The Daily REITBeat | Tuesday, December 17th, 2024

"A Global Pullback?"

Good Morning!

Futures in the red at the time of this writing as talking heads set the stage for tomorrow’s Federal Reserve interest rate decision and its monetary policy outlook.

From Bloomberg

"Stocks pulled back across the globe on Tuesday as traders awaited the Federal Reserve’s final interest-rate decision for 2024 and its monetary policy forecasts.
S&P 500 futures retreated 0.3%, while contracts for the Nasdaq 100 were little changed after the rally in technology stocks pushed the gauge to a fresh all-time high on Monday. Europe’s Stoxx 600 fell 0.4% as weaker crude prices weighed on oil-related stocks. A key Asian gauge dropped 0.5% after erasing gains as concerns over China’s economy persist.
As equity markets head into the final weeks of 2024, US stocks are set to significantly outperform their peers for the year as optimism about artificial intelligence and falling rates fuel investor confidence. Traders are now focusing on Wednesday’s Fed announcement, with Chair Jerome Powell widely expected to deliver a quarter-point of easing.
What happens in the following months remains less clear. While the US economy is resilient, the prospect of inflationary import tariffs threatened by the incoming administration of Donald Trump may give Fed officials pause about the pace of further moves."

In REIT News

Wedbush initiates CSR with a Neutral rating ($72 price target)
Deutsche Bank initiates MAC ($22), SKT ($37) and SPG ($195) with Hold ratings
Barclays initiates CPT ($138), EPRT ($35.94), EQR ($83), INVH ($38), NNN ($48) and UDR ($50) with Overweight ratings
Barclays initiates AMH ($39), AVB ($243), ESS ($316), FCPT ($31), GLPI ($54.53), IRT ($23), MAA ($166) and O ($59) with Equalweight ratings
Barclays initiates ADC ($76) and WPC ($59) with Underweight ratings
JMP upgrades BNL ($21) and GNL ($9) to Outperform from Market Perform
JMP downgrades ADC to Market Perform from Outperform
KeyBanc upgrades CUZ to Overweight from Underweight (raise price target by $15 to $34)
KeyBanc upgrades GTY ($35) and MAA ($180) to Overweight from Sector Weight
KeyBanc upgrades FR to Sector Weight from Underweight
KeyBanc downgrades EGP and VICI to Sector Weight from Overweight
JPM upgrades AVB to Overweight from Neutral (raise price target by $15 to $262)
JPM upgrades VRE to Neutral from Underweight (raise price target by $3 to $17)
JPM downgrades ELME to Neutral from Overweight (lower price target by $1 to $18)
JPM downgrades CPT ($128) and ESS ($303) to Underweight from Neutral
Scotiabank upgrades MAC to Sector Perform from Sector Underperform (raise price target by $5 to $22)
GLPI completed the previously announced $395 million acquisition of the land and real estate assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel from Bally’s Corporation as the two properties have been put into a new Bally’s Master Lease that is cross-defaulted with the Company’s existing Bally’s Master Lease, with initial annual cash rent of $32.2 million representing an 8.2% initial cash capitalization rate
CTO announced the addition of its second grocery anchored property in the Tampa, FL market with the acquisition of the 74,000 sf Granada Plaza shopping center for $16.8 million prior to closing costs and adjustments noting that it is anchored by a high-performing Publix located in the city of Dunedin and the property is situated on seven acres which is 95% occupied
AHT announced the launch of a transformative strategic initiative designed to drive outsized EBITDA growth and substantially improve shareholder value as the initiative, labeled "GRO AHT," centers around three core pillars: G&A Reduction, Revenue Maximization, and Operational Efficiency

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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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