The Daily REITBeat | Tuesday, December 24th, 2024
"Happy Holidays!!"
From Bloomberg
- "US equity futures edged higher in muted pre-holiday trading, signaling a subdued open on Wall Street after Monday’s tech-led rally.
- Contracts on the S&P 500 gained about 0.1% and those on the Nasdaq 100 were 0.2% higher. American Airlines Group Inc. shares fell as much as 5.5% in premarket trading after the company grounded all flights nationwide, according to an FAA advisory.
- Europe’s Stoxx 600 added 0.3%, with major markets including Germany shut and others, such as London and Paris, scheduled to close early. France’s CAC 40 outperformed after Prime Minister Francois Bayrou said he aimed to reduce the country’s budget deficit to near 5%.
- The S&P 500 is on its way to record a stellar annual return and back-to-back years of more than 20% gains. The index has risen about 25% since the end of 2023. The top seven biggest technology stocks accounted for more than half of the advance, though market breadth improved in the latter half of the year.
- European stocks, by contrast, have lagged amid lackluster economic growth and political upheaval in France and Germany. The Stoxx 600 has dropped more than 4% since a September high, heading for its biggest quarterly loss in two years.
- “The year is ending with a renewed strength in the US market, thanks to an increase in breadth,” said Alberto Tocchio, a portfolio manager at Kairos Partners. “The reality is that US growth has surprised everybody as it’s been very resilient, while unfortunately Europe is closing very downbeat as it still struggles to get some growth.”"
In REIT News
- FCPT announced 1) the acquisition via sale-leaseback of six Christian Brothers Automotive properties located in strong retail corridors across Georgia (2), Indiana (2), Florida (1), and Illinois (1) for $24.8 million and noted that the properties are each under a long-term lease guaranteed by the corporate entity and priced at a cap rate in range with previous FCPT transactions and 2) the acquisition of a National Veterinary Associates property located in Connecticut for $3.5 million noting that the property is corporate-operated under a new long-term, triple net lease with annual rent bumps and priced at a cap rate in range with previous FCPT transactions
- CBL closed on the acquisition of its partner’s 50% joint venture interests in CoolSprings Galleria in Nashville, TN, Oak Park Mall in Kansas City, KC, and West County Center in St. Louis, MO as the interests were acquired for a total cash consideration of $22.5 million plus the Company assumed an aggregate $266.7 million in three non-recourse loans, secured individually by each of the assets
- EQR announced that it was named to both the Dow Jones Sustainability World and North America Indices noting that it is the first residential REIT to receive this distinction and one of only four U.S. REITs to be included in both indices
- Yesterday morning, TRNO announced that it has pre-leased 50% of Countyline Corporate Park Phase IV Building 32 in Hialeah, FL noting that the ten-year lease for 82,000 sf, with an aircraft engine maintenance, repair and overhaul provider, will commence upon completion of building construction and tenant improvements expected to be in June 2025 where the total expected investment of Building 32 is $41.9 million and the estimated stabilized cap rate is 6.0%
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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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Last updated: 2025-05-12 - v0.3