The Daily REITBeat | Friday, June 20th, 2025

"Wait and See?"

From Bloomberg

"Markets took a breather on Friday after the White House appeared to dial back speculation that Washington was on the verge of joining Israel’s strikes on Iran.
Contracts on the S&P 500 posted small gains after dropping 0.9% on Thursday when US markets were closed for the Juneteenth holiday. European stocks rose. Brent crude fell around 2% to temper gains from earlier in the week. Treasury yields rose, while a gauge of the dollar slipped for a second day.
Bloomberg reported on Thursday that senior US officials are preparing for a possible strike on Iran in the coming days. The White House, however, said President Donald Trump would decide within two weeks, and there was still a “substantial chance” of a negotiated settlement.
Israel, meanwhile, struck more of Iran’s nuclear sites and warned it could bring down Tehran’s leadership as both sides awaited the US president’s decision. Iran maintained Friday it won’t negotiate with the US while Israel’s assault continues. With the weekend in sight, traders appear to be staying on the sidelines, unsure about the trajectory of the conflict.
“One must of course be aware of the potential for significant gapping risk at the Sunday night open, depending on how geopolitical tensions evolve over the weekend,” said Michael Brown, senior research strategist at Pepperstone Group Ltd. “Some trimming of risk, and squaring of positions, seems likely as today goes on.”"

In REIT News

Stifel upgrades EPR to Buy from Hold (raise price target by $13 to $65)
BMO upgrades CUBE to Outperform from Market Perform (raise price target by $1 to $49)
BMO downgrades PSA to Market Perform from Outperform (lower price target by $15 to $325)
On Thursday, TRNO announced it had acquired an industrial property located in Long Island City Queens, NY on June 18, 2025 for a purchase price of approximately $16.0 million noting that the 36K sf property is 100% leased through May 2028 to an insulation distributor and the estimated stabilized cap rate is 3.9%
On Wednesday, FCPT announced the acquisition of a portfolio of automotive service properties located in strong retail corridors in Maine and Vermont for $4.7 million from VIVE Collision via sale leaseback and noted that the properties are corporate-operated under long-term, triple net leases with approximately 20 years of term remaining and priced at a cap rate in range with previous transactions
On Wednesday, PSTL announced that Robert Klein has notified the Company of his intention to resign as Chief Financial Officer in order to accept a position with a privately-held real estate company and Jeremy Garber, the Company’s President, Treasurer and Secretary will serve as the Company’s interim Chief Financial Officer while the Company conducts a search process for a permanent successor

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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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