The Daily REITBeat | Monday, March 10th, 2025

"That (Un)easy Feeling"

Good Morning!

Futures deep in the red at the time of this writing as talking heads focus on the same usual topics that have been dragging on the market recently including Trade Tariffs and DOGE cuts with the 10-year hovering around 4.244% and key economic data coming due this week including CPI/PPI reports.

From Bloomberg

"Wall Street stock futures dropped and Treasuries ticked higher as President Donald Trump’s protectionist policies and cuts to the federal workforce dented confidence in US economic outperformance.
Contracts for the S&P 500 declined 1%, following the worst week for the benchmark index since September, while those on the Nasdaq 100 lost 1.1%. Shares in Tesla Inc. fell about 3% in premarket trading on Monday, inching toward erasing their post-election gains, and most other Big Tech names also dropped, including AI bellwether Nvidia Corp. European stocks slipped 0.4%.
Mounting unease over the potential fallout from trade tariffs and sweeping government job cuts sent 10-year Treasury yields five basis points lower. The key borrowing rate has dropped more than 20 basis points in the past month, signaling risks that the world’s biggest economy will stall. Bloomberg’s dollar index held just shy of four-month lows.
Tariffs and Trump’s policies have started having their “fair share of pressures on the equity markets, plus we have now started seeing a lot of concerns around US growth,” Sanford C. Bernstein strategist Rupal Agarwal said on Bloomberg TV."

In REIT News

Jefferies upgrades CPT ($139), IRT ($24) and MAA ($190) to Buy from Hold
Wells Fargo upgrades HPP to Overweight from Equalweight (maintain $4 price target)
Wells Fargo downgrades KRC to Equalweight from Overweight (lower price target by $8 to $35)
Truist Securities downgrades UDR to Hold from Buy (raise price target by $1 to $46)
Compass Point downgrades HST ($18) and PEB ($15) to Neutral from Buy
On Friday, Morningstar upgraded DLR ($144) and SLG ($50) to Hold from Sell
SVC announced that Chris Bilotto has been appointed as a Managing Trustee, President and Chief Executive Officer effective March 10, 2025 and succeeds John Murray as Managing Trustee, and Todd Hargreaves as President and Chief Investment Officer, both of whom resigned from their positions with SVC, effective March 9, 2025 noting that neither Mr. Murray’s nor Mr. Hargreaves’s resignations were the result of any dispute with SVC or RMR
WSR has commenced a strategic transformation of the merchandising mix at Davenport Village in Austin, TX that is expected to re-energize the center and strengthen its competitive position within the upscale neighborhoods it serves and has signed agreements with several exciting and esteemed brands that are expected to drive engagement and traffic at the center throughout the day, including Starbucks Reserve, Pvolve, RVE Fitness and CUBExec
On Friday, S&P announced that RHP will be added to the S&P SmallCap 600 index prior to the open of trading on Monday, March 24th
On Friday, WELL announced the launch of its refreshed brand identity and launch of a new website

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David Auerbach & Mary Jensen

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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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