The Daily REITBeat | Thursday, July 17th, 2025

"Coming Back?"

From Bloomberg

"The dollar staged a comeback as dip-buyers stepped in, following Wednesday’s brief bout of panic over the future of Federal Reserve Chair Jerome Powell. Technology stocks advanced.
The greenback added 0.3%, resuming its month-to-date climb, underpinned by fading expectations for US interest-rate cuts in 2025. Equities in Europe and Asia rose after Taiwan Semiconductor Manufacturing Co. raised its revenue growth outlook, reinforcing investor confidence in the strength of global spending on artificial intelligence. Futures for the Nasdaq 100 gained 0.2%.
Speculation over Powell’s future rattled markets on Wednesday before US President Donald Trump downplayed the prospect of replacing the Fed Chair. Trump, who has long pushed for lower interest rates, has made no secret of his frustration with Powell.
US Treasury yields advanced across the curve, with the 10-year rate rising two basis points to 4.48%. New York Fed President John Williams defended the central bank’s restrictive policy stance, calling it entirely appropriate."

In REIT News

Mizuho upgrades BRX to Outperform from Neutral (maintain $29 price target)
FR, REXR, SLG announced quarterly earnings
SLG signed a new 64,077 sf lease with Sigma Computing, Inc. for a portion of the 3rd floor at One Madison Avenue, bringing the property to 78.1% leased and to date in 2025, the Company has signed Manhattan office leases totaling 1,260,707 sf, while maintaining a current pipeline of approximately 1.0 million sf
VNO completed a $450 million refinancing of PENN 11, a 1.2 million sf Manhattan office building located in THE PENN DISTRICT where the five-year interest only loan matures in August 2030 and has a fixed rate of 6.35% and the Company paid down by $50 million the prior $500 million loan that bore interest at a rate of SOFR plus 2.06% (swapped to fixed at an all-in rate of 6.28%) and was scheduled to mature in October 2025
Yesterday morning, NXRT announced that its operating partnership closed on the refinancing of its existing corporate revolving credit facility with J.P. Morgan Chase Bank, Raymond James Bank, Royal Bank of Canada, and Synovus which has an initial maturity of June 2028 that may be extended until June 2029 as the new credit facility spread has been improved by 15 bps across all leverage ratios compared to the prior corporate credit facility

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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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