The Daily REITBeat | Tuesday, April 8th, 2025

"Rollercoaster Tuesday"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on yesterday’s massive rollercoaster ride driven by false information as investors remain on edge with negative sentiment. Turnaround Tuesday or Buckle Up?

From Bloomberg

"Stocks staged a modest recovery as investors looked for dip-buying opportunities while awaiting clarity on how President Donald Trump’s trade policies will play out.
US equity-index futures pointed to gains on Wall Street following Monday’s dizzying swings, while shares in Europe rebounded from the worst three-day loss since the pandemic. Treasuries were steady after Monday’s sharp selloff, and dollar slipped against major peers.
Volatility has surged with $10 trillion wiped off global equities after the US unveiled sweeping tariffs last week. BlackRock Inc.’s Larry Fink said this could be a buying opportunity in the long run, while Goldman Sachs Group Inc. strategists flagged the risk of a longer-lasting cyclical bear market.
“It is, technically, the setup for a ‘Turnaround Tuesday’ today as calmer heads tend to prevail, and dip buyers emerge,” said Michael Brown, a senior research strategist at Pepperstone Group Ltd. “I wouldn’t exactly be betting the house on a durable bounce, though, unless and until we get a decisive policy pivot.”"

In REIT News

Jefferies initiates ELS ($80) and SUI ($150) with Buy ratings
Truist Securities initiates IRM with a Buy rating ($95 price target)
JPM initiates WY with an Overweight rating ($31 price target)
Yesterday, UBS initiated IRT with a Buy rating ($24 price target)
Yesterday, UBS initiated CSR with a Neutral rating ($67 price target)
Wells Fargo upgrades WELL to Overweight from Equalweight (maintain $158 price target)
Yesterday, Morningstar upgraded AVB ($232), EXR ($165) and SPG ($175) to Buy from Hold
Yesterday, Morningstar upgraded WELL to Hold from Sell (maintain $134 price target)
NHI filed definitive proxy materials with the Securities and Exchange Commission in connection with its upcoming Annual Meeting of Stockholders scheduled for May 21, 2025 and the Board of Directors recommends stockholders vote on the WHITE proxy card "FOR" the election of its board members Robert G. Adams, Robert W. Chapin, Jr., James R. Jobe and Candice W. Todd
VICI announced that its subsidiary completed its public offering of $1.3 billion in aggregate principal amount of senior unsecured notes comprised of $400 million of 4.75% senior unsecured notes due 2028 and $900 million of 5.625% senior unsecured notes due 2035 and intends to use the net proceeds from the offering to repay its outstanding (i) $500.0 million in aggregate principal amount of 4.375% senior notes due 2025, (ii) $799.4 million in aggregate principal amount of 4.625% senior exchange notes due 2025, and (iii) $0.6 million in aggregate principal amount of 4.625% senior notes due 2025
S&P raised SBAC’s issue-level rating on the senior unsecured debt to “BB+” from “BB” and revised the recovery rating to “4” from “5”
Yesterday morning, HHH announced that it extended its previously announced standstill agreement with Pershing Square Capital Management L.P. which will now remain in effect until April 15, 2025, unless further extended

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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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