The Daily REITBeat | Wednesday, July 2nd, 2025

"Turning Up the Heat"

From Bloomberg

"US equity futures held firm as traders await June’s payrolls report on Thursday and navigate how trade talks develop ahead of the Trump administration’s July 9 deadline.
Contracts for the S&P 500 ticked higher 0.1% after the US benchmark paused its record-breaking rally during the previous session. Futures for the small-cap Russell 2000 rose 0.9% to outperform as Tuesday’s rotation out of high-momentum stocks extended. European stocks advanced 0.4%.
As the US continues talks with key trading partners, Trump has turned up pressure on Japan and reaffirmed he won’t delay his tariff deadline, now just a week away. While markets swung wildly on trade headlines in April, equity indexes are now signaling diminished concern with stocks near record highs."

In REIT News

Barclays initiates FRT ($106) and KIM ($25) with Overweight ratings
Barclays initiates PECO ($37), REG ($77), SKT ($33) and SPG ($170) with Equalweight ratings
Truist Securities upgrades NHI to Buy from Hold (maintain $77 price target)
Truist Securities downgrades CUZ ($31) and HIW ($32) to Hold from Buy
Wolfe Research downgrades IIPR to Peer Perform from Outperform
UMH announced 2Q’25 operating update noting that it converted 188 new homes from inventory to revenue generating rental homes plus July 2025 rental and related charges are up approximately 9.2% year over year while they issued 1.8 million shares of common stock under its ATM program raising gross proceeds of $31 million
STRW announced that it completed the acquisition of nine skilled nursing facilities, comprised of 686 beds, located in Missouri for $59,000,000 using cash on hand and the issuance of approximately $2.0 million in OP Units of Strawberry Fields REIT LP to the Seller
Yesterday morning, TRNO announced that it acquired an industrial property located in Long Island City, Queens, NY on June 30, 2025 for a purchase price of approximately $31.1 million noting that the vacant property consists of one industrial distribution building containing approximately 48,000 sf on 2.2 acres as the company will substantially renovate the building including new truck loading configuration, new office, new warehouse and exterior lighting, slab repair and possibly a roof raise as the renovated property, expected to be completed in 2026, is expected to have a total investment of approximately $40.2 million and the estimated stabilized cap rate is 5.5%

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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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