The Daily REITBeat | Monday, June 30th, 2025

"Signs of Progress?"

From Bloomberg

"US stock futures rose as signs of progress in trade negotiations added to the upbeat sentiment that pushed the S&P 500 to a record high at the end of last week.
Contracts for the US benchmark gained 0.4%, while those for the Nasdaq 100 climbed 0.6%. Most members of the Magnificent 7 technology stocks advanced in premarket trading, led by Meta Platforms Inc. with a 2% gain.
The dollar resumed its decline, falling as much as 0.4% against a basket of currencies to trade near three-year lows. The US Treasury market is wrapping up its best monthly return since February, with the 10-year yield declining three basis points to 4.25%.
The de-escalation in the conflict between Israel and Iran, combined with data highlighting the US economy’s resilience, propelled the S&P 500 to a record high last week, marking a stunning rebound from April’s tariff-induced rout. Subdued inflation is also strengthening market expectations for interest-rate cuts, even as the Federal Reserve maintains a cautious stance."

In REIT News

Scotiabank initiates AHR with a Sector Outperform rating ($42 price target)
On Friday, Morningstar upgraded ESRT to Buy from Hold (maintain $9.50 price target)
On Friday, Morningstar upgraded SLG ($50) and VNO ($31) to Hold from Sell
On Friday, SPG acquired Swire Properties’ interest in the retail and parking at Brickell City Centre for $512 million where prior to the acquisition, it owned a 25%, non-managing interest in the retail at Brickell City Centre, and, following this transaction, will wholly own and manage the asset
On Friday, BDN announced that its operating partnership closed its previously announced underwritten public offering of $150 million of its 8.875% guaranteed notes due 2029 and intends to use the net proceeds from the offering to repay outstanding borrowings under the Operating Partnership’s $600 million unsecured revolving credit facility, to fund a partial repayment of its secured debt and for general corporate purposes, which may include the repayment, repurchase or other retirement of other indebtedness
On Friday, TRNO announced that it has executed a lease for 81,000 sf in Avenel, NJ with a third-party logistics provider noting that the lease commences on June 30, 2025 and will expire November 2030

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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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