The Daily REITBeat | Tuesday, February 25th, 2025

"Jitters?"

Good Morning!

Futures mixed at the time of this writing as talking heads focus on chipmaker earnings with Nvidia reporting tomorrow, a busy economic calendar, VIX rising, and the movement in the 10-year/bitcoin.

From Bloomberg

"S&P 500 futures slipped as US efforts to limit China’s technological prowess sparked broad declines for chipmaker shares. Bitcoin tumbled below $90,000.
Contracts on both the S&P 500 and Nasdaq 100 pointed to another jittery session as chip giant Nvidia Corp. dropped in early trading. ASML Holding NV and STMicroelectronics NV also fell as US President Donald Trump spelled out more measures to curb China’s semiconductor industry and urged allies to the same.
Uncertainty on how the new US administration’s policies will affect global growth and long-established economic and political alliances has prompted investors to pare risk and switch to havens like Treasuries or gold. Trump signaled Monday that tariffs on Mexican and Canadian imports will go ahead.
“At the moment there’s a lot of uncertainty reigning in the background which is making it challenging for investors to navigate,” said Alexandra Morris, an investment director at Skagen AS. “The whole tariff discussion is the main negative catalyst.”
The VIX Index, a measure of volatility known as the “fear gauge,” touched its highest level this year at just below 20.
Nvidia’s earnings report on Wednesday could be yet another catalyst to unleash volatility given its outsized impact on the broader market.
“Bear in mind that the market impact of Nvidia’s results have often proved to be as significant as US jobs reports over the last couple of years,” Deutsche Bank AG strategist Jim Reid wrote in a note to clients."

In REIT News

BNP Paribas Exane downgrades O to Neutral from Outperform (lower price target by $5 to $61)
Lucid Capital Markets downgrades FPI to Neutral from Buy (lower price target by $.50 to $12.50)
Yesterday, Morningstar upgraded MAR to Hold from Sell (maintain $260 price target)
AIV, AMT, APLE, DEA, INN, LTC, NTST, NXRT, O, PSA, SBAC, VRE, XHR announced quarterly earnings
AHT, DHC, EXR, NHI, OUT, RLJ announce earnings after the close of trading while CLDT, LINE announce tomorrow morning before the open
DLR appointed Paula Cogan as Managing Director, Head of EMEA, effective March 17, 2025 who will lead its EMEA team, driving continued growth of the region’s data center platform and delivering the value of PlatformDIGITAL™
Yesterday morning, SUI announced that it has entered into a definitive agreement to sell 100% of its interests in the Safe Harbor Marinas business to affiliates of Blackstone Infrastructure noting that the transaction accelerates Sun’s strategic goal of re-focusing on its core MH and RV segments and significantly enhances its leverage profile and financial flexibility and upon the closing of the transaction, Blackstone will purchase Safe Harbor from the Company for an all-cash purchase price of $5.65 billion, subject to certain post-closing adjustments
Yesterday morning, OPI announced certain amendments to its previously announced private exchange offers to exchange its outstanding senior unsecured notes due 2026, 2027 and 2031 for new 8.000% Senior Priority Guaranteed Unsecured Notes due 2030 whereby in connection with the amendments, the Early Delivery Time and Withdrawal Deadline for the Amended Exchange Offers have each been extended until 5:00 p.m., New York City time, on February 28, 2025

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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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