The Daily REITBeat | Tuesday, April 15th, 2025
"Ramping Up?"
- "US stock futures fluctuated after a two-day advance as traders focused on signs that the Trump administration may add more tariff exemptions to ease the economic turmoil of the trade war.
- S&P 500 futures were little changed. In Europe, stocks pushed higher after President Donald Trump floated a pause in auto tariffs. Boeing Co. sank 4% in premarket trading after China ordered airlines not to take any further deliveries of the company’s jets.
- Tuesday’s market moves were milder than the big swings of late, reflecting hopes that there may be room for negotiations over Trump’s reciprocal levies. Investors were also watching the early stages of the earnings season, with Bank of America Corp. topping analysts’ estimates.
- “The overall market mood is set on de-escalation,” said David Kruk, head of trading at La Financiere de L’Echiquier. “We got caught out last week with Trump’s reversal of fortunes, and this weekend as well, so we’re waiting before reacting now.”"
- Morgan Stanley downgrades PGRE to Underweight from Equalweight (lower price target by $.75 to $3.25)
- VNO announced that its 52% owned street retail joint venture has completed a $450 million financing of 1535 Broadway, a premier Times Square retail destination with full blockfront 4K LED signage noting that the interest only, non–recourse loan carries a fixed rate of 6.90% and matures in May 2030 and after transaction costs and reserves, $407 million of the net proceeds from the financing were used to partially redeem Vornado’s Retail JV preferred equity
- AHT extended its Morgan Stanley Pool mortgage loan secured by 17 hotels noting that the loan had an original final maturity date in November of 2024 and the extension provides for an initial maturity in March of 2026 and two, one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date in March of 2028 as the loan has a current balance of $409.8 million and continues to bear interest at a floating rate of SOFR + 3.39% while the extension also provides added flexibility for the Company to release assets upon sale
- REXR announced that Richard Ziman, Chairman of the Board of Directors, will retire from his role and the Board of Directors following the Company’s Annual Meeting of Stockholders on June 3, 2025 and subject to the results of the Annual meeting and the election of directors, the Board of Directors approved the appointment of current lead independent director Tyler Rose to serve as the Chairman of the Board of Directors effective as of the conclusion of the Annual Meeting
- HHH extended its previously announced standstill agreement with Pershing Square Capital Management L.P. which will now remain in effect until April 30, 2025, unless further extended
- Yesterday morning, Fitch Ratings affirmed the Long-Term Issuer Default Rating of RHP and its limited partnership at “BB-“ and affirmed the senior secured credit facility at “BB+” with a positive outlook
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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