The Daily REITBeat | Wednesday, July 23rd, 2025

"Throwing Fuel On It"

From Bloomberg

"The record-breaking run in global stocks got fresh fuel after the US reached a trade deal with Japan, easing concern about the tariff war as traders turn their attention to earnings from US tech giants.
S&P 500 futures added 0.3% and the Stoxx 600 gained 0.9%, buoyed by automakers on hopes that the European Union will ink its own accord with the US. Treasuries were poised to end a five-day winning run as demand for havens waned.
The trade optimism contrasted with a batch of disappointing results from companies including Texas Instruments Inc., Nokia Oyj and SAP SE. The big tech names — Tesla Inc. and Alphabet Inc. — come after the close.
“The positive is that hopefully we’re coming to the end of all the tariff cloudiness in terms of what the ultimate rates will be so businesses can plan around them,” said Peter Boockvar at the Boock Report."

In REIT News

BDN, CCI, EGP, EPRT, ESRT, FPI, GTY, NTST, VRE announce earnings after the close of trading
Yesterday, Compass Point upgraded ELS to Buy from Neutral (maintained $72 price target)
DRH refinanced, upsized, and extended the maturities under its senior unsecured credit facility whereby it entered into an amendment and restatement of its existing $1.2 billion facility, increasing the size to $1.5 billion and extending the Company’s maturity schedule as the Credit Facility is comprised of a $400 million revolving credit facility maturing in January 2031, inclusive of two six-month extension options, a $500 million term loan maturing in January 2029, inclusive of two six-month extension options, a $300 million term loan maturing in January 2030 and a $300 million term loan maturing in January 2030, inclusive of two six-month extension options and the Company is utilizing the incremental $300 million of proceeds under the Credit Facility to repay three mortgage loans that matured or will mature in 2025
AHH announced the closing its inaugural private placement of $115 million in senior unsecured notes which were issued in three tranches with maturities of 3, 5, and 7 years, bearing a blended interest rate of 5.86% and a weighted average maturity of 5.3 years and proceeds from the offering will be used for general corporate purposes and to refinance existing debt

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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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