The Daily REITBeat | Tuesday, July 29th, 2025

"A Major Week"

From Bloomberg

"US equity futures climbed along with the dollar after the European Union reached a trade deal with President Donald Trump, and signs mounted that the US and China will extend their truce. The euro fell.
The record rally in US stocks looks to power on, with S&P 500 contracts up 0.2% after the index closed at an all-time high Friday. Europe’s Stoxx 600 index gained 0.6% after the US-EU deal, which imposes 15% tariffs on most of the bloc’s exports.
Even as fears of a damaging trade war ease, optimism is tempered by the risks posed from the US jobs report, Federal Reserve and Bank of Japan meetings and earnings from megacap companies this week. Early gains in European automakers faded and the euro slid to its lowest in a week against the dollar as investors digested more negative aspects of the accord.
“This deal removes any uncertainty which has been reflected in the positive market movements this morning,” Michael Browne, global investment strategist at Franklin Templeton Institute, wrote in a note. “We will now have to see what the tariffs mean for businesses and how they will be absorbed, but it will vary by sectors.”
Meanwhile, Magnificent Seven members Apple Inc., Amazon.com Inc., Microsoft Corp. and Meta Platforms Inc. are all due to report numbers. Robust corporate earnings have bolstered investor confidence in US stocks, as companies head for their highest share of beats since the second quarter of 2021."

In REIT News

Wolfe Research upgrades BNL to Outperform from Peer Perform ($19 price target)
BofA upgrades NTST to Neutral from Underperform (raise price target by $1 to $19)
BRX, CDP, CURB, KRC, PCH, PDM, WELL announce earnings after the close of trading while AMT, NXRT announce tomorrow morning before the open
ONL announced that its Board of Directors unanimously concluded that the revised non-binding acquisition proposal to acquire all of the outstanding shares of the Company for $2.75/share in cash submitted by Kawa Capital Management on July 17, 2025, is not in the best interests of its stockholders which follows a review process conducted by the Orion Board in consultation with its independent financial and legal advisors
On Friday, FCPT announced the acquisition of a BJ’s Restaurant and Brewhouse property and a LongHorn Steakhouse property located in a strong retail corridor in Pennsylvania for $4.8 million from Brookfield Properties noting that the properties are corporate-operated under triple net leases with a blended eight years of term and priced at a capitalization rate consistent with previous company transactions
On Friday, Moody’s affirmed WPC’s “Baa1” issuer rating, senior unsecured debt rating and affirmed the backed senior unsecured debt rating of its European affiliate with a stable outlook
On Friday, AMH published its 2024 Sustainability Report which provides transparency on the company’s performance and initiatives to build and operate responsibly, invest in a great workplace, and improve the lives of residents

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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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