The Daily REITBeat | Thursday, February 20th, 2025

"Shift in Tone?"

Good Morning!

Futures in the red at the time of this writing as talking heads continue focusing on the same topics such as tariffs, earnings, jobless claims, and the move in treasuries and bitcoin.

From Bloomberg

"US stocks were set for a modest retreat from their latest record highs as concerns around trade tariffs weighed on sentiment. Gold set a fresh all-time high.
Contracts on the S&P 500 and the Nasdaq 100 slipped by about 0.3%. Palantir Technologies Inc. was among the biggest losers in US premarket trading, on track to extend Wednesday’s 10% slide, after Defense Secretary Pete Hegseth outlined plans to cut military spending by 8% over the coming years.
Video game platform Vimeo Inc. and used car retailer Carvana Co. slumped in premarket after disappointing earnings. China’s Alibaba Group Holding Ltd. was a bright spot, adding more than 7% after third-quarter revenues beat estimates. Its result also helped lift Chinese e-commerce peers, with JD.com Inc. and PDD Holdings Inc. both rallying in premarket trading.
The mixed corporate results added to market jitters over US President Donald Trump’s threats to widen trade tariffs and his wavering support for Ukraine and its European allies. The geopolitical tensions lifted gold prices to a new record above $2,954 an ounce.
“We saw a shift in the tone of the US on how they are going to approach the Russia-Ukraine environment, and this shifting tone is bringing about some uncertainty for markets,” said Shaniel Ramjee, investment manager at Pictet Asset Management."

In REIT News

CITIC Securities upgrades DLR to Buy from Add (raise price target by $11 to $201)
Morningstar upgrades VTR to Buy from Hold (raise price target by $5 to $75)
AHH, BNL, CIO, COLD, ESRT, HST, IIPR, LAMR, LAND, PK, SBRA, SKT announced quarterly earnings while AMH, CTO, GLPI, HPP, RHP, VICI report after the close of trading and SHO reports tomorrow morning before the open
DRH completed the sale of the 410-room Westin Washington, D.C. City Center for a contract price of $92.0 million which represents an 11.2x multiple on 2024 Hotel EBITDA and a 7.5% capitalization rate on 2024 Hotel net operating income or a capitalization rate of 5.6% inclusive of the Company’s projected capital expenditure
IVT announced the appointment of Julie M. Swinehart to its Board of Directors effective immediately and will join the Board as an independent director and member of both the Audit and Compensation Committees
Yesterday, S&P Global affirmed MPW’s “CCC+” issuer credit rating and issue-level rating on its senior unsecured notes plus assigned a “B-“ issue-level rating on its new senior secured notes with a negative outlook
Yesterday morning, PLD announced the retirement of its co-founder, Hamid R. Moghadam, from his CEO role, effective January 1, 2026 and as part of the company’s succession plan, Dan Letter, currently president, will succeed Moghadam as CEO and Letter will also join the company’s Board of Directors effective immediately
Yesterday morning, VICI announced with Cain International and Eldridge Industries a strategic relationship, pursuant to a non-binding letter of intent, dedicated to investing in high-growth, experience-driven real estate whereby the letter of intent expresses the parties’ shared intention to work collaboratively to identify and pursue experiential investment opportunities that meet each party’s investment objectives and the collaboration launches with VICI’s $300 million investment into a mezzanine loan related to the development of One Beverly Hills, a landmark 17.5-acre luxury mixed-use development in Beverly Hills, CA

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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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