The Daily REITBeat | Thursday, March 27th, 2025

"Tariff Takedown"

Good Morning!

Futures mixed at the time of this writing as talking heads focus on President Trump’s tariffs on automakers and other potential tariffs on the table as it weighs on markets. Another busy economic calendar day ahead which could have some Federal Reserve implications in the future.

From Bloomberg

"European stocks fell as the US pushed ahead with harsh tariffs on automakers and threatened more sweeping trade levies, reinforcing investor concern about the hit to global economic growth.
The Stoxx 600 slid 0.5%. Stellantis NV, which makes the Jeep Compass SUV in Mexico, and Mercedes-Benz Group AG fell about 3%. Traders also sold US auto shares, with General Motors Co. tumbling 6% in pre-market trading. Tesla Inc. inched higher on speculation its US factories will help insulate it from tariffs.
Meanwhile, S&P 500 futures were little changed after the previous day’s 1.1% drop. Gold advanced and the dollar steadied.
President Donald Trump is moving quickly ahead with more trade levies, announcing on Wednesday that auto imports would be slapped with a 25% tariff and suggesting further duties on the European Union and Canada. According to Bloomberg Intelligence, Porsche AG and Mercedes-Benz are likely to be the hardest hit by the latest salvo.
“Tariffs are front and center on people’s minds,” said Arun Sai, senior multi-asset strategist at Pictet Asset Management. “We all know that tariffs are stagflationary and markets have been trying to price that to different extents. What we don’t know yet is what’s the ultimate lasting impact.”"

In REIT News

Wolfe Research upgrades EQIX to Outperform from Peer Perform ($978 price target)
Wells Fargo downgrades OHI to Equalweight from Overweight (lower price target by $2 to $39)
VICI priced $400 million of 4.75% senior unsecured notes due 2028 and $900 million of 5.625% senior unsecured notes due 2035 and intends to use the net proceeds to repay all or a portion of its outstanding (i) $500.0 million in aggregate principal amount of its May 2025 Maturity Notes, (ii) $799.4 million in aggregate principal amount of its June 2025 Maturity Notes, and (iii) $0.6 million in aggregate principal amount of its 2025 MGP Notes with any remaining proceeds to be used for general corporate purposes, which may include the acquisition and improvement of properties, capital expenditures, working capital and the repayment or refinancing of indebtedness
NHI announced that Robert W. Chapin, Jr. is joining the Board of Directors effective immediately and has been appointed to the Board’s special committee of disinterested directors to negotiate, review, analyze and approve any potential lease between NHI and NHC and all related items or explore any other possible alternatives

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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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