The Daily REITBeat | Friday, June 27th, 2025

"Let's Make a Deal!"

Today’s Newsletter (June 27th, 2025)

Futures in the green at the time of this writing as talking heads focus on a potential trade deal with China and other partners along with expectations of Federal Reserve interest rate cuts in 2025.

From Bloomberg

"Stocks gained as the US moved closer to trade deals with China and other major trading partners, while expectations are rising for Federal Reserve interest-rate cuts this year.
Futures on the S&P 500 added 0.3% after the index advanced to within striking distance of a record on increased expectations for Fed easing. The Nasdaq 100 achieved the feat on Thursday. Nike Inc. soared as much as 11% in premarket trading after saying its yearlong sales slump is starting to ease.
US Commerce Secretary Howard Lutnick said that the US and China had finalized an understanding, and added the White House is nearing agreements with 10 major trading partners ahead of a July 9 deadline for reciprocal tariffs.
Meanwhile, the Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the “revenge tax” proposal from President Donald Trump’s tax bill.
“There were fears that the revenge tax would make it much harder for companies and individuals to invest in the US, since it would increase their tax rates,” said Kathleen Brooks, research director at Xtb Ltd. “There are still more trade agreements to be done, for example with the European Union, but things are moving in the right direction.”"

In REIT News

Jefferies initiates AHH with a Buy rating ($8 price target)
PSA priced $475 million of 4.375% senior notes due 2030 and $400 million of 5.00% senior notes due 2035 on behalf of its operating partnership and intends to use the net proceeds to repay its outstanding $400 million in aggregate principal amount of its 2025 Floating Rate Notes and for general corporate purposes, including to make investments in self-storage facilities (such as acquisitions of facilities or interests in entities that own facilities, development, and mortgage loans secured by facilities), repayment of debt and the redemption of outstanding securities
GOOD announced the acquisition of a 215,102 sf, crane-served industrial manufacturing, distribution, and warehouse facility located in Harrison Township, MI that is 100% leased to Yanfeng International Automotive Technology US for $16.25 million at a weighted average GAAP capitalization rate of 9.59%
ESS published its 2024 Sustainability and Impact Report which recognizes the Company’s progress towards its sustainability goals and announces new emissions reduction targets, which were recently approved by the Science Based Targets initiative (“SBTi”)
UE issued its 2024 Corporate Responsibility Report detailing the Company’s significant progress in advancing its sustainability goals
Yesterday, S&P raised GNL’s issuer credit rating to “BB+” from “BB” and raised its issue-level rating on the senior unsecured notes to “BBB-“ from “BB+” with a stable outlook
Yesterday morning, TRNO announced that it has executed a lease for 103,000 sf in Redondo Beach, CA with a provider of in-space mobility noting that the lease will commence in stages between July and October 2025 and expire October 2035

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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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