The Daily REITBeat | Monday, May 5th, 2025

"Passing The Torch"

Good Morning!

Futures in the red at the time of this writing as talking heads focus on trade tariffs and crude oil as OPEC announced a supply increase as corporate earnings, treasuries, commodities and crypto continue to draw a lot of attention.

Clearly the other big topic is the pending “passing of the torch” as Warren Buffett announced he will retire as CEO by year-end and handing the reigns to Greg Abel.

From Bloomberg

"The dollar weakened and US equity-index futures dropped, threatening to end the S&P 500’s longest winning streak in two decades, as uncertainty about US trade policy hung over markets. Crude oil slumped after OPEC+ announced another supply increase.
A gauge of the greenback declined for a second day and contracts for the S&P 500 retreated 0.7% after President Donald Trump said he had no plans to talk to his Chinese counterpart this week, though he signaled trade deals with other unspecified partners could come soon.
Crude oil plunged as much as 5.1% in New York before paring the decline. Gold advanced, and Treasuries were steady.
Financial markets have steadied in the past two weeks as Trump dialed back his tariffs amid signs that trade talks are progressing, with the S&P 500 rallying for two straight weeks and notching nine successive days of gains. Still, a trade deal with China would be a prerequisite for the US benchmark to sustain the advance, according to strategists at Morgan Stanley led by Michael Wilson.
“Recent cyclical gains in equities don’t change the structural ‘Sell America’ theme,” said Charu Chanana, the chief investment strategist at Saxo Markets in Singapore. “Trade-deal optimism is giving way to the reality of complex, slow-moving negotiations.”
European stocks were steady in subdued trading. Europe’s benchmark Stoxx 600 index has posted nine days of gains through Friday, the longest streak in a year, buoyed by earnings significantly ahead of expectations."

In REIT News

CBL, PK and RLJ announced 1Q earnings
DHC, KRC, LTC, NHI, NSA, O, SBRA, SUI, VNO announce earnings after the close of trading while CLDT, SHO announce tomorrow morning before the open
HHH announced an agreement pursuant to which Pershing Square will today invest $900 million to acquire 9,000,000 newly issued shares of HHH which will enable HHH to become a diversified holding company by acquiring controlling stakes in high-quality, durable growth public and private operating companies while continuing to invest in and grow the Company’s core real estate development and Master Planned Communities business while Pershing Square’s acquisition of $900 million of newly issued shares of HHH common stock for $100.00/share represents a premium of 48% to HHH’s closing share price on Friday, May 2, 2025. Pershing Square will now own 46.9% of HHH shares outstanding and Pershing Square has generally agreed to limit its voting power to 40% and its beneficial ownership to 47%
NHI announced that leading proxy advisory firm Egan-Jones has recommended that stockholders vote on the WHITE proxy card "FOR" ONLY NHI’s director nominees - Candice W. Todd, Robert W. Chapin, Jr., James R. Jobe and Robert G. Adams - in connection with its May 21, 2025 Annual Meeting of Stockholders

Download The REIT Beat here!

The Daily REITBeat 5-5-25.pdf

Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen

Subscribe here to receive The Daily REITBeat newsletter every morning.

« More of The Daily REITBeat

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.

Confidentiality Notice: The content in this article is provided for informational purposes only and is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, any security. Additionally, the information herein should not be relied upon as recommendations or financial planning advice. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this email is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately. This message is intended only for the addressee. If you are not the intended recipient, please notify the sender by e-mail reply and delete this message. You may not copy, disclose, distribute or otherwise make use of this message or its contents for yourself or for any other person, as that action may be unlawful. You should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. All data is reported from Bloomberg, SNL, or Hoya Capital unless otherwise indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by Hoya Capital as to the future profitability of investments recommended by these organizations.