The Daily REITBeat | Thursday, May 15th, 2025
"Overheating?"
- "Wall Street was heading for a pullback on Thursday and tech stocks fell as investors worried about an economic slowdown and overheated markets. Oil slumped more than 3%.
- S&P 500 futures slid 0.5%, with Nvidia Corp., Palantir Technologies Inc. and Tesla Inc. falling about 2% in early trading. The dollar weakened and US bonds were steady. Brent sank below $64 a barrel after President Donald Trump said the US is getting closer to a deal on Iran’s nuclear program, fueling concern that additional oil supply may pressure the market.
- Traders were looking ahead to a speech by Federal Reserve Chair Jerome Powell, as well as data on manufacturing and retail sales, for the next readout on US growth and inflation. Economists are expecting no growth in retail sales in April as consumers cut back on some purchases."
- Raymond James upgrades CSR to Strong Buy from outperform (raise price target by $3 to $69)
- Raymond James downgrades MAA to Outperform from Strong Buy (lower price target by $10 to $175)
- Raymond James downgrades NXRT to Market Perform from Outperform
- Scotiabank downgrades COLD to Sector Perform from Sector Outperform (lower price target by $4 to $20)
- Yesterday, Morningstar upgraded AMT ($243) and VTR ($75) to Buy from Hold
- Yesterday, Morningstar downgraded VNO ($31) and HLT ($225) to Sell from Hold
- ADC Priced $400 million of 5.60% senior unsecured notes due 2035 on behalf of its operating partnership and intends to use the net proceeds for general corporate purposes, including to fund property acquisition and development activity, or for the repayment or refinancing of certain indebtedness
- VNO announced that its 55% owned JV has entered into an agreement to sell 512 West 22nd Street, a 173,000 sf Class A office building, for $205 million noting that the sale is expected to close in the third quarter of 2025 and is subject to customary closing conditions plus a portion of the proceeds will be used by the joint venture to repay the $123.6 million mortgage loan encumbering the property
- FVR announced 1Q earnings and reaffirms 2025 Adjusted FFO guidance of $1.20-$1.26/share
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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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Last updated: 2025-07-01 - v0.3