The Daily REITBeat | Friday, March 7th, 2025

"Doge Jobs Impact?"

Good Morning!

Futures mixed at the time of this writing as talking heads set the stage for today’s February Nonfarm Payrolls Report (looking for 160K Nonfarm Payrolls/146K Private Payrolls/4.0% Unemployment Rate) as volatility and market weakness persists and treasuries hover around 4.25%.

From Bloomberg

"US stock futures fluctuated as traders awaited key payrolls data for the latest clues on the economy’s health.
S&P 500 futures were little changed and contracts on the Nasdaq 100 rose 0.1%. The 10-year US Treasury yield ticked two basis points lower to 4.25% and an index of the dollar fell for a fifth session, its longest losing streak in almost a year. Bitcoin pared an earlier slump.
US employers likely added 160,000 jobs last month, suggesting a labor market holding steady in the face of mounting policy uncertainty, according to a Bloomberg survey of economists. Wall Street failed to stage a rebound on Thursday even after President Donald Trump delayed levies on Mexican and Canadian goods traded under the North American trade deal.
The back-and-forth on tariffs “is creating a lot of uncertainty and that is showing up not only in markets, which have become quite volatile, but also in forward looking leading indicators, such as surveys and purchasing managers indexes,” said Florian Ielpo at Lombard Odier. “For now the hard data remains good, but the soft data is deteriorating, and the question is which one is correct.”
Investor sentiment is so poor that even a slightly better-than-expected US jobs report could spark a rally in the S&P 500, a Goldman Sachs Group Inc. trading desk said.
Federal Reserve Chair Jerome Powell is slated to speak at a monetary policy forum in the afternoon."

In REIT News

Argus Research upgrades VTR to Buy from Hold ($75 price target)
MDV announced a financial update commenting that it has retired its 7.5% Series A Preferred shares at a 6% discount to par value as the 150,000 preferred share acquisition at $23.50/share totaling $3.525 million represents a 7.85% annual yield and a 13.45% yield to call plus it has increased its base case, static 2025 AFFO estimate to $1.39/fully diluted share
Yesterday morning, ARE announced that the company’s board of directors has elected Claire Aldridge, PhD, as an independent director, effective March 14th noting that the board of directors has also appointed Dr. Aldridge to serve as a member of its Life Science Committee and determined that she is independent in accordance with New York Stock Exchange listing standards and Securities and Exchange Commission rules and her term will run until the company’s 2025 annual meeting of stockholders

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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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