The Daily REITBeat | Tuesday, May 20th, 2025

"Push It to the Limit"

From Bloomberg

"A six-day winning streak that propelled the S&P 500 to the brink of a bull market is set to stall as investors bet that US stocks will lag the rest of the world.
S&P 500 contracts retreated 0.2%. By contrast, equity gauges in Europe and Asia advanced. The dollar was little changed. Gold edged higher while Bitcoin dropped 0.3%. Treasuries erased early gains, with the 10-year yield advancing one basis point to 4.46%.
Japanese notes tumbled after a government bond auction received the lowest demand since 2012, pointing to increasing concerns about investor support as the Bank of Japan dials back its huge debt holdings.
Some Wall Street strategists are betting European stocks will enjoy their best performance relative to the US in at least two decades as the region’s economic outlook improves. While US stocks have rallied in recent weeks, two Federal Officials warned on Monday that they would adopt a wait-and-see approach before lowering interest rates."

In REIT News

Evercore ISI upgrades PGRE to Outperform from Inline (raises price target by $3.50 to $8)
Deutsche Bank downgrades SBAC to Hold from Buy (raise price target by $14 to $247)
RHP priced an upsized underwritten offering of 2.6 million shares of common stock at $96.20/share raising gross proceeds of $250.12 million after signing a definitive agreement to purchase the JW Marriott Phoenix Desert Ridge Resort & Spa in Phoenix, AZ for $865 million and the Company plans for the resort to continue to be operated by Marriott International under the JW Marriott flag noting that the purchase price represents a 12.7x Adjusted EBITDAre multiple on JW Marriott Desert Ridge’s 2024 results and its 2025 results are expected to be impacted by construction disruption related to the meeting space renovation currently underway and ongoing through the third quarter of 2025 plus announced a $600 million notes offering due 2033 with proceeds used to fund a portion of the purchase of the property
Yesterday morning, PGRE announced that its Board of Directors has initiated a review and evaluation of strategic alternatives to maximize shareholder value plus announced that Ermelinda Berberi, who has served as Senior Vice President, Chief Accounting Officer since 2017, has been appointed Executive Vice President, Chief Financial Officer and Treasurer, effective immediately while Timothy Dembo, who has served as Vice President, Counsel since 2022, has been appointed Senior Vice President, General Counsel and Secretary, effective the same date as Ms. Berberi succeeds Wilbur Paes, and Mr. Dembo succeeds Gage Johnson, both of whom are stepping down from their respective roles as Chief Operating Officer, Chief Financial Officer and Treasurer and Senior Vice President, General Counsel and Secretary

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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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