The Daily REITBeat | Thursday, June 26th, 2025

"Cuts on the Horizon?"

From Bloomberg

"The dollar fell as traders ramped up bets for faster US interest-rate cuts, spurred by a report that President Donald Trump may fast-track his nomination for the next Federal Reserve chief. Stock futures advanced.
A Bloomberg gauge of the greenback dropped 0.3% to the lowest level since April 2022. Treasury yields declined across the curve, with the 10-year rate down two basis points to 4.27%. Markets are pricing 64 basis points of easing from the Fed by the end of the year, compared to 51 basis points at the end of last week, with a 20% chance of a quarter-point cut next month.
The moves followed a Wall Street Journal report that Trump may announce Jerome Powell’s replacement as soon as September, an unusually early appointment that may effectively create a shadow central bank chair with the power to influence sentiment. That has reinforced expectations of a more dovish-leaning Fed, after Trump repeatedly criticized Powell for holding rates steady."

In REIT News

Raymond James “double downgrades” EQIX to Market Perform from Strong Buy
BMO downgrades EQIX to Market Perform from Outperform (lower price target by $195 to $850)
WELL priced $600 million of 4.50% senior unsecured notes due 2030 and $650 million of 5.125% senior unsecured notes due 2035 on behalf of its operating partnership and intends to use the net proceeds for general corporate purposes, including repayment of debt and investment in healthcare and seniors housing properties
SAFE closed on a ground lease and leasehold loan for the ground-up development of a 259-unit multifamily development in the East Village neighborhood of Downtown San Diego noting that the eight-story project will be developed by Riaz Capital, a California-based developer and operator investing on behalf of their Qualified Opportunity Zone fund
KRG announced the release of its annual Corporate Responsibility Report, which provides a comprehensive overview of the Company’s strategy and initiatives regarding corporate responsibility practices and policies plus details progress, measurements, and case studies around the Company’s goals and related operations
ARE released its 2024 Corporate Responsibility Report which is its eighth report underscores the company’s groundbreaking sustainability approach and the continued execution of its consequential corporate responsibility platform, which is guided by its important mission to create and grow ecosystems to advance human health

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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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