The Daily REITBeat | Friday, March 14th, 2025

"Pi Day!"

Good Morning!

Futures at the time of this writing as talking heads focus on gold prices hitting a record high as tariffs and uncertainty continue to loom over the markets.

From Bloomberg

"Global stocks rose as the threat of a US government shutdown receded, removing at least one element of uncertainty confronting investors. Gold hit a record above $3,000 an ounce amid haven demand.
S&P 500 contracts rose 0.8% as a stopgap funding bill looked set to pass in Congress after Senate Democratic leader Chuck Schumer opted not to block the measure. That’s helped lift the mood after the benchmark index extended its three-week rout beyond 10% on Thursday, the technical threshold for a correction. Futures on the Nasdaq 100 advanced 1.2% with Nvidia Corp. leading premarket gains among the Magnificent Seven tech cohort.
“It looks like the budget bill is still going through despite some opposition from Democrats and this has lifted sentiment in the US and probably there is also some spillover effect to Europe,” Julius Baer & Co. economist Sophie Altermatt said.
“This might be just some reprieve, given we had so many uncertainties with erratic policy moves in the US,” she added. "

In REIT News

Raymond James upgrades CCI to Strong Buy from Outperform (lower price target by $6 to $122)
KeyBanc upgrades CCI to Overweight from Sector Weight ($120 price target)
Yesterday, Colliers Securities downgraded BRT to Neutral from Buy (maintain $20 price target)
CCI announced 4Q earnings plus announced an agreement to sell all of its Fiber segment to EQT and Zayo Group Holdings for $8.5 billion and expects to reduce its annualized dividend to approximately $4.25 per share starting in the second quarter of 2025
CSR announced that Jeff Caira will retire as a trustee, chair of the Nominating and Governance Committee and member of the Audit Committee effective upon the expiration of his annual term at the conclusion of the 2025 Annual Meeting of Shareholders to be held on May 14th
PLYM announced the appointment of Robert O. Stephenson to its Board of Directors who will serve as an independent director and will be a member of the Audit Committee
Yesterday morning, SUI announced that its Board of Directors nominated Mr. Mark A. Denien as an independent director candidate for election at the upcoming annual meeting of shareholders

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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.

Confidentiality Notice: The content in this article is provided for informational purposes only and is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, any security. Additionally, the information herein should not be relied upon as recommendations or financial planning advice. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this email is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately. This message is intended only for the addressee. If you are not the intended recipient, please notify the sender by e-mail reply and delete this message. You may not copy, disclose, distribute or otherwise make use of this message or its contents for yourself or for any other person, as that action may be unlawful. You should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. All data is reported from Bloomberg, SNL, or Hoya Capital unless otherwise indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by Hoya Capital as to the future profitability of investments recommended by these organizations.