The Daily REITBeat | Thursday, May 22nd, 2025

"Steady the Ship?"

From Bloomberg

"US bonds and stocks steadied after a volatile day as President Donald Trump’s signature tax bill narrowly passed the House.
Treasuries were little changed after days of losses in which the 30-year yield hit the highest since 2023. S&P 500 futures gained 0.2%. The dollar ended a three-day losing run while Bitcoin pushed further into record territory. Oil declined.
US lawmakers advanced a sprawling multi-trillion dollar package that would avert a year-end tax increase at the expense of adding to the US debt burden. The move comes after a downgrade by Moody’s Ratings thrust concerns over the ballooning deficit into the spotlight.
This has shown up in government bonds, sapping sentiment after an equity rebound put the S&P 500 on the cusp of a bull market.
“Bond vigilantes are back,” Beata Manthey, a strategist at Citigroup Inc., told Bloomberg TV. “The market is worried about debt sustainability. It’s not very helpful, given how strong a rebound we’ve been seeing in equity markets.”"

In REIT News

AMT priced €500 million of 3.625% senior unsecured notes due 2032 and intends to repay existing indebtedness under its $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021, as further amended, and for general corporate purposes
WY reached an agreement to sell its lumber mill in Princeton, British Columbia, to the Gorman Group, owners of Gorman Bros. Lumber Ltd., a family-owned wood products manufacturer headquartered in West Kelowna, B.C. noting that the purchase price is approximately $120 million CAD in cash, which includes Weyerhaeuser’s manufacturing facility, all associated timber license assets in British Columbia and the value of working capital, which will be subject to customary purchase price adjustments at closing
Yesterday, Fitch Ratings affirmed STAG and its operating partnership’s Long-Term Issuer Default Ratings at “BBB” with a stable outlook
Yesterday morning, TRNO announced that it has executed a lease for a 3.0-acre improved land parcel in Rancho Dominguez, CA with a provider of environmental and regulated waste management services noting that the lease commenced on May 20, 2025 and will expire May 2028
Yesterday morning, REG released its 2024 Corporate Responsibility Report and Task Force on Climate-Related Financial Disclosures (TCFD)-aligned Climate Risk Report which highlight its ongoing corporate responsibility commitments and provide transparency into its approach to climate-related risks and opportunities

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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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