The Daily REITBeat | Thursday, April 24th, 2025

"Not So Fast!"

Good Morning!

Futures in the red at the time of this writing as talking heads focus once again on US-China tariffs and how long the process may take in the trade war while earnings, treasuries, crypto and a busy economic calendar also getting attention.

From Bloomberg

"A global rally in equities stalled as investors scaled back their expectations of quick progress in the US-China tariff dispute.
Stocks in Europe dropped after Treasury Secretary Scott Bessent cast doubt on a timely resolution to the trade war, while Beijing said the two sides aren’t in talks. US futures fell, while Asian stocks snapped a five-day winning streak. The dollar weakened as unpredictable White House policy moves boosted demand for the Swiss franc, the yen and gold as relative havens. Treasuries ticked higher.
Thursday’s pullback in stocks took the edge off gains the previous day, which were spurred by signs President Donald Trump is rethinking the most-aggressive elements of his stances on trade and the Federal Reserve. The market moves underscore how investors are struggling to keep up with pronouncements from officials in the administration and frequent back-and-forth by Trump on his tariffs."

In REIT News

CURB (this morning), EGP, EPRT, GTY, VRE announced quarterly earnings while ALEX, DLR, DOC, GLPI, PECO, PINE, WY report after the close of trading
ADC priced an underwritten public offering of 4,500,000 shares of its common stock in connection with a forward sale agreement at $75.50/share raising gross proceeds of $339.75 million and expects to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreement for general corporate purposes, including to fund property acquisitions and development activity or the repayment of outstanding indebtedness under its revolving credit facility
Yesterday morning, ESRT published its annual Sustainability Report that features major awards and achievements, data-based goals, and transparent metrics for sustainability, energy efficiency, and corporate social responsibility throughout its portfolio

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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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