected Timothy Pohl to its Board of Trustees as an Independent Trustee effective immediately
SBRA issued an open letter thanking Clifton J. Porter II for his five years of Board service to the Company
BRX announced the release of its seventh annual Corporate Responsibility (CR) Report, which provides a comprehensive overview of the Company’s strategy to improve the environmental, social, and economic well-being of its stakeholders, as well as measurements and case studies that highlight its progress with respect to its CR goals
Yesterday morning, Fitch Ratings affirmed the Long-Term Issuer Default Ratings of VICI and its operating partnership at “BBB-” with a stable outlook
Yesterday morning, IVT announced the successful disposition of a portfolio comprising five California assets for approximately $306 million and the proceeds from this sale will be reinvested into key Sun Belt markets such as Atlanta, Charleston, Phoenix, Central Florida, Richmond and San Antonio plus the Company has one remaining asset in California which is slated to be disposed of by the end of the year

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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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