The Daily REITBeat | Friday, May 23rd, 2025

"Churn and Burn?"

From Bloomberg

"US stock futures dropped after US President Donald Trump’s threatened to impose sweepings tariffs on the European Union and Apple Inc., jolting an earlier quiet session into motion.
S&P 500 contracts fell more than 1.2%, setting the US benchmark on course for its worst week since the beginning of April. Treasury yields dropped across the curve. The dollar weakened.
In posts on Truth Social, Trump recommended a 50% tariff on EU imports starting next month. He also said he will impose a tariff of at least 25% on Apple if it doesn’t manufacture its US-sold iPhones locally. Apple shares sunk 4% in premarket trading.
Friday’s sudden shift underscores the ongoing risk that shifts in US policy can abruptly upend market dynamics at short notice.
Earlier this week, bond markets reflected investors’ concerns about ballooning US debt and deficits, which was amplified after Moody’s Ratings downgraded the nation’s top credit rating. Rising yields, particularly on longer-dated instruments, intensified investor concerns about the economic outlook amid a backdrop of elevated borrowing costs and tariff-induced uncertainty."

In REIT News

Piper Sandler upgrades MAC to Neutral from Underweight (maintain $16 price target)
PK closed on the sale of the 316-room Hyatt Centric Fisherman’s Wharf located in San Francisco, CA for $80 million ($253,000/key) where proceeds from the sale will be used for ongoing return on investment projects in its portfolio and for other general corporate purposes
AHT signed a definitive agreement to sell the 242-room Hilton Houston NASA Clear Lake located in Houston, TX for $27.0 million and when adjusted for the Company’s anticipated capital expenditures, the sale price represents a 3.2% capitalization rate on net operating income or 23.6x Hotel EBITDA for the twelve months ended April 30, 2025
WY announced an agreement to acquire approximately 117,000 acres of high-quality timberlands in North Carolina and Virginia from Roanoke Timberlands LLC, for $375 million
NHI announced that, based on preliminary vote results provided by the independent Inspector of Elections following the Company’s 2025 Annual Meeting of Stockholders, NHI’s stockholders have voted to elect all four of the Company’s director nominees - Robert G. Adams, Robert W. Chapin, Jr., James R. Jobe, and Candice W. Todd while Land & Buildings Investment Management issued a statement with the news saying “Land & Buildings is hopeful that the message has been received, and that we will see further improvements to NHI’s governance and performance. We will be keeping a close eye on the NHC lease renewal negotiation and future capital allocation decisions to ensure management is empowered to maximize value. We will not hesitate to hold the Company accountable moving forward, including, if necessary, by taking our concerns directly to stockholders again.”
Yesterday morning, S&P affirmed VTR’s “BBB+ issuer credit rating with a stable outlook
Yesterday morning, DLR announced a partnership with Summit Ridge Energy whereby it will purchase 5.1 megawatts (MW) of solar energy and with this purchase, Digital Realty will advance its sustainability objectives while delivering energy cost savings and these projects are expected to be energized and interconnected with Commonwealth Edison by late 2025 to early 2026

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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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