The Daily REITBeat | Wednesday, February 26th, 2025

"The Main Event!"

Good Morning!

Futures in the green at the time of this writing as talking heads set the stage for Nvidia’s earnings report after the close of trading and the magnitude of the impact across Wall Street/AI/Data Centers and other sectors from its results.

From Bloomberg

"US stock futures pointed to a strong open on Wall Street ahead of key earnings from Nvidia Corp. that could help reignite the artificial intelligence-driven rally.
Shares in Nvidia, the top provider of chips used in new AI computers, rose as much as 3% in US premarket trading. Contracts on the Nasdaq 100 rose about 0.7% while those on the S&P 500 gained 0.5%.
The Nvidia report, due after the US market close, could fuel market moves of 8.5% in either direction, options data imply. It will come after a period of underperformance for the shares, following two years of blistering gains, as recent months showed AI computing adoption won’t be a straight path.
The concerns have rippled across the US technology sector, pushing the Magnificent Seven group of bellwether tech megacaps into correction territory on Tuesday. The stocks ticked higher in Wednesday’s premarket.
“The reality is, we need a good set of numbers from Nvidia to keep this bull track in place in the US,” said Guy Miller, chief market strategist at Zurich Insurance Co. “It will be important that the numbers are good and the outlook is good. If it’s a really disappointing reading the market will be vulnerable to a further setback.”"

In REIT News

Evercore ISI downgrades VRE to Inline from Outperform (lower price target by $2 to $18)
AHT, CLDT, DHC, EXR, LINE, NHI, OUT, RLJ, SILA announced quarterly earnings
BHR, EPR, HHH, INVH, NSA, PEB, PLYM, PSTL, SUI, SVC, UMH announce earnings after the close of trading while MAC, MPW, SITC announce tomorrow morning before the open
GNL entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings, LLC for approximately $1.8 billion at an 8.4% cash cap rate plus on February 20, 2025, the Board of Directors authorized a share repurchase program for up to an aggregate amount of $300 million of the Company’s outstanding shares of common stock
In an NT 10-K filing, CCI announced that it will be late on its Annual Report on Form 10-K for the year ended December 31st, 2024 due to significant demands related to its strategic review and notes that it “expects to record an impairment charge of approximately $5.0 billion related to the goodwill associated with its Fiber segment, which represents a reporting unit for purposes of evaluating goodwill, which would result in no goodwill remaining for the Fiber reporting unit.”
INVH announced the promotion of Timothy J. Lobner to Executive Vice President and Chief Operating Officer effective March 2nd and noted that Charles D. Young will continue in the role of President
FRT announced the acquisition of Del Monte Shopping Center, a premier 674,000 sf, 47-acre, grocery-anchored lifestyle center in Monterey, CA from AAT for approximately $123.5 million
AHT extended its mortgage loan secured by the 141-room Hotel Indigo Atlanta Midtown in Atlanta, GA as the loan extension provides for an initial maturity in February of 2026 and a one-year extension option, subject to the satisfaction of certain conditions, with a final maturity date in February 2027 and the loan has a current balance of $12.3 million
S&P raised REG’s ratings, including the issuer credit rating, to “A-“ from “BBB+”, with a stable outlook
Yesterday morning, SPG announced a revolutionary collaboration with Shopify, the world’s leading commerce platform, and Leap, the leading platform for physical retail as the three industry leaders will offer comprehensive solutions for e-commerce brands to expedite their go-to-market strategy and seamlessly open brick-and-mortar locations across the Simon portfolio
Yesterday morning, CBL announced several promotions including one promotion to Senior Vice President and five new Vice Presidents

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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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