The Daily REITBeat | Thursday, March 13th, 2025

"Slip and Slide?"

Good Morning!

Futures in the red at the time of this writing as talking heads await more inflation data with today’s PPI report following yesterday’s somewhat better than expected CPI report.

With the Fed meeting in the near future, do we see a potential interest rate cut in the cards? Several commentators have been speculating 3 rate cuts in 2025.

From Bloomberg

"US stock futures erased earlier sharp losses as investors waited to see if wholesale inflation data due later would confirm signs that price growth is slowing.
S&P 500 and Nasdaq 100 contracts fell less than 0.1%, after gains on Wednesday spurred by a softer-than-expected inflation print. While weak earnings hit software firm Adobe Inc. and clothing retailer American Eagle Inc. in premarket trading, Intel Inc. jumped as much as 11% after the chipmaker named a new chief executive officer.
European equities rose about 0.5%, continuing their year-to-date outperformance over US peers. Gold was the other notable mover, with prices rising toward record highs as several banks predicted further gains for the haven asset amid the escalation in global trade tensions.
The previous day’s CPI reading “has reinvigorated belief in the declining inflation narrative,” said Daniel Murray, CEO of EFG Asset Management in Zurich.
Investors are now awaiting readings on US wholesale inflation and initial jobless claims, with price growth seen moderating to 0.3% last month."

In REIT News

Mizuho upgrades INVH to Outperform from Neutral (raise price target by $3 to $36)
Deutsche Bank upgrades CTRE to Buy from Hold (raise price target by $4 to $31)
Truist Securities downgrades FRT to Hold from Buy (lower price target by $9 to $105)
AHH announced that its Board of Directors cut the company’s regular quarterly cash dividend by 32% to $0.14/common share from $.205/common share payable in cash on April 3, 2025 to stockholders of record on March 26, 2025
HHH announced an extension to the previously announced standstill agreement with Pershing Square Capital Management L.P. which will now remain in effect until April 7th, 2025 unless further extended
AHT announced reductions in corporate administrative and general expenses that currently are expected to deliver more than $18 million in incremental EBITDA as part of its ongoing efforts to enhance EBITDA and improve financial performance as this strategic move is a key component of "GRO AHT," the Company’s transformative initiative designed to drive $50 million in annual run-rate EBITDA improvement and significantly increase shareholder value
S&P placed RYN’s ratings on CreditWatch with positive implications which reflects its view that the New Zealand JV stake sale will materially reduce leverage, with a portion of the proceeds expected to be used to repay debt following the close of the transaction which is expected to occur in 2025

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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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