The Daily REITBeat | Wednesday, February 19th, 2025

"A Bumpy Situation?"

Good Morning!

Futures somewhat mixed at the time of this writing as talking heads focus on tariffs and trade wars, corporate earnings, Russia/Ukraine war and the other usual topics ahead of today’s Fed minutes release.

From Bloomberg

"A global equity rally paused and bonds extended their slide after President Donald Trump’s latest tariff threats stoked concern about a widening trade war.
Contracts on the S&P 500 edged lower after the index topped its January record on Tuesday, while Nasdaq futures traded steady. A slew of earnings reports also dented sentiment, with Arista Networks Inc., Occidental Petroleum Corp., Celanese Corp. and Bumble Inc. all dropping in premarket trading after results. Super Micro Computer Inc. rallied, however, after issuing an aggressive long-term revenue outlook.
Europe’s Stoxx 600 Index shed 0.5% after Trump brandished possible levies of around 25% on automobile, semiconductor and pharmaceutical imports. His comments added to the a fragile market picture as hopes for an end to the war in Ukraine were tempered by the exclusion of Ukrainian and European officials from US-Russia talks held on Tuesday.
Some investors are also concerned about Germany’s national election on Sunday. While Friedrich Merz of the center-right opposition is expected to become chancellor, polls suggest the far-right Alternative for Germany will become the second-biggest party in parliament.
“I have been selling quite a lot over the last two days as Europe is now pricing the best possible scenario for the next catalysts, which is the Ukraine ceasefire and German elections,” said Alberto Tocchio, a portfolio manager at Kairos Partners. “The situation might get bumpy as both events are going to be more complicated than what the market thinks.”"

In REIT News

B. Riley downgrades EPRT to Neutral from Buy (raise price target by $4 to $33.50)
CHCT, CSR, GOOD, HR, ILPT, JBGS announced quarterly earnings while AHH, BNL, ESRT, HST, IIPR, LAND, PK announce after the close of trading and CIO, COLD, LAMR announce tomorrow morning before the open
Land & Buildings Investment Management, LLC announced that it has nominated two experienced and independent candidates for election to the NHI Board of Directors at the upcoming 2025 Annual Meeting of Stockholders: James “Jim” Hoffman and A. Adam Troso plus plan to recommend that shareholders vote against Robert Adams and Jimmy Jobe at the 2025 Annual Meeting
Pershing Square Capital Management announced that it has submitted a new non-binding proposal to the Special Committee of the Board of Directors of HHH whereby Pershing Square would acquire 10,000,000 newly issued common shares of HHH for $90 per share. The $90 share price represents a 46.4% premium to the $61.46 unaffected price of HHH stock on August 5th, prior to Pershing Square’s August 6, 2024 amendment of its Schedule 13D announcing its intention to evaluate a potential transaction with HHH while HHH confirmed receipt of a revised proposal from Pershing Square Capital Management
SILA announced the closing of a new $600 million revolving credit facility and also entered into conforming amendments to its outstanding term loans in connection with the Revolving Credit Agreement noting that it has an initial term of four years, maturing in February 2029, and includes two six-month extension options that can be exercised at the Company’s election plus is made up of aggregate commitments of $600 million, which may be increased through an accordion feature, subject to lender approval, to an aggregate amount up to $1.5 billion and it replaces the Company’s prior $500 million revolving line of credit, which was fully undrawn, had a maturity date in February 2026, and included two six-month extension options
PLYM announced it has promoted Anthony Saladino to President and Chief Financial Officer effective immediately
BNL announced that its Board of Directors has appointed Richard Imperiale and Joseph Saffire to the Board plus announced that Shekar Narasimhan and Denise Brooks-Williams have determined not to stand for re-election to the Board at the Company’s next annual meeting of stockholders which the Company intends to hold in May 2025
Yesterday morning, Resurgent Realty Trust issued an open letter containing a non-binding term sheet that was submitted to GIPR’s Board of Directors on January 30th whereby Resurgent Realty Trust proposed to acquire 51% of the issued and outstanding shares of common stock at $3/share

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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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