The Daily REITBeat | Tuesday, July 8th, 2025

"Jitters?"

From Bloomberg

"US stock futures held firm as jitters over the White House’s latest tariff announcements gave way to optimism that there’s room for further talks. US Treasuries got swept up in a global selloff of longer-dated bonds.
S&P 500 contracts nudged higher 0.1% after the benchmark moved off a record high in the previous session. A 1% rebound in Tesla Inc. shares led gains among tech megacaps in early trading.
The yield on 10-year Treasuries advanced three basis points to 4.41%, while the 30-year rate headed back toward 5%. This week, Japanese bonds are the focal point of global fiscal policy concerns, as investors grow uneasy over potential spending pledges ahead of the July 20 upper house elections.
For stock markets, Tuesday’s calm reflected traders’ belief in a familiar pattern of US President Donald Trump escalating his trade war only to later de-escalate. In the latest round, Trump said he was still open to negotiations and postponed duties of 25% or more on a list for trading partners until at least Aug. 1.
“Equity markets are focused on the positive news,” said Wolf von Rotberg, equity strategist at Bank J. Safra Sarasin. “Europe is working toward securing a framework agreement with the US and the July 9th deadline was pushed out by another month. The market has learned to focus on the facts more than following the talk.”"

In REIT News

Colliers securities initiates BHM with a Buy rating ($15 price target)
WPC priced $400 million of 4.65% senior notes due 2030 and intends to use the net proceeds to repay certain indebtedness, including a portion of amounts outstanding under the Unsecured Revolving Credit Facility, and for other general corporate purposes
BHR entered into a definitive agreement to sell the 369-room Marriott Seattle Waterfront in Seattle for $145 million ($393,000/key) and including anticipated capital expenditures of $7 million, the sale price represents an 8.1% capitalization rate on net operating income for the trailing 12 months ended May 31, 2025
ESRT signed a new lease with Mott MacDonald NY Inc. – an engineering, development, and management consultancy – for a full-floor, 25,372 sf space at the Empire State Building as the firm will also continue to occupy their current 18,434 sf space at its 1400 Broadway property as well
PLYM announced an activity update for the second quarter of 2025 whereby leases commencing during the second quarter ended June 30, 2025 which have terms of at least six months totaled an aggregate of 1,453,757 sf and total executed leases commencing during 2025 which had terms of at least six months totaled an aggregate of 5,811,172 sf plus same store occupancy at June 30, 2025 was 95.0% while total portfolio occupancy at June 30, 2025 was 94.6% while under the Company’s previously announced share repurchase program through June 30, 2025 the Company has acquired and settled 805,394 shares of common stock at an average price per share of approximately $16.26
LAMR acquired the assets of Verde Outdoor in the first-ever UPREIT transaction in the billboard industry noting that the acquisition, which closed on July 2, brought more than 1,500 billboard faces, including 80 digital displays, across 10 states to the portfolio
SMA announced the appointment of Lora Gotcheva as an independent director of the Company effective July 10, 2025
Yesterday morning, TRNO announced that it has executed a renewal lease for 35,000 sf and an expansion lease for 30,000 sf in Santa Clara, CA with a designer and developer of eVTOL aircraft noting that the renewal lease will commence upon expiration of the existing lease in September 2025 and the expansion lease will commence in August 2025 as both leases will expire August 2028

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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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