The Daily REITBeat | Thursday, February 13th, 2025

"Reciprocals..."

Good Morning!

Futures mixed at the time of this writing as talking heads focus on reciprocal tariffs on trade partners along with key PPI data be released.

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From Bloomberg
"The euro gave up an advance against the dollar after President Donald Trump signaled he’s about to announce reciprocal tariffs on trading partners.
Trump said in a social media post the new levies will be announced on Thursday. Futures contracts on the S&P 500 and Nasdaq 100 erased early gains, while Europe’s Stoxx 600 benchmark slipped from session highs.
The combined currency earlier climbed as much as 0.6% on optimism that US-Russia talks could end the Ukraine war. Oil fell on speculation that risks to Russian supply may ease, and Ukraine dollar bonds rose the most among emerging-market peers.
Aside from tracking developments over tariffs and Ukraine, Wall Street is preparing for a fresh batch of US economic data including initial jobless claims and producer-price inflation. Wednesday’s hot consumer price index numbers forced traders to push out bets on the next Federal Reserve interest-rate cut to December."

In REIT News

Piper Sandler downgrades KRG to Neutral from Overweight (lower price target by $8 to $25)
Morningstar upgrades EQIX to Hold from Sell (raise price target by $50 to $860)
Yesterday, Capital One initiated EPRT ($35) and NTST ($18) with Overweight ratings
Yesterday, Morningstar downgraded REG to Hold from Buy (maintain $80 price target)
CTRE, EPRT, EQIX, FCPT, GTY, IRM, IRT, LXP, STAG, VTR announced quarterly earnings while DLR, ELME, FRT, OPI, PDM announce after the close of trading
SKT announced it has acquired Pinecrest, a 640,000 sf open-air, grocery-anchored, mixed-use center in one of the most desirable submarkets of Cleveland, Ohio for approximately $167 million using cash on hand and available liquidity
FCPT announced the acquisition of an automotive service property located in a highly trafficked corridor in Ohio that is leased to a national operator for $4.9 million and noted that the property is under a corporate long-term triple net lease which priced at a 6.8% cap rate on rent as of the closing date and exclusive of transaction costs
AHT closed on a $580 million refinancing secured by 16 hotels which includes the hotels that were previously part of the Company’s KEYS Pool C Loan, KEYS Pool D Loan, KEYS Pool E Loan, and the BAML Pool 3 Loan, together with the Westin Princeton and the Company used approximately $72 million of the excess proceeds to completely pay off the remaining balance on its strategic financing, including the exit fee while the remaining excess proceeds were used to fund transaction costs and reserves for future capital expenditures plus noted that it has fully paid off its strategic financing, including the exit fee as this financing dates back to early 2021 and was instrumental in helping the Company recover from the impacts of the COVID pandemic
Yesterday, ROIC announced with Blackstone that Blackstone Real Estate Partners X completed its previously announced acquisition of all outstanding common shares of ROIC for $17.50/share in an all-cash transaction valued at approximately $4 billion, including outstanding debt

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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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