The Daily REITBeat | Tuesday, March 11th, 2025
"All Mixed Up!"
From Bloomberg
- "Global stocks steadied from a selloff and US stock futures signaled a Wall Street bounce, as Bloomberg News reported President Donald Trump will meet with top business executives later in the day.
- Contracts for the Nasdaq 100 rose 0.5% after the index’s deepest slump since 2022, while those on the S&P 500 climbed 0.4%. Tesla Inc. shares rose in premarket trading after Monday’s 15% slide while other tech names including Nvidia Corp. also edged higher. In Europe, the Stoxx 600 index was steady while earlier, Asian shares bounced off an intraday five-week low.
- There was relief for other risk assets too, as Bitcoin stabilized after a five-day selloff and oil prices notched a small bounce from Monday’s drop. However, concerns over the once unstoppable resilience of the US economy continue to support Treasury markets, with 10-year yields edging lower again on Tuesday. The dollar index slid 0.3%.
- Trump’s meeting with the Washington-based Business Roundtable will include chief executives from around the country, including the bosses of Wall Street lenders, Bloomberg reported, quoting people familiar with the matter. Given the increasingly uncertain outlook for the US economy and trade war concerns, investors will watch for any signals from Trump on the likelihood of tariff-policy shifts or support for equity markets.
- “What is being questioned in the market is US exceptionalism,” said Aneeka Gupta, head of macroeconomic research at Wisdom Tree UK Ltd. “When Trump came back into the White House, the focus on was on the positive impact of his policies, but now the market is really drilling down into the negatives.”"
In REIT News
- EXR priced $500 million of 5.40% senior unsecured notes due 2035 and intends to use the net proceeds to repay amounts outstanding from time to time under the company’s lines of credit (which may include borrowings from the underwriters or their affiliates), and for other general corporate and working capital purposes, including funding potential acquisition opportunities
- CTRE announced that it has reached an agreement with the board of directors of Care REIT plc to acquire the company at 108 pence in cash per ordinary share of Care REIT and the terms of the acquisition represent a Care REIT market capitalization of US$577 million and, together with the assumption of net debt of approximately US$240 million, represents a total purchase price of approximately US$817 million as the acquisition represents a 32.8% premium to Care REIT’s March 10, 2025 closing share price and a 28.1% premium to the volume-weighted average share price of Care REIT for the twelve-month period ended March 10, 2025 as Care REIT owns 137 care homes, comprising approximately 7,500 operating beds leased to 15 operators across England, Scotland and Northern Ireland
- RYN announced with The Rohatyn Group an agreement for Rayonier to sell the entities that hold its entire 77% interest in the New Zealand joint venture to a special purpose vehicle formed by Ents LP, an investment fund managed by TRG, for $710 million, subject to net debt, working capital, and other adjustments as this sale marks the conclusion of Rayonier’s previously announced strategic review of its New Zealand business and will result in Rayonier becoming exclusively focused on its U.S. operations, while positioning the New Zealand business for continued growth under TRG’s management
- STAG announced that it signed a new lease totaling 102,060 sf of warehouse and distribution space at its development project at 452 Casual Drive in Wellford, SC noting that the 30-month lease to a wholesale apparel and promotional product distributor commences April 1, 2025, and includes 3.5% annual rent escalations plus this asset is now 69% leased, bringing its completed development portfolio to an aggregate lease-up rate of 51%
- AHH announced that F1® Arcade, the world’s first Formula1® hospitality brand, has signed a lease for over 15,000 sf of space at The Interlock, the dynamic mixed-use development located in the heart of West Midtown, Atlanta, bringing the total retail leased occupancy to 99%
- OPI announced the final results for the previously announced private exchange offers to exchange its outstanding senior unsecured notes due 2026, 2027 and 2031 for new 8.000% Senior Priority Guaranteed Unsecured Notes due 2030 and related guarantees pursuant to the terms and conditions set forth in an Offering Memorandum dated as of February 7, 2025
- Fitch Ratings affirmed KRG and its limited partnership’s Long-Term Issuer Default Ratings and senior unsecured debt at “BBB” with a positive outlook
- Yesterday morning, BHR announced that it has addressed its final 2025 debt maturity as it closed on a refinancing involving five hotels (The Clancy, The Notary Hotel, Marriott Seattle Waterfront, Sofitel Chicago Magnificent Mile, and The Ritz-Carlton Reserve Dorado Beach) noting that the new loan totals $363 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final maturity to 2030
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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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Last updated: 2025-05-12 - v0.3