The Daily REITBeat | Wednesday, February 5th, 2025

"Lots to Navigate"

Good Morning!

Futures in the red at the time of this writing as talking heads focus on trade tariffs, Gaza, corporate earnings, jobs, treasuries and so much more. The roller coaster ride is in full effect.

From Bloomberg

"US equity futures dropped as investors navigate the trade war and a busy slate of earnings from some of the world’s biggest companies.
Futures on the Nasdaq 100 were down 0.8% as Google parent Alphabet Inc. and Advanced Micro Devices Inc. plunged in US pre-market trading after disappointing results. Contracts on the S&P 500 fell 0.4%, suggesting Wall Street’s rebound may be short-lived.
While the first volleys in the latest US-China trade war made clear that Xi Jinping is taking a more cautious approach than during Donald Trump’s first term, tariff risks remain at the forefront. Disappointing results from Alphabet and AMD also heightened unease about the outlook for megacap tech companies that have driven the S&P 500’s gains. Amazon is scheduled to report on Thursday.
“It remains tough for anyone to have a particularly high degree of conviction when operating in such an uncertain environment,” said Michael Brown, senior research strategist at Pepperstone Group Ltd. “I still favor adopting a more cautious stance in the short run, as uncertainty remains elevated, and participants chew through this week’s remaining risk events, including earnings from Amazon, and Friday’s US jobs report.”"

In REIT News

Piper Sandler upgrades SPG to Overweight from Neutral (raise price target by $30 to $205)
Mizuho downgrades HLT to Neutral from Outperform (raise price target by $20 to $263)
AAT, BDN, DEI, ESS, SPG announced quarterly earnings while AVB, FR, MAA, OHI, REXR, TRNO and UDR announce after the close of trading
CUZ announced that Lillian C. Giornelli will retire at the end of her elected term, which will expire at the Company’s 2025 Annual Shareholder Meeting while the Company also announced the election of Susan L. Givens to its Board of Directors effective April 1, 2025 as Ms. Givens will serve as an independent director for the term also expiring at the Company’s 2025 Annual Shareholder Meeting
PLYM announced the sale of a 33,688 sf flex building in Memphis, TN to an end user at a price of $2.4 million noting that the building was part of a portfolio it acquired in July 2024 for $100.5 million and at the time of acquisition, the Company targeted this building for divesture as it represented a non-core asset leased on a short-term basis to a tenant known to be vacating at its scheduled lease expiration in December 2024 as the sale proceeds will be retained within the portfolio to fund leasing activities and the ongoing conversion of a 100,000 sf call center building back to its original warehouse format to accommodate multiple industrial users
MDV announced its latest independent, third-party appraisal of its assets resulting in an updated Net Asset Value of $24.11/share as of December 31, 2024
LAND completed the sale of two farms in northern Nebraska for $12.0 million which represents a 9% increase over the farms’ original purchase prices

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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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