The Daily REITBeat | Thursday, June 12th, 2025
"Turned Up a Notch"
- "Equities and the dollar retreated as dialed-up trade tensions and geopolitical unease set a broader risk-off tone across markets.
- S&P 500 futures dropped 0.6%, putting the US benchmark on track for its first back-to-back loss this month. European stocks also fell while Asian equities were little changed. The dollar slid 0.6%, nearing its weakest level since 2022. Treasury yields weakened across the curve ahead of a closely watched $22 billion auction in the 30-year tenor.
- US President Donald Trump ratcheted up trade uncertainty with remarks that he intends to impose unilateral tariffs on dozens of US trading partners in the coming weeks. Separately, market jitters intensified amid heightened tensions in the Middle East.
- The cautious mood is stalling a rebound in US equities that had brought the S&P 500 within reach of its all-time high, even as questions persist over the economic impact of Trump’s trade agenda. Resilient earnings and limited economic fallout have supported the rally so far, but traders are questioning how much further the gains can stretch."
- BNP Paribas Exane downgrades COLD to Neutral from Outperform (lower price target by $4 to $18)
- BNP Paribas Exane downgrades LINE to Underperform from Neutral (lower price target by $11 to $42)
- HPP announced the pricing of an underwritten public offering of 197,194,698 shares of its common stock and pre-funded warrants to purchase 71,863,597 shares of its common stock raising gross proceeds of $600 million as the shares of common stock are being sold at a public offering price of $2.23 per share and the pre-funded warrants are being sold at a public offering price of $2.22 per warrant, which represents the per share public offering price for the common stock, less the $0.01 per share exercise price for each such pre-funded warrant and the company plans to use the net proceeds to repay borrowings under its revolving credit facility, repay other indebtedness and/or for general corporate purposes
- O priced €650 million of 3.375% senior unsecured notes due 2031 and €650 million of 3.875% senior unsecured notes due 2035 and intends to use the net proceeds for general corporate purposes, which may include, among other things, the repayment or repurchase of indebtedness, including borrowings under the revolving credit facilities and commercial paper programs, foreign currency swaps or other hedging instruments, the development, redevelopment and acquisition of additional properties, acquisition or business combination transactions, and the expansion and improvement of certain properties in the portfolio
- SMA priced CAD $500 million of 3.91% series A senior unsecured notes due June 16, 2028 in a Canadian Maple Bond offering on behalf of its operating partnership and intends to use the net proceeds to repay outstanding higher interest rate indebtedness, fund acquisitions and for general corporate purposes
- DHC announced the closing of a new $150 million secured revolving credit facility which is secured by 14 senior housing communities with 2,632 living units managed by Five Star Senior Living, the operating division of AlerisLife Inc., and provides DHC with enhanced liquidity to support its general business needs
- CHCT Announced the release of its second Corporate Sustainability Report highlighting the Company’s progress and its sustainability initiatives implemented in 2024 as the report is aligned with the Global Reporting Framework Initiative (GRI)
- Yesterday morning, APLE announced the acquisition of the 126-room Homewood Suites by Hilton Tampa-Brandon for a total purchase price of $18.8 million (~ $149,000/key) which represents a 12% cap rate on trailing twelve-month results through April of this year and a high single-digit cap rate after all anticipated capital expenditures and as previously announced, the Company continues to have one additional hotel under contract for purchase, a Motto by Hilton that is under development in downtown Nashville, TN for an anticipated total purchase price of approximately $98.2 million with an expected 260 rooms, which the Company anticipates acquiring in late 2025 following completion of construction and the Company also continues to have one hotel under contract for sale, its 206-room Houston Marriott Energy Corridor for a gross sales price of approximately $16.0 million
Download The REIT Beat here!
The Daily REITBeat 6-12-25.pdf
Welcome your comments and feedback.
Have a great day!
David Auerbach & Mary Jensen
Subscribe here to receive The Daily REITBeat newsletter every morning.
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.
Confidentiality Notice: The content in this article is provided for informational purposes only and is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, any security. Additionally, the information herein should not be relied upon as recommendations or financial planning advice. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this email is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately. This message is intended only for the addressee. If you are not the intended recipient, please notify the sender by e-mail reply and delete this message. You may not copy, disclose, distribute or otherwise make use of this message or its contents for yourself or for any other person, as that action may be unlawful. You should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. All data is reported from Bloomberg, SNL, or Hoya Capital unless otherwise indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by Hoya Capital as to the future profitability of investments recommended by these organizations.
Subscribe here to receive The Daily REITBeat newsletter every morning.
Last updated: 2025-07-05 - v0.3