The Daily REITBeat | Tuesday, July 29th, 2025 (For Real...)

"Deluge of Data"

From Bloomberg

"US equity futures gained as a deluge of data is seen reinforcing the picture of a buoyant economy, diverting attention from trade negotiations.
S&P 500 contacts advanced 0.3% Tuesday after the index inched to its latest record high. A gauge of the dollar was little changed after climbing to its strongest level in more than five weeks on speculation a slew of readings on the economy will show the tariff impact is contained, for now.
Investor attention is turning from recent US tariff deals with the European Union and Japan to key indicators spanning jobs and inflation to broader economic activity. The Federal Reserve is forecast to keep interest rates unchanged Wednesday, while investors will be tracking earnings from four megacap tech companies this week.
Traders continue to lean toward a quarter-point reduction at the Fed’s meeting in mid-September, with around 100 basis points of easing seen over the next 12 months. Pressure from the White House for immediate rate cuts has the potential to sow dissent as Chair Jerome Powell and his colleagues begin a two-day meeting.
“President Trump continues to call for much lower interest rates,” Gabriele Foà, portfolio manager at Algebris Investments, wrote in a note. “With inflation not surging and the labor market softening, maintaining real rates at their current elevated levels will be increasingly difficult.”"

In REIT News

Barclays upgrades ELS to Overweight from Equalweight (lower price target by $3 to $67)
Scotiabank downgrades DOC to Sector Perform from Sector Outperform (lower price target by $2 to $19)
Yesterday, Freedom Broker upgraded DLR to Buy from Hold (raised price target by $37 to $198)
AMT, BRX, CDP, CURB, KRC, NXRT, PCH, PDM, WELL announced quarterly earnings while AAT, AKR, BXP, CHCT, CTO, ESS, FCPT, FSP, HIW, ILPT, IVT, JBGS, PEB, REG, STAG, WPC announce after the close of trading and UE announces tomorrow morning before the open
VNO announced that Verizon will open its new Manhattan headquarters at PENN 2 as it has signed a long-term lease to occupy more than 195,000 sf across multiple floors which will serve as the hub for approximately 1,000 corporate employees beginning in 2026
FCPT announced the acquisition of two Caribou Coffee properties located in highly trafficked corridors in Wisconsin for $2.8 million noting that the properties are corporate-operated under long term, triple net leases with approximately seven years of term remaining and priced at a 7.3% cap rate on rent as of the closing date and exclusive of transaction costs
Moody’s affirmed FRT’s “Baa2” preferred stock rating and its limited partnership’s “Baa1” senior unsecured rating with a stable outlook
Moody’s affirmed VTR’s “Baa1” senior unsecured rating and its “(P)Baa2” backed preferred stock shelf rating with a stable outlook

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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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