The Daily REITBeat | Monday, June 23rd, 2025

"Waiting for a Response"

From Bloomberg

"US equity futures wavered as investors assessed whether an immediate Iranian response to US strikes on its nuclear sites would significantly disrupt oil flows from the Middle East. Crude prices trimmed earlier gains.
S&P 500 contracts dropped 0.1% after swinging between losses and gains. Brent crude pared an advance of as much as 5.7% to about 1.2%, trading below $78 a barrel. The dollar strengthened 0.5% against a basket of currencies, advancing against all Group-of-10 peers as traders hedged against the risk of further oil price gains.
Oil, which has risen more than 12% since the onset of the Israel-Iran conflict, remained the central focus as any interruption to traffic through the Strait of Hormuz raises the specter of a spike in energy prices and higher inflation. While Iran’s Foreign Minister Abbas Araghchi said the country reserved all options for a response, there haven’t yet been any signs of disruption to physical flows.
“Markets are judging that the response may not be quite as dramatic, because Iran would risk antagonizing others who are not yet pulled in,” John Bilton, head of multi-asset strategy at JPMorgan Asset Management, told Bloomberg TV. The market is “absorbing a geopolitical event that is going on and judging that this does not, on face value, change the direction of travel.”"

In REIT News

Wolfe Research reinstates COLD with an Outperform rating ($23 price target)
JPM reinstates HLT ($282), RHP ($117) and WH ($101) with Overweight ratings
JPM reinstates HST ($16) and MAR ($284) with Neutral ratings
JPM reinstates CHH ($124), PK ($10) and SHO ($8) with Underweight ratings
JPM upgrades VTR to Overweight from Neutral (raise price target by $2 to $72)
JPM upgrades BXP to Neutral from Underweight (raise price target by $6 to $78)
JPM downgrades COLD to Neutral from Overweight (lower price target by $3 to $21)
JPM downgrades FRT to Neutral from Overweight (maintain $108 price target)
JPM downgrades HHH to Neutral from Overweight (lower price target by $6 to $76)
JPM downgrades LINE to Underweight from Neutral (lower price target by $5 to $50)
Morgan Stanley downgrades LINE to Equalweight from Overweight (lower price target by $25 to $50)
GMRE announced that Mark Decker, Jr. has been appointed as the Company’s Chief Executive Officer and President, effective immediately as Mr. Decker, who will join the Board of Directors, succeeds Jeffrey Busch, who will continue to serve on the Board as non-executive Chairman
HR announced changes to its Board of Directors immediately reducing the size from 12 to 7 members which is part of a thoughtful effort to better align the size of the Board with other companies in the REIT industry, while maintaining the Board’s commitment to operating with best practices of corporate governance and five directors, Nancy Agee, Ajay Gupta, James Kilroy, Peter Lyle, and Christann Vasquez voluntarily retired from the Board, effective June 18, 2025
GNL completed the final phase of its multi-tenant portfolio sale to RCG Ventures, LLC on June 18, 2025, including 12 encumbered properties which generated approximately $313 million in gross proceeds, bringing total gross proceeds from the portfolio sale to $1.8 billion and the company plans on using the incremental net proceeds from the third phase of the multi-tenant portfolio sale to further reduce leverage by paying down the outstanding balance on its Revolving Credit Facility
SAFE closed on the acquisition of an existing ground lease beneath the Asher Adams hotel in Downtown Salt Lake City noting that the 225-key, full-service hotel was completed in 2024 and operates as part of Marriott’s Autograph Collection and the company’s diversified portfolio now stands at 150 ground leases across the country
On Friday, ONL confirmed its receipt of an unsolicited, non-binding indication of interest from Kawa Capital Management, Inc. to potentially acquire all of the outstanding shares of common stock of the Company not already owned by Kawa for cash consideration of $2.50 per share as Kawa currently beneficially owns 5,474,027 of the outstanding shares of the Company’s common stock (approximately 9.7% based on its most recent Schedule 13D filing dated June 20, 2025)
On Friday, Fitch Ratings downgraded HPP and its limited partnership’s Long-Term Issuer Default Ratings to “B+” from “BB-“ and its preferred stock rating to “B-“ from “B” with a stable outlook
On Friday, JBGS acquired Tysons Dulles Plaza, a 15-acre office campus in the heart of Tysons, VA noting that the three-building campus encompasses approximately 500,000 square feet of offices and 1,553 parking spaces as the company intends to re-entitle and redevelop one of the three office buildings for residential use while the other two buildings will be enhanced and modernized and remain in long-term operation for office tenants

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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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