The Daily REITBeat | Thursday, May 1st, 2025
"The Ol Green Shoots?"
- "US equity futures rallied Thursday on stronger-than-expected tech earnings and signs the Trump administration may be close to announcing the first round of trade deals to reduce planned tariffs.
- Contracts for the S&P 500 and Nasdaq 100 both gained at least 1%, helped by a post-market rally for Microsoft Corp. and Meta Platforms Inc. following their bullish results. Microsoft posted better-than-expected sales, while Meta also exceeded analysts’ sales estimates, suggesting customer demand hasn’t been rattled by tariffs.
- Most markets in Europe and many in Asia are shut for holidays. The UK’s FTSE 100 index was steady, following 13 days of gains, the longest winning streak since 2017.
- The yen fell 1% against the dollar as the Bank of Japan left its benchmark rate unchanged at 0.5% while pushing back the timing for when it expects to reach its inflation target and reducing its growth forecasts. An index of the dollar rose, while Treasuries edged lower across the curve."
- AVB, BNL, CCI, EQIX, FCPT, HST, INN, INVH, IRM, IRT, IVT, KIM, LXP, MAA, MPW, NNN, OPI, PGRE, PSA, PSTL, RYN, SKT, UDR, VICI, VTR, WSR announced quarterly earnings
- AMH, APLE, CPT, CSR, CTO, CTRE, CUBE, CUZ, DRH, ELME, HR, OHI, PEB, PLYM, RHP, UMH report earnings after the close of trading while CIO, XHR announce tomorrow morning before the open
- Yesterday, Morningstar downgraded WELL to Sell from Hold (maintain $134 price target)
- SUI completed the initial closing of the sale of its interests in the Safe Harbor Marinas business to an affiliate of Blackstone Infrastructure as its pre-tax cash proceeds after transaction-related costs are approximately $5.25 billion and pursuant to the terms of the transaction agreement, certain properties representing approximately $250 million of value were not part of the Initial Closing as the sales of those properties remain subject to the receipt of certain third-party consents, which may delay the timing of any such sale or may prevent any such property from being sold at all and the Company intends to implement a capital allocation plan that reflects a balanced, tax efficient approach to optimize shareholder value through significantly lower leverage, greater financial flexibility to drive sustainable cash flow growth, and a thoughtful capital return strategy plus announced that its operating partnership, Sun Communities Operating Limited Partnership, will redeem all $500 million aggregate principal amount of its outstanding 5.500% Senior Notes due 2029 and all $400 million aggregate principal amount of its outstanding 5.700% Senior Notes due 2033 on May 10, 2025
- Yesterday, Fitch Ratings affirmed the Long-Term Issuer Default Ratings of SBRA and its limited partnership and its unsecured debt ratings at “BBB-“ with a stable outlook
- Yesterday morning, HHH extended its previously announced standstill agreement with Pershing Square Capital Management L.P. which will now remain in effect until May 30, 2025 unless further extended
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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