The Daily REITBeat | Monday, March 3rd, 2025

"Fear & Greed?"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on cryto currencies as the talk of a strategic reserve grows plus the fallout from Friday’s President Trump/Ukraine’s Voloymyr Zelenskiy meeting at the White House.

A busy economic calendar ahead this week with February Nonfarm Payrolls report as well.

From Bloomberg

"US stock futures pointed to gains on Wall Street as some investors took advantage of a bruising week as an opportunity to buy. Defense firms surged in Europe with leaders fast-tracking their spending plans.
Contracts on the S&P 500 added 0.5% and the Nasdaq 100 gained 0.7%. Tesla Inc. led premarket gains among the Magnificent Seven stocks after recording its biggest monthly decline in about two years. Crypto exchanges rallied after US President Donald Trump’s latest comments about a strategic reserve for the coins.
“How much more cautious can the market get?” Katrina Dudley, senior investment strategist at Franklin Templeton, said on Bloomberg TV. “If you look at that fear and greed index, we are right in the red zone that flashes and says: caution.”
Bitcoin traded around $92,000, paring some of its weekend gains after Trump said a reserve would “elevate this critical industry.” Shares of MicroStrategy Inc. added 11%, Coinbase Global Inc. climbed 8.5%, while Riot Platforms Inc. rose 8.4%."

In REIT News

WELL announced that it is under contract to acquire a portfolio of 38 ultra-luxury seniors housing communities and nine entitled development parcels located within highly affluent neighborhoods in Toronto, Vancouver and Victoria, including a 31-property in-place portfolio valued at C$3.2 billion, from Ontario Teachers’ Pension Plan for aggregate consideration of C$4.6 billion and announced the formation of a long-term strategic partnership with Amica Senior Lifestyles
HIW announced it has agreed to acquire Advance Auto Parts Tower, a 20-story, Class AA office tower located in the heart of Raleigh’s vibrant mixed-use North Hills Best Business District (BBD) noting that this 346,000 sf, LEED-gold certified tower, which delivered in 2020, was 100% leased at December 31, 2024 with a current weighted average lease term of 8.2 years and will fund the acquisition of Advance Auto Parts Tower on roughly a leverage-neutral basis using the proceeds from the recent sale of non-core assets in Tampa that closed earlier in the first quarter
SLG announced it has signed a fifteen-year, 144,418 sf renewal and expansion lease with Newmark & Company Real Estate, Inc. at 125 Park Avenue, increasing Newmark’s current footprint to 184,239 sf and to date in 2025, the Company has signed Manhattan office leases totaling 455,008 sf, while maintaining a current pipeline of approximately 975,000 sf
CDP executed a 10-year lease with a top 10 U.S. Defense Contractor for 48,100 sf at 6841 Benjamin Franklin Drive in Columbia Gateway and with this transaction Franklin Center is now 80% leased, with 41,000 sf of remaining availability while the Company’s 2.5 million sf Columbia Gateway portfolio is now 92.0% leased, with only 200,000 sf of availability
BNL announced the closing of a $1.5 billion Amended and Restated Credit Agreement, inclusive of a $1.0 billion revolving credit facility and $500 million term loan plus entered into conforming amendments to its 2027 and 2029 term loans
CURB announced investment activity for 1Q to date where it has closed on the acquisition of 9 convenience shopping centers for $104.3 million including a six-property portfolio in Jacksonville, FL
DHC announced the closing of the previously announced sale of 18 triple-net leased senior living communities which include 876 units located across 10 states to Brookdale Senior Living Inc. for $135 million ($154K/unit) and will use the proceeds from the sale to pay down its senior secured notes due in January 2026
On Friday, BFS announced quarterly earnings
On Friday, Moody’s affirmed the ratings of HR’s operating subsidiary, including its “Baa2” issuer rating, “Baa2” backed senior unsecured rating, “Baa2” senior unsecured rating, and “(P)Baa2” backed senior unsecured shelf rating plus revised its outlook to negative from stable
On Friday, EGP announced recent business activity where as of February 27, 2025, its portfolio was 97.1% leased and 95.8% occupied and during the first quarter of 2025 to date, 1,438,000 sf of new and renewal leases were signed with rental rate increases averaging 45.0% on a straight-line basis and 30.9% on a cash basis plus the company recently executed three leases on development properties totaling approximately 151,000 sf while during the first quarter of 2025 to date, the Company entered into forward equity sale agreements with respect to 611,956 shares of common stock with an initial weighted average forward price of $180.27/ share and approximate gross sales proceeds of $110,000,000 based on the initial forward price

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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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