The Daily REITBeat | Wednesday, January 15th, 2025

"Bank Shots"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on bank earnings season with results out of BlackRock, BNY, JPM, Goldman Sachs and Citi as we await the December CPI report.

From Bloomberg

"Wall Street futures climbed as big US banks posted estimate-topping results and investors awaited a crucial inflation print that they hope will surprise to the downside.
Contracts on the Nasdaq 100 and the S&P 500 rose by about 0.3%, with banking shares advancing in premarket trading. BlackRock Inc., Bank of New York Mellon Corp., JPMorgan Chase & Co. and Goldman Sachs Group Inc. all beat estimates for the fourth quarter, with trading revenues performing strongly.
However, traders remain wary of making big bets ahead of the data, which comes at a time when investors are paring their expectations of rate-cuts from the Federal Reserve. Forecasters predict CPI to show a fifth month of increases, with so-called core CPI up 0.3%. However, hopes of a benign print have been fanned by lower-than-expected US wholesale prices and slowing inflation in Britain.
“We need to see a more welcome print on the inflation front today,” said Laura Cooper, global investment strategist at Nuveen. “Today’s print will be crucial for the near-term price action as it could trigger another leg in the rate selloff, if we see a hotter-than-expected print.”"

In REIT News

Deutsche Bank upgrades DLR to Buy from Hold (raise price target by $9 to $194)
Janney upgrades CSR to Buy from Neutral (lower price target by $6 to $72)
Janney downgrades DEI ($18.50) and NNN ($43) to Neutral from Buy
Morgan Stanley upgrades DOC ($25) and NNN ($48) to Overweight from Equalweight
Morgan Stanley upgrades MAC to Equalweight from Underweight (raise price target by $6.50 to $20)
Morgan Stanley downgrades GLPI ($53) and SAFE ($19) to Equalweight from Overweight
BHR extended its mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe which had an initial maturity date in January of 2025 and continues to have a final maturity date in January of 2026 and noted that the loan has been extended with a paydown of $10 million and the spread on the loan is now SOFR + 3.25%
HPP announced that its office properties, studio facilities and equipment located in Los Angeles are undamaged and fully operational
Yesterday morning, S&P Global raised OPI’s issuer credit rating to “CCC” from “CCC-“ plus raised its issue-level rating on the company’s March 2029 senior secured notes to “B-“ from “CCC+” and assigned a ‘B-’ issue-level rating to the company’s new March 2027 senior secured notes with a negative outlook plus removed all of its ratings from CreditWatch where they placed them with developing implications on Nov. 25, 2024
Yesterday morning, RHP announced that one of its subsidiaries, Opry Entertainment Group, acquired a majority interest in Southern Entertainment, a live events, hospitality, and production company based in Charlotte, N.C. and its portfolio of owned or promoted music festivals includes Carolina Country Music Fest in Myrtle Beach, SC; Barefoot Country Music Fest in Wildwood, NJ; Lovin’ Life Music Fest in Charlotte, NC; the Greenville Country Music Fest in Greenville, SC; and the upcoming Field & Stream Music Fest in Winnsboro, SC launching in 2025

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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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