The Daily REITBeat | Monday, May 19th, 2025

"Cooling Off"

From Bloomberg

"US bonds, stocks and the dollar dropped after Moody’s Ratings stripped the government of its top credit rating, reinforcing concern about the status of American assets. Gold rose.
S&P 500 contracts fell 1.1%, with investors cooling on equities after a five-day winning streak. European and Asian shares also dropped. The yield for 30-year Treasuries surpassed 5%, rising to the highest level since November 2023. The euro rose as much as 1.1% as all major currencies advanced against the greenback.
The Moody’s downgrade risks reinforcing Wall Street’s growing worries over the US sovereign bond market as a ballooning budget deficit shows little signs of narrowing. The rating cut comes as lawmakers debates even more unfunded tax cuts and the economy looks set to slow as Trump upends long-established partnerships and restructures trade deals."

In REIT News

BofA reinstates AMT ($255), CCI ($115), DLR ($210), EQIX ($1,000) and SBAC ($260) with Buy ratings
Wolfe Research upgrades CUBE to Outperform from Peer Perform ($48 price target)
On Friday, Citizens downgraded NXRT to Market Perform from Market Outperform
EXR announced the planned succession for its Executive Vice President and Chief Financial Officer, P. Scott Stubbs, who will retire on December 31, 2025 and The Board of Directors has selected Jeff Norman, the Company’s current Senior Vice President of Capital Markets and Treasury, to succeed Mr. Stubbs as Executive Vice President, Chief Financial Officer beginning July 1, 2025 while Mr. Stubbs will remain a member of the Company’s Executive Committee until his retirement, and he will continue to work closely with Mr. Norman and the Company’s finance and accounting functions through December 31, 2025
On Friday, UMH completed the addition of ten communities containing 2,001 sites to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $101.4 million noting that this interest only loan is at a fixed rate of 5.855% with a 10-year term and proceeds will be used to invest in additional acquisitions, expansions, rental homes and repay higher interest rate debt on a short-term basis
On Friday, Moody’s affirmed EGP’s “Baa2” issuer rating and revised its outlook to positive from stable
On Friday, Moody’s upgraded SUI’s operating partnership’s issuer rating and backed senior unsecured rating to “Baa2” from “Baa3” with a stable outlook

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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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