The Daily REITBeat | Monday, January 6th, 2025

"Cold, Cold, Cold"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on renewed confidence in the tech sector along with the potential impact of the massive storm moving its way across the country.

From Bloomberg

"Technology firms led equity gains on Monday, lifting stocks further from a year-end rut on renewed confidence in the sustained demand for artificial-intelligence infrastructure. The dollar fell by the most since November.
Nasdaq 100 futures advanced 1%, with chip heavyweights Nvidia Corp. and Advanced Micro Devices Inc. rising more than 2% in premarket trading. In Europe, the Stoxx 600 also rose, fueled by ASML Holding NV’s biggest daily gain since October. S&P 500 contracts were up 0.7%.
US stocks are set to for a second day of gains after ending the longest losing streak since April on Friday. Microsoft Corp.’s plans to spend $80 billion on data centers stoked fresh optimism about the endurance of AI, while Nvidia-partner Hon Hai Precision Industry Co. reported faster-than-expected revenue growth.
Tech’s rebound “is a technical move after the year-end correction,” said Fares Hendi, portfolio manager for global equities at SG Prevoir in Paris. “Microsoft’s decision to raise capex in 2025 is probably helping momentum.”"

In REIT News

Wedbush initiates STRW with an Outperform rating ($12 price target)
Mizuho upgrades AVB to Outperform from Neutral (raise price target by $13 to $242)
Baird upgrades PLD to Outperform from Neutral (lower price target by $1 to $123)
UBS upgrades ADC to Buy from Neutral (raise price target by $5 to $84)
CTRE closed Phase 2 of the large Tennessee portfolio transaction announced on October 29, 2024 with the acquisition last week of an additional thirteen skilled nursing facilities which was completed through a joint venture arrangement and at closing, the Company provided a combined common equity and preferred equity investment totaling approximately $176 million at an initial contractual yield on its combined preferred and common equity investments in the joint venture of approximately 9.0% plus reported that its replenished investment pipeline sits at approximately $350 million of near-term, actionable opportunities, not including larger portfolios the company is reviewing
BNL announced that it has added two new developments with an aggregate estimated total project investment of approximately $117.4 million to its pipeline of build-to-suit development commitments plus announced the addition of Sam DeLemos as the Company’s Vice President of Build-to-Suit Development
STRW announced that 1) on January 2, 2025 it completed the acquisition of six Healthcare Facilities, comprised of 354 licensed beds, located in Kansas for $24,000,000; 2) on December 31,2024 the Company completed the acquisition of a 100 bed Skilled Nursing Facility in Oklahoma for $5.0 million; 3) as the Company previously announced, it closed the acquisition of eight skilled nursing facilities in Missouri for $87.5 million and total deal-flow for December and January is $116.5 million
UMH announced fourth quarter and full year 2024 operating results commenting that 1) During the fourth quarter, it converted 122 new homes from inventory to revenue generating rental homes and for the year, it converted 565 new homes from inventory to revenue generating rental homes; 2) For the fourth quarter, it achieved gross home sales revenue of $8.4 million as compared to $7.7 million last year, representing an increase of approximately 9% and for the year, it achieved gross home sales revenue of $32.6 million as compared to $31.2 million last year, representing an increase of approximately 4%; 3) Year-to-date, overall occupancy increased by 280 units to 88% and during the fourth quarter, overall occupancy increased by 46 units; 4) Occupancy gains and rent increases achieved throughout 2023 and 2024 have increased January 2025 rental and related charges by approximately 9%, resulting in annualized monthly rent roll generating approximately $210 million in annual rental revenue; 5) In the fourth quarter, it issued and sold approximately 3.1 million shares of common stock through its at-the-market sale program at a weighted average price of $19.04/share, generating gross proceeds of $58.5 million and in 2024, it issued and sold approximately 12.5 million shares of common stock through its ATM at a weighted average price of $17.92/share, generating gross proceeds of $224.5 million

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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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