The Daily REITBeat | Thursday, January 2nd, 2025

"Much To Digest"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on the terrible events in New Orleans and Las Vegas along with setting outlooks for the new year with earnings season just around the corner.

From Bloomberg

"US equity futures powered higher on the back of optimism over tech stocks, signaling that Wall Street is set to rebound from the four-day slump that marked the end of 2024.
Contracts for the S&P 500 climbed 0.8%, while those for the tech-heavy Nasdaq 100 rallied 1%. European energy shares outperformed after a sharp increase in natural gas prices. The euro fell to the weakest against the dollar in over two years. Treasuries and European government bonds gained. Bitcoin extended its rally to a third day.
US stocks are poised to snap a losing streak that took some shine off the S&P 500’s best two-year run dating back to the late 1990s. The index has surged more than 50% since the start of 2023, driven by the so-called Magnificent Seven tech megacaps amid enthusiasm about the boost to profits from artificial intelligence.
“At the beginning of the year, analysts tend to be pretty optimistic — you have pretty robust year-on-year earnings forecasts,” Daniel Morris, chief market strategist at BNP Paribas Asset Management, said on Bloomberg TV. “Even if we don’t quite get say 20% earnings growth for Nasdaq, the way analysts might suggest, if it’s only 15, likely markets will do well.”"

In REIT News

Jefferies upgrades CUZ ($36), EGP ($194), ELS ($80), IVT ($34), MAC ($19), SPG ($198) and WELL ($147) to Buy from Hold
Jefferies downgrades CCI ($84), CUBE ($46), HR ($17), INVH ($33), KIM ($25), KRC ($41), KRG ($27), NNN ($43) and UDR ($45) to Hold from Buy
Wedbush upgrades DEI ($21) and VICI ($33) to Outperform from Neutral
Wedbush downgrades BXP ($70), CTRE ($26), HR ($16) and PEB ($13) to Underperform from Neutral
WELL announced executive and senior leadership team promotions whereby 1) John Burkart has been appointed Vice Chairman & Chief Operating Officer after previously serving as Executive Vice President – Chief Operating Officer; 2) Nikhil Chaudhri was appointed Co-President & Chief Investment Officer after previously serving as Executive Vice President – Chief Investment Officer; 3) Tim McHugh was appointed Co-President & Chief Financial Officer after previously serving as Executive Vice President – Chief Financial Officer; 4) Matthew McQueen has been appointed Chief Legal Officer after previously serving as Executive Vice President – General Counsel; 5) John Olympitis has been promoted to Executive Vice President – Head of Corporate Development after previously serving as Senior Vice President – Head of Corporate Development; 6) Edward Cheung has been promoted to Executive Vice President – International Investments after previously serving as Senior Vice President – International Investments; and 7) Patrick Keppenne has been promoted to Senior Vice President – Investments and a member of the Company’s senior leadership team
CTRE announced the appointment of Lauren Beale as Chief Accounting Officer, Tri Tran as Senior Vice President — Investments, Stephanie Singer as VP of Financial Reporting and Michael Sotelo to Controller effective January 1st, 2025
On Tuesday, TRNO announced that it acquired an industrial property located in Maspeth Queens, NY on December 27, 2024 for a purchase price of approximately $50.1 million noting that the property is 100% leased to a plumbing, heating, HVAC and industrial products distributor and the estimated stabilized cap rate is 4.5%

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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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