The Daily REITBeat | Tuesday, April 22nd, 2025

"Whiplash?"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on yesterday’s massive selloff along with progress on potential trade and tariff talks along with a busy earnings season as gold, bitcoin, treasuries and other commodities draw attention.

From Bloomberg

"US stocks are set to bounce back from Monday’s losses as investors nervously weighed up progress on trade talks with India and Tesla Inc.’s upcoming earnings. Gold topped $3,500 for the first time.
While S&P 500 contracts added 0.9%, the conversation on Wall Street was still focused on the implications of any White House effort to replace Federal Reserve Chair Jerome Powell. The dollar and Treasuries steadied. The yen strengthened beyond 140 per dollar for the first time since September.
In Europe, the Stoxx 600 index dropped as traders returned from the Easter break. Novo Nordisk A/S slumped almost 10% on concern it faces tougher competition from Eli Lilly & Co.’s experimental weight loss pill.
Concerns that Donald Trump may be preparing to fire Powell have added to unease for traders already grappling with the turmoil unleashed by the president’s tariff onslaught. Trump’s policies and his broadsides against the Fed have forced a reappraisal of the dollar and Treasuries as havens in times of stress."

In REIT News

B. Riley reinstates GNL ($8), and MDV ($18) with Buy ratings
B. Riley reinstates SVC with a Neutral rating ($2 price target)
BofA upgrades PSA to Buy from Neutral (raise price target by $19 to $368)
BofA upgrades EXR to Neutral from Underperform (raise price target by $14 to $155)
Yesterday, Morningstar downgraded AMT ($237) and PSA ($318) to Hold from Buy
ELS announced 1Q earnings while ADC and BDN announce after the close of trading
VRE acquired Ironstate Holdings’ 15% stake in Jersey City Urby, a 762-unit, Class A multifamily property located on the Jersey City Waterfront, for $38.5 million, excluding transaction costs but including consideration for the termination of Urby’s management contract and the annual tax credit and upon the close of the transaction on April 21, 2025, Veris Residential assumed management of the property, now known as Sable
FCPT announced the acquisition of a Chuy’s property located in a strong retail corridor in Texas for $2.9 million and noted that the property is corporate-operated under a triple net lease with approximately five years of term remaining and priced at a 6.7% cap rate on rent as of the closing date and exclusive of transaction costs
BXP announced the release of its 2024 Sustainability & Impact Report which provides details on its approach, goals, key performance indicators, leadership, and reporting methodologies related to sustainability, social impact, and governance

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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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