The Daily REITBeat | Wednesday, July 16th, 2025

"Earnings vs. Tariffs"

From Bloomberg

"US stock futures pared earlier losses as solid earnings helped counter concerns about a steady stream of tariff headlines.
S&P 500 contracts were little changed after falling as much as 0.4%. Bank of America Corp. rose more than 1% in premarket trading as net interest income and trading revenue beat estimates. Johnson & Johnson gained 1.2% after lifting its full-year outlook.
US Treasuries nudged higher. Japan’s super-long bonds rebounded following a sharp selloff earlier in the week, as investors weighed the potential for increased fiscal spending after this weekend’s upper house election. The dollar was little changed.
President Donald Trump signaled that tariffs on pharmaceuticals could be introduced by the end of the month, with similar measures on semiconductors potentially to follow. Traders further pared bets to their lowest level in a month for two US interest rate cuts this year, while Trump aide Kevin Hassett has emerged as the early frontrunner to replace Federal Reserve Chair Jerome Powell.”

In REIT News

Truist Securities upgrades PCH to Buy from Hold (raise price target by $8 to $52)
BMO upgrades DEA to Market Perform from Underperform (raise price target by $1 to $25)
BMO upgrades DEI to Market Perform from Underperform (raise price target by $2 to $17)
BMO downgrades KRC to Underperform from Market Perform (lower price target by $1 to $35)
PLD announced quarterly earnings while FR, REXR, SLG announce after the close of trading

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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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