The Daily REITBeat | Tuesday, June 24th, 2025

"Fragile Optimism"

From Bloomberg

"Oil slumped and equities gained as US President Donald Trump expressed confidence that a fragile truce between Israel and Iran would hold, reinforcing investors’ optimism for a lasting resolution to the conflict.
Brent crude slid as much as 5.6% and erased all gains accumulated since the onset of Israel’s attacks on Iranian nuclear sites, after Trump announced that the two warring nations agreed to a ceasefire. The benchmark later trimmed losses to trade above $69 a barrel as Israel reported a missile launch from Iran and instructed its military to respond.
Iran denied firing the missiles following the truce, according to state media, while Trump implored Israel in a social media post not to follow through, calling it a “major violation.” Trump subsequently posted that “Israel is not going to attack Iran.”
S&P 500 futures rose 0.7%, signaling a second day of gains for the US benchmark. European stocks and Asian stocks also advanced. The dollar headed for its biggest drop since the outbreak of the conflict. The yield on 10-year Treasuries dropped two basis points to 4.33% as investors’ awaited Federal Reserve Chair Jerome Powell’s testimony before lawmakers.
The rapid-fire sequence of events followed a turbulent stretch in financial markets, which have been roiled for nearly two weeks by fears of an escalating conflict. Volatility was particularly high in oil, as concerns over supply and shipping disruptions had pushed Brent crude to nearly $80 a barrel."

In REIT News

BNP Paribas Exane initiates PSA with an Outperform rating ($331 price target)
BNP Paribas Exane initiates CUBE ($46) and EXR ($156) with Neutral ratings
BNP Paribas Exane initiates NSA with an Underperform rating ($33 price target)
Raymond James upgrades ESS to Outperform from Market Perform ($315 price target)
Raymond James downgrades MAA to Market Perform from Outperform
MAC announced the acquisition of Crabtree Mall, a market-dominant, Class A retail center totaling approximately 1.3 million square feet in Raleigh, NC for $290 million and expects an initial yield on the Crabtree acquisition of approximately 11% based on the property’s estimated 2025 net operating income and an estimated yield of approximately 12.5% inclusive of current leases signed but not opened with rent expected to commence in 2027 plus over the course of 2025 through 2028, the Company plans to implement a strategic investment plan at the property totaling approximately $60 million of new redevelopment and leasing capital to maximize the center’s performance
UDR announced the appointment of Dave Bragg as Chief Financial Officer effective July 24, 2025 succeeding Joe Fisher, who in January 2025 was appointed to the role of Chief Investment Officer in addition to his responsibilities as the Company’s President
PLYM announced the acquisition of a 1.95-million-square-foot portfolio of industrial properties located across Columbus, Cincinnati, and Cleveland, OH for a total purchase price of $193.0 million noting that the 21-building portfolio is currently 97% leased to 75 tenants with a weighted average remaining lease term of 2.47 years as in-place rents are approximately 22% below current market rates and the purchase price reflects a 25%-plus discount to today’s replacement cost
Yesterday morning, TRNO announced that it acquired an industrial property located in Santa Ana, California on June 20, 2025 for a purchase price of approximately $49.5 million noting that the 100% leased property consists of one industrial distribution building containing approximately 134,000 sf on 12.1 acres of industrial zoned land and the estimated stabilized cap rate is 5.7%
Yesterday morning, UE announced the lease it has signed with TruGolf Links franchising for a 6,045 sf flagship location at The Plaza at Cherry Hill in New Jersey which is TruGolf Link’s first signed Flagship storefront to also include an upscale restaurant and full bar component and aims to open before the end of 2025

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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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