The Daily REITBeat | Monday, March 17th, 2025

"Pot o' Gold?"

Good Morning!

Futures in the red at the time of this writing as talking heads set the stage for a busy week including a boatload of economic data and a Fed meeting that could have huge potential impact on the markets.

From Bloomberg

"US equity futures slipped after Treasury Secretary Scott Bessent dismissed recent declines as healthy, reinforcing the view that the Trump administration is unlikely to step in to boost markets.
S&P 500 and Nasdaq 100 contracts fell 0.3%, indicating Wall Street’s four-week run of losses is set to deepen. In premarket trading, the Magnificent Seven group of tech stocks mostly edged lower, though Nvidia Corp. gained before its much anticipated conference on artificial intelligence. Europe’s Stoxx 600 index rose 0.4%, extending its year-to-date outperformance against US stocks.
Bessent told NBC’s Meet the Press Sunday that he’s not worried by the slump in US stocks, after about $5 trillion was wiped from the S&P 500’s value and the index tumbled into a correction. His comments are a blow to those harboring hopes that President Donald Trump will seek to cushion the market impact of his policies.
“This statement caused some alarm for many Wall Street types who had been counting on Bessent to be the second Trump administration’s ‘voice of reason’ on economic policy,” said Benjamin Picton, a strategist at Rabobank.
The comments effectively dash prospects that policymakers will throw “liquidity bones to financial markets whenever they showed signs of wobbling,” Picton added."

In REIT News

Jefferies reinstates BXP ($78), CDP ($31), CUZ ($35), DEA ($13) and HIW ($32) with Buy ratings
Jefferies reinstates ARE ($100), DEI ($16), HPP ($2.70), KRC ($34) and SLG ($58) with Hold ratings
Wells Fargo upgrades AMT to Overweight from Equalweight (raise price target by $20 to $230)
Wells Fargo upgrades CCI to Equalweight from Underweight (raise price target by $20 to $105)
Evercore ISI upgrades SLG to Outperform from Inline (lower price target by $1 to $73)
Evercore ISI downgrades EGP to Inline from Outperform (raise price target by $4 to $185)
On Friday, UBS upgraded CCI to Buy from Neutral (maintain $118 price target)
On Friday, Morningstar upgraded EQR ($80) and H ($147) to Buy from Hold
On Friday, Morningstar upgraded CHH ($125), HLT ($225), and VNO ($31) to Hold from Sell
NHI announced that it has invested $46.3 million, inclusive of transaction costs, for the acquisition of Juniper Village at Paramus, a senior housing community with 98 assisted living units and 22 memory care units in Bergen County, NJ which has been operated by Juniper Communities, a premier operator of 28 senior housing communities across five states, since February 2021 as the lease has a 15-year maturity with two five-year renewal options at an initial yield of 7.95% plus annual fixed escalators
IIPR announced in an 8-K filing that PharmaCann defaulted on its obligations to pay rent for the month of March under nine of its eleven leases for properties located in New York, Illinois, Pennsylvania, Ohio, and Colorado where March rent owed for these nine Leases, including base rent, property management fees and estimated tax and insurance payments, totaled $2.7 million and the Company is in continuing discussions with PharmaCann regarding the Leases and expects to enforce its rights under the Leases aggressively, which may include, but is not limited to, commencing eviction proceedings as the Company deems necessary
On Friday, Fitch Ratings placed the ratings of GNL and its operating partnership, including its “BB+” issuer default rating and underlying usance outstanding on Rating Watch Positive
On Friday, Fitch Ratings affirmed REXR and its limited partnership at “BBB+” with a stable outlook

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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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