The Daily REITBeat | Friday, March 28th, 2025

Good Morning!

Futures in the red at the time of this writing as talking heads focus on today’s PCE report along with tariffs potentially starting next week with gold and bitcoin getting a lot of attention as the 10-year hovers around 4.33%.

From Bloomberg

"US stock futures edged lower and gold topped a fresh record as investors looked ahead to the Federal Reserve’s preferred inflation metric and continued to worry about the lasting economic damage of the trade war.
S&P 500 index contracts dropped 0.2%. Lululemon Athletica Inc. plunged 13% in premarket trading after delivering a disappointing outlook for the year. Bitcoin retreated, while gold climbed above $3,070 an ounce. The yield on the 10-year Treasury slipped three basis points to 4.32%.
The reading for the US core personal consumption expenditures price index is expected to rise 0.3% in February, an unchanged pace compared with the previous month, according to economists surveyed by Bloomberg. With the President Donald Trump threatening to unleash so-called reciprocal tariffs next week, money managers say they’re turning neutral, stepping back or de-risking their portfolios.
“Tariffs are creating a lot of fears in the market, not just the level of the tariffs but the way they are implemented as well,” Valerie Genin, head of investments at Barclays Private Bank Monaco told Bloomberg TV. “It seems like investors are just digesting now that tariffs have lose-lose implications for all parties.”"

In REIT News

Citi initiates LINE with a Neutral rating ($64 price target)
UBS initiates GTY with a Neutral rating ($32 price target)
BMO upgrades HPP to Outperform from Market Perform (raise price target by $1 to $5)
Goldman Sachs upgrades SKT to Buy from Neutral (raise price target by $1 to $40)
Goldman Sachs downgrades KRC to Neutral from Buy (lower price target by $6 to $36)
Citi upgrades CPT to Buy from Neutral (raise price target by $13 to $138)
Citi downgrades FRT to Neutral from Buy (lower price target by $29 to $106)
UDR announced that James “Jim” D. Klingbeil has decided not to seek re-election to the Board of Directors at the Company’s upcoming Annual Shareholder Meeting and the Board has elected Jon A. Grove, a current Director of the Board, to serve as its next Lead Independent Director while the Board has appointed Mr. Klingbeil as Chairman Emeritus effective upon the expiration of his current Board term
EPRT announced the promotion of three executives: Max Jenkins has been promoted to EVP, Chief Operating Officer; AJ Peil, CFA has been promoted to EVP, Chief Investment Officer; and Robert Salisbury, CFA has been promoted to SVP, Head of Corporate Finance and Strategy
SRG announced that the Board of Trustees and Andrea Olshan have agreed that Ms. Olshan will step down as Chief Executive Officer and President (CEO) and as a member of the Board effective as of April 11, 2025 while the Board has appointed Board Chairman Adam Metz, an independent member of the Board since 2022, as Interim CEO and President also effective as of April 11, 2025
SPG announced the opening of Jakarta Premium Outlets® in Indonesia noting that it features more than 302,000 sf of retail space as this is the Company’s first Premium Outlet® in Indonesia and the eighth country to feature the Premium Outlet brand
Fitch Ratings affirmed DLR and its limited partnership’s Long-Term Issuer Default Ratings and unsecured debt at “BBB” with a stable outlook
Yesterday morning, TRNO announced that it has leased 100% of Countyline Corporate Park Phase IV Building 33 in Hialeah, FL commenting that a seven-year lease for 105,000 sf, with a third-party logistics provider, commenced upon completion of building construction and tenant improvements in March 2025 plus it has signed leases for 28,000 sf with a business-to-business food purveyor and 24,000 sf with a distributor of specialty elevator parts as stabilization is expected in the third quarter of 2025 upon completion of tenant improvements for the two recently-signed leases which will bring Countyline Corporate Park Phase IV to 63% complete and stabilized and the total expected investment is $39.9 million and the estimated stabilized cap rate is 5.9%

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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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