The Daily REITBeat | Tuesday, June 10th, 2025

"New Fresh Drivers?"

From Bloomberg

"US stock futures hovered as a second day of talks between the Trump administration and China got underway, with investors staying cautious in the absence of meaningful progress in the two nations’ trade dispute.
S&P 500 contracts were little changed after erasing an earlier advance. European equities were also flat. The UK’s FTSE 100, however, was poised to close at an all-time high for the first time since March. US Treasuries extended gains ahead of a $58 billion auction of three-year bonds.
While Monday’s negotiations in London between the US and China delivered no breakthrough, American officials had sounded optimistic that the two sides could ease tensions over shipments of technology and rare earth elements. With a key inflation read on tap Wednesday, investors are waiting for fresh drivers after stocks rebounded to near record levels from their April lows."

In REIT News

Mizuho upgrades MAC to Outperform from Neutral (lower price target by $4 to $18)
Yesterday, Morningstar downgraded ESRT to Hold from Buy (maintain $9.50 price target)
Yesterday, Morningstar downgraded SLG ($50 price target) and VNO ($31 price target) to Sell from Hold
In its March 6, 2025 announcement, FCPT disclosed that John S. Moody would not stand for re-election to the Board of Directors of the Company at the 2025 Annual Meeting of Stockholders and Douglas B. Hansen would succeed Mr. Moody as Chair of the Board pending his re-election at the 2025 Annual Meeting where on June 5, 2025, Mr. Hansen was re-elected to the Board and appointed as Chair effective immediately
Yesterday morning, TRNO announced that it acquired an industrial property located in Los Angeles, CA on June 6, 2025 for a purchase price of approximately $10.0 million noting that the property consists of one industrial flex building containing approximately 34,000 sf on 1.5 acres which is 100% leased to four tenants all of which expire by September 2028 and the estimated stabilized cap rate is 6.4%

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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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