The Daily REITBeat | Thursday, March 20th, 2025

Good Morning!

Sorry about the wrong attachment yesterday. If you want yesterday’s note, just send me a message. Amateur night. I know :)

Futures in the red at the time of this writing as talking heads focus on yesterday’s Federal Reserve policy rate decision and the outlook for interest rate cuts in 2025.

From Bloomberg

"US equity futures fell, ceding earlier gains, as doubts crept in about the Federal Reserve’s ability to significantly cut interest rates this year in the face of potentially inflationary trade tariffs.
Contracts for the S&P 500 and the Nasdaq 100 dropped at least 0.4%, a day after Wall Street rallied on the Fed’s signal that it still sees room to ease policy this year. In premarket trading, Tesla Inc. slipped after the electric carmaker recalled a batch of Cybertrucks over a safety issue. Microchip Technology Inc. was undermined by its plan to sell depositary shares to repay debt., while US-listed shares in PDD Holdings Inc. slid as the Chinese budget-shopping site’s sales missed estimates for a third straight quarter,
US markets have steadied somewhat from a bruising four-week stretch in which the S&P 500 slid into a correction. Yet concerns remain that President Donald Trump will continue hiking trade tariffs, hitting economic growth and fueling inflation. Sentiment was pressured by European Central Bank President Christine Lagarde, who said Thursday that US tariffs have raised uncertainty over the economic outlook.
“The fact that the Fed Chair didn’t play to recessionary fear helped sentiment, but I am a bit bothered by his characterization of the impact of tariffs on inflation as one-off,” Wei Li, global chief investment strategist at BlackRock International Ltd., said on Bloomberg Television.
Traders pricing as many as three Fed cuts this year could end up disappointed, Li said, adding that “markets are still expecting the Fed to be able to come to the rescue of the economy if the economy slows down but the growth-inflation trade-off is becoming very tough indeed.”"

In REIT News

Wolfe Research initiates IVT with a Peer Perform rating
BofA resumes CCI with a Neutral rating (lower price target by $5 to $110)
FVR announced 4Q earnings and sees 2025 AFFO guidance of $1.20-$1.26/share
PLYM announced 1) it has acquired the second tranche of the previously announced Cincinnati small bay industrial portfolio consisting of four buildings totaling 240,578 sf for $17.9 million, representing an initial estimated net operating income yield of 7.0% noting that the portfolio is 100% leased to ten tenants, with a weighted average remaining lease term of 3.5 years plus 2) acquired a 263,000 sf warehouse facility in Cincinnati for $23.3 million, equating to an initial estimated NOI yield of 6.7% as the facility is 100% leased to a single tenant with a remaining lease term of 6.6 years and annual rent increases of 3.25% and 3) In Atlanta, the Company purchased Madison International’s 98% joint venture interest in a 297,583 sf warehouse facility for $23.9 million, which equates to an initial estimated NOI yield of 6.8% as the building is leased to a single tenant with a remaining lease term of three years, following a recent renewal on an as-is basis and 4) Across three separate transactions in Atlanta, Georgia and Cincinnati, Ohio, totaling 801,161 sf, the Company closed on $65.1 million in industrial properties, equating to an initial estimated NOI yield of 6.8% and taken together, these 100% leased properties feature a weighted average remaining lease term of 4.4 years
AHH announced three new office leases totaling approximately 20,000 sf with private equity firm Directional Capital, digital marketing firm Look Listen, and law firm Levy, Sibley, Foreman & Speir, LLC at The Interlock in Atlanta, GA
ELME announced the appointment of Ron D. Sturzenegger to its Board of Trustees effective immediately and With Mr. Sturzenegger’s appointment as an independent trustee, the Board is now comprised of eight trustees, seven of whom are independent
SLG announced the appointment of Peggy Lamb as an Independent Director to the company’s Board of Directors

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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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