The Daily REITBeat | Thursday, July 10th, 2025

"The Conviction to Buy?"

From Bloomberg

"European stocks powered higher for a fourth day as investors snapped up mining shares. US stock futures paused after the S&P 500 closed just shy of an all-time high.
Anglo American Plc, Rio Tinto Plc and Glencore Plc rallied more than 4%, buoyed by commodity prices and signs that China is taking steps to curb industrial overcapacity. The stocks led gains in Europe’s Stoxx 600, which added 0.5% and was on track for its longest winning streak in a month.
In the US, S&P 500 contracts were little changed. Treasuries and the dollar held steady. Bitcoin dipped to around $111,000. Nvidia Corp. rose 0.6% in premarket trading. Delta Air Lines Inc. jumped 11% after restoring its full-year guidance.
While tariff headlines have dominated the newsflow this week, there’s been little to derail a rally in US stocks. Signs of economic strength, confidence in the upcoming earnings season and optimism for artificial intelligence have given traders the conviction to keeping buying equities."

In REIT News

Guggenheim initiates EQIX with a Buy rating ($933 price target)
Guggenheim reinstates DLR with a Neutral rating
KeyBanc upgrades NHI to Overweight from Sector Weight ($80 price target)
FRT announced a series of transactions as part of its ongoing capital allocation strategy, focused on deploying capital and recycling mature assets to enhance portfolio quality and drive long-term value creation whereby they announced 1) The acquisition of Town Center Plaza and Town Center Crossing, two dominant open-air retail centers in Leawood, Kansas, totaling 550,000 square feet, for $289 million; 2) The sale of the Hollywood Boulevard retail portfolio in Los Angeles, totaling 181,000 square feet, for $69 million; and 3) The commencement of construction this summer of Lot 12, a 258-unit residential project at Santana Row in San Jose
FCPT announced the acquisition of a LongHorn Steakhouse property located in a highly trafficked corridor in Michigan for $2.5 million noting that the property is corporate-operated under a long term, triple net lease with approximately seven years of term remaining and priced at a 6.5% cap rate on rent as of the closing date and exclusive of transaction costs
OPI announced that its Board of Trustees has suspended its quarterly cash distribution on its common shares of $0.01 per share ($0.04 per share per year) in order to preserve its cash as the Company currently expects to retain approximately $3.0 million of cash annually as a result
ONL that its Board of Directors unanimously concluded that the acquisition proposal to acquire all of the outstanding shares of the Company for $2.50/share in cash submitted by Kawa Capital Management on June 20, 2025, is not in the best interests of its stockholders
TRNO announced its operating, investment and capital markets activity for the second quarter of 2025 whereby 1) The operating portfolio was 97.7% leased at June 30, 2025 as compared to 96.6% at March 31, 2025 and 96.0% at June 30, 2024; 2) The same-store portfolio of approximately 14.1 million square feet was 98.5% leased at June 30, 2025 as compared to 97.4% at March 31, 2025 and 96.1% at June 30 2024; 3) Cash rents on new and renewed leases totaling approximately 0.8 million square feet and 9.2 acres of improved land commencing during the second quarter increased approximately 22.6% with a tenant retention ratio of 71.1% for the operating portfolio and 100.0% for the improved land portfolio. Cash rents on new and renewed leases totaling approximately 1.4 million square feet and 13.5 acres of improved land commencing during the six months ended June 30, 2025 increased approximately 26.8% with a tenant retention ratio of 71.4% for the operating portfolio and 56.1% for the improved land portfolio; 4) acquired six industrial properties during the quarter consisting of six buildings containing approximately 305,000 square feet for an aggregate purchase price of approximately $123.5 million; 5) sold two properties during the quarter consisting of six buildings containing approximately 584,000 square feet for an aggregate sale price of approximately $114.5 million

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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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