The Daily REITBeat | Tuesday, March 25th, 2025

"Stalled Out?"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on the same topics such as trade tariffs and Federal Reserve interest rate policy outlook in 2025 as the 10-year creeps back towards 4.40%.

From Bloomberg

"US stock futures faltered after Wall Street’s brief rally, sapped by President Donald Trump’s latest tariff threats and the likelihood of fewer interest-rate cuts than currently priced.
Contracts on the Nasdaq 100 rose less than 0.1% while those on the S&P 500 gained a similar amount, steadying after what was one of the best days for the US stock market this year. In premarket trading, Tesla Inc. whipsawed after a 13-day winning streak, its longest this year, as data showed fresh sales declines in Europe. Mobileye Global Inc. added 9% after a deal on driver-assistance technology with Volkswagen Group.
Markets have been unnerved by a fresh tariff salvo from Trump, who threatened a 25% levy on any nation purchasing crude from Venezuela. Brent crude rose 0.5%, adding to Monday’s gain. The oil price rise fueled a rally in the shares of European oil majors including Shell Plc, BP Plc and TotalEnergies SE, lifting the Stoxx 600 index by 0.8%.
Trump also said he will announce tariffs on automobile imports in the coming days — and indicated nations will receive breaks from next week’s “reciprocal” tariffs, further adding to confusion about the plan for sweeping levies to kick in on April 2.
“Between now and the 2nd of April, it’s just a phase of wait and see,” said Michael Nizard, head of multi-asset at Edmond de Rothschild Asset Management. “If Trump is doing exactly what he’s saying in terms of reciprocal tariffs, it should be negative both for Wall Street and Main Street.”"

In REIT News

Wolfe Research upgrades ESRT to Outperform from Peer Perform ($10 price target)
Morningstar upgrades PLD to Buy from Hold (maintain $125 price target)
DEA entered into a master notes purchase agreement on behalf of its operating partnership to issue 1) $25 million of 6.13% Series A Senior Notes with a maturity date of March 20, 2030; and 2) $100 million of 6.33% Series B Senior Notes with a maturity date of March 20, 2032
CCI announced that the Company’s Board of Directors has appointed Dan Schlanger, Executive Vice President (EVP) and Chief Financial Officer (CFO), as interim Chief Executive Officer (CEO), effective immediately as Steven Moskowitz has been terminated as President and CEO noting that Mr. Moskowitz’s termination was not a result of any disagreement regarding its policies or financial performance and was not made for cause or related to any ethical or compliance concern and the Company reaffirms all recently announced financial guidance, capital allocation policies and details regarding the sale of the fiber segment to EQT and Zayo
UMH closed on the acquisition of two age-restricted manufactured home communities which contain 266 developed homesites situated on approximately 38 acres, located in Mantua, NJ, for a total purchase price of $24.6 million noting that these communities are 100% occupied
Yesterday morning, SBRA announced that Talya Nevo-Hacohen, Sabra’s Chief Investment Officer, Treasurer and Executive Vice President, has decided to retire effective December 31, 2025 and Darrin Smith, Sabra’s Executive Vice President, Investments, is expected to be elevated to the role of Sabra’s Chief Investment Officer effective January 1, 2026 while Ms. Nevo-Hacohen is expected to remain in a consulting role pursuant to a two-year consulting arrangement

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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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