The Daily REITBeat | Tuesday, February 11th, 2025

"The Heat Is On"

Good Morning!

Futures in the red at the time of this writing as talking heads focus on the same topics as the past few days such as DOGE cuts, tariffs, treasuries, earnings season and Chairman Powell testimony on Capitol Hill. So much to digest.

From Bloomberg

"Stocks struggled as the latest tariff news spurred caution among traders who are also looking ahead to testimony from Federal Reserve Chair Jerome Powell and key US inflation data.
S&P 500 and Nasdaq 100 futures retreated after President Donald Trump ordered tariffs on US imports of steel and aluminum. Europe’s Stoxx 600 index was held back by tumbling mining and travel shares and a gauge of Asian stocks dropped. Gold touched a fresh record high, while an index of the dollar held gains from Monday. Treasury yields rose.
The moves underscore how investors are struggling to gauge the potential flow-on effects from Trump’s actions for global trade, corporate earnings and inflation. The European Union said Tuesday it will respond to any tariffs the US might impose on it, escalating a potential transatlantic trade dispute.
“The best approach in terms of asset allocation is to find assets that can protect you,” said Christian Mueller-Glissmann, head of asset allocation research for Goldman Sachs, on Bloomberg Television. “The big challenge is that this is going to be much more difficult from here because the tariffs are very specific.”"

In REIT News

Evercore ISI upgrades BRX to Outperform from Inline (maintain $31 price target)
BRX, CURB, KRC, NNN, VNO announced quarterly earnings while ADC, AKR, HIW, IVT, KRG, WELL, WPC announce earnings after the close of trading and UE announces tomorrow morning before the open
EQC is under contract to sell its last remaining property, 1225 Seventeenth Street, a 709,402 sf office property in Denver, Colorado, for a gross sale price of $132.5 million where the net purchase price is expected to be approximately $124.4 million after credits primarily for contractual lease costs noting that the buyer has completed due diligence, and the earnest money deposit is non-refundable and the sale is scheduled to close in late February 2025 plus the Company reaffirms the estimated aggregate shareholder liquidating distribution range of $20.00 to $21.00 per common share previously announced on November 15, 2024, inclusive of the initial liquidating distribution of $19.00 per common share paid by the Company on December 6, 2024

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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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