The Daily REITBeat | Tuesday, June 17th, 2025

"Looking for a Real End"

The Significance of June 17th, 1994

Do you know how famous this date is in sports history? Did you know there was a documentary made many years ago about this day?
Besides today being one of the best 2nd sets in Phish history (in Milwaukee, WI of all places), here are a few tidbits on what happened:
June 17, 1994, was a day filled with significant sports events, most notably the O.J. Simpson car chase, Arnold Palmer playing his final round at the U.S. Open, the opening of the 1994 FIFA World Cup in the United States, and the New York Rangers’ Stanley Cup parade. In addition, Ken Griffey Jr. tied Babe Ruth’s record for most home runs before the end of June plus the Houston Rockets defeating the New York Knicks in Game 5 of the NBA Finals though this game was overshadowed by the Simpson chase.
From Bloomberg
"US equity futures dropped and oil advanced as sentiment turned negative on fears of escalation in Israel’s war with Iran, after US President Donald Trump played down the likelihood of a ceasefire.
S&P 500 contracts fell 0.7% following the US benchmark’s rebound in the previous session. Brent crude gained 1.8%, extending oil’s advance since hostilities started to more than 7%. US Treasury yields declined across the curve. The dollar was little changed.
Sentiment shifted on Tuesday as investors reacted to fast-moving developments in the Middle East and their potential impact on global markets. While traders had earlier shown confidence the conflict would be contained, oil remains in focus, with a commodity that had hovered near pandemic-era lows emerging as an unexpected source of inflation.
As Israel and Iran continued to trade attacks, Trump left the Group of Seven leaders’ meeting in Canada early to deal with the crisis. Though he hasn’t outlined what comes next, Trump told reporters aboard Air Force One he was looking for “a real end, not a ceasefire” to the conflict.
“Today’s downward movement, triggered by Trump, could actually last for a few days or even a few weeks,” said Alexandre Baradez, chief market analyst at IG in Paris. “There’s been little progress on trade negotiations and now there’s an added geopolitical risk. I don’t see a selloff but the VIX could certainly move higher.”"

In REIT News

Yesterday, Odeon Capital initiated HPP with a Buy rating ($5 price target)
JPM downgrades FVR to Neutral from Overweight (lower price target by $2 to $12)
KIM priced $500 million of 5.30% senior unsecured notes due 2035 on behalf of its operating partnership and intends to use the net proceeds for general corporate purposes, including, but not limited to, repaying outstanding borrowings under its $2.0 billion unsecured revolving credit facility and funding for suitable acquisition, investment and redevelopment opportunities
FVR announced the appointment of Sean Fukumura as Interim Chief Financial Officer of the Company effective immediately noting that he will continue to serve as the Company’s Chief Accounting Officer and The appointment follows the Board’s decision to terminate Randall Starr for cause effective immediately as an Audit Committee investigation, assisted by outside counsel, determined that cause existed pursuant to the terms of his employment agreement though Mr. Starr’s termination is unrelated to the Company’s business operations, financial results or previously filed financial statements
WSR announced it has acquired 5000 South Hulen, a 86,907 sf shopping center located in Fort Worth, TX which is home to a synergistic mix of thriving national and regional businesses, including Sephora, Old Navy, Barnes & Noble, Potbelly, Sports Clips, Kincaid’s Hamburgers and Jamba Juice
AHH announced that Eva Hardy, who has served on the Company’s Board of Directors since 2015 and as lead independent director since 2022, will retire from the Board in accordance with the mandatory retirement age policy instituted by the Company in 2024
Yesterday, Cohen & Steers announced that the firm invested $300 million in HPP “as a cornerstone investor to support HPP’s balance sheet recapitalization” and noted that the investment reflects 43% of its recent $690 million offering

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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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