The Daily REITBeat | Thursday, July 24th, 2025

"Keen For Reassurance"

From Bloomberg

"US stock futures were steady as investors sifted through earnings reports, with Alphabet Inc. signaling strong demand for its AI products, while Tesla Inc. posted the biggest revenue decline in at least a decade.
Contracts on the S&P 500 were little changed and Nasdaq 100 futures rose 0.3% after Alphabet projected a $10 billion rise in its capital spending target to keep up in the AI race. The increase helped lift other AI infrastructure stocks in premarket trading, including chipmaker Nvidia Corp. Tesla slumped after CEO Elon Musk warned of difficult times ahead after losing electric vehicle incentives in the US.
As the earnings season picks up pace, investors are keen for reassurance that the record-breaking US rally can continue and that lofty valuations are justified. Europe’s stocks gauge was climbing on Thursday, following reports the US is closing in on an agreement with the European Union to set a 15% tariff for most products.
“We still see some companies being able, especially in the US, to deliver very strong results and so probably valuations are less questionable now,” Claudia Panseri, chief investment officer for France at UBS Wealth Management, told Bloomberg TV. “People were expecting a lot of downside.”"

In REIT News

Wells Fargo upgrades CCI to Overweight from Equalweight (raise price target by $20 to $125)
Yesterday, Morningstar downgraded AMT to Hold from Buy (maintain $243 price target
Yesterday, Morningstar downgraded VNO to Sell from Hold (maintain $31 price target)
BDN, CCI, EGP, EPRT, ESRT, FPI, GTY, NTST, VRE announced quarterly earnings while ALEX, DLR, DOC, GLPI, PECO, PINE, WY announce earnings after the close of trading
CIO entered into a definitive merger agreement with MCME Carell Holdings, LP and MCME Carell Holdings, LLC under which, subject to the satisfaction of the conditions set forth in the Merger Agreement, MCME Carell will acquire (other than shares owned by the Buyer, the Company or their respective affiliates) all of the issued and outstanding shares of the Company for $7.00/share of common stock in cash which represents a premium of 26% to its common stock closing share price on the NYSE on the last trading day prior to the announcement of the Transaction, and a 39% premium to the volume weighted average share price on the NYSE over the previous 90 days
SUI announced that its Board of Directors has appointed Charles D. Young as Chief Executive Officer effective October 1, 2025 as Mr. Young, who will also join the Company’s Board of Directors, succeeds Gary A. Shiffman, who previously announced his planned retirement from the role of CEO and Mr. Shiffman will serve as Non-Executive Chairman of the Board effective October 1, 2025
VRE announced the appointment of Christopher Papa to the Company’s Board of Directors effective July 23, 2025 plus announced that Ronald M. Dickerman will be stepping down from the Board effective July 23, 2025
FCPT announced the acquisition of an Ethos Veterinary Health property located in a strong retail corridor in New York for $3.7 million noting that the property is corporate-operated under a triple net lease with approximately five years of term remaining and priced at a 7.5% cap rate on rent as of the closing date and exclusive of transaction costs
Yesterday morning, AMT announced the release of its 2024 sustainability executive report and accompanying indices and supplements, which highlight the Company’s progress across its three sustainability pillars: Environment, Social, and Governance plus highlights its commitment to aligning sustainability with operational excellence and long-term value creation

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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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