The Daily REITBeat | Monday, April 21st, 2025

"Another Week, Another Red Start..."

Good Morning!

Futures in the red at the time of this writing as talking heads focus on President Trump’s potential efforts to remove Chairman Powell as Head of the Federal Reserve along with a busy earnings calendar and news about the passing of Pope Francis.

From Bloomberg

"US stock futures and the dollar weakened sharply as traders reacted to the possibility that President Donald Trump will try to remove Federal Reserve Chairman Jerome Powell.
S&P 500 futures sank 1% and the dollar index weakened to a 15-month low with Wall Street set to re-open after the Easter break. Gold jumped above $3,390 an ounce. On Friday, National Economic Council Director Kevin Hassett said that Trump is studying whether he’s able to fire Powell.
Trump — frustrated that the central bank hasn’t moved to lower interest rates — posted on social media last week that Powell’s “termination cannot come fast enough!” Rebuking the Fed undermines the principle of central bank independence and risks politicizing US monetary policy in a way that markets will find deeply unsettling, said Christopher Wong, a currency strategist at Oversea-Chinese Banking Corp.
“Frankly, firing Powell stretches belief,” said Wong. “If the credibility of the Fed is called into question, it could severely erode confidence in the dollar.”
The yen, euro and Swiss franc rallied. Brent fell as much as 2% to below $67 a barrel. European stock markets were largely still shut for a public holiday."

In REIT News

Lucid Capital Markets initiates MDV with a Buy rating ($17.50 price target)
Raymond James upgrades CSR to Outperform from Market Perform ($66 price target)
Wolfe Research downgrades PLD to Peer Perform from Outperform
ELS announces earnings after the close of trading
LTC announced the appointment of David Boitano as Executive Vice President and Chief Investment Officer following the promotion of Clint Malin to Co-Chief Executive Officer in December 2024
On Thursday, ESRT signed a 34K square foot expansion and renewal lease with Carolina Herrera, Ltd. – a high-end New York City fashion house and subsidiary of Puig Brands – at 501 Seventh Avenue plus signed a renewal and 12,338 sf expansion lease with Workday, Inc. – the AI platform for managing people, money, and agents – for a total of 39,069 sf at the iconic Empire State Building
On Thursday, SMA announced that it has achieved the Security Interest Termination Conditions for its Credit Facility and 2032 Private Placement Notes which resulted in both facilities becoming fully unsecured where the credit spread pricing grid associated with Revolving Commitments under the Credit Facility was immediately reduced by 25 basis points, and the unused fees on the Credit Facility were reduced by five basis points while the Company elected to reduce the Revolving Commitments under the Credit Facility by $100 million and as a result of this election, the Total Commitments under the Credit Facility have been reduced to $600 million
On Thursday, FCPT announced the acquisition of an Outback Steakhouse property located in a strong retail corridor in Oklahoma for $1.6 million noting that the property is corporate-operated under a triple net lease with approximately four years of term remaining and priced at a 6.8% cap rate on rent as of the closing date and exclusive of transaction costs
On Thursday, CTRE announced its recommended cash offer for the acquisition of Care REIT by CR United Bidco Ltd for 108 pence per share to be full, fair, and final and the financial terms of the Acquisition therefore will not be increased, save that CareTrust and Bidco reserve the right to revise the financial terms of the Acquisition if: (i) there is an announcement of a possible offer or a firm intention to make an offer for CRT plc by any third party; or (ii) the Panel otherwise provides its consent (such consent to be given only in wholly exceptional circumstances) plus announced that its United States skilled nursing and seniors housing pipeline has reloaded to $500 million

Download The REIT Beat here!

The Daily REITBeat 4-21-25.pdf

Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen

Subscribe here to receive The Daily REITBeat newsletter every morning.

« More of The Daily REITBeat

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.