The Daily REITBeat | Wednesday, July 30th, 2025

"Something for Everyone"

From Bloomberg

"Stocks struggled for direction in the hours before Wednesday’s Federal Reserve interest-rate decision as traders tackled a heavy load of major company earnings.
S&P 500 contracts were little changed in the lead-up to the decision on interest rates, which have become a cause of contention between the White House and Fed Chair Jerome Powell. The Bloomberg Dollar Spot Index snapped a four-day rally that followed trade pacts with the European Union and Japan.
Fed policymakers are largely expected to hold rates steady for a fifth consecutive meeting in the face of sustained pressure from President Donald Trump on Powell to lower borrowing costs. Investors will watch for any signs of a greater openness from the Fed to easing when it next gathers in September as they take stock of the number of dissenting policymakers. Swap markets have priced around 100 basis points of easing over the next 12 months.
“They’ll want to see what happens on the inflation side, so the speed of those cuts may not be as much as risk assets might want,” Priya Misra, portfolio manager at J.P. Morgan Asset Management, told Bloomberg TV. “Interest rates are still restrictive. How much do they need to cut to get into accomodative territory? They have to cut a lot.”
Before the Fed, GDP figures will offer an update on the health of the American economy in the buildup to Friday’s key payrolls report. The relentless rush of big earnings continues in the US later, with Microsoft Corp. and Meta Platforms Inc. both reporting."

In REIT News

HSBC downgrades AMT to Hold from Buy (lower price target by $10 to $235)
AAT, AKR, BXP, CHCT, CTO, ESS, FCPT, FSP, HIW, ILPT, IVT, JBGS, LXP, PEB, REG, STAG, UE, WPC announced quarterly earnings while AHT, AVB, BNL, EPR, EQIX, EXR, HST, INVH, IRT, KRG, MAA, OPI, PGRE, PSA, SUI, UDR, VICI, VTR, WSR announce after the close of trading and CIO, KIM, MPW, MRP announce tomorrow morning before the open
BXP announced the commencement of full vertical construction of 343 Madison Avenue, a 930,000 sf premier workplace with direct access to Grand Central’s Madison Concourse between 44th and 45th Street and noted that it has executed a letter of intent with a prestigious, investment grade financial institution to anchor 343 Madison Avenue and occupy 30% of the building, in the lower-middle section of the tower
CBL acquired four dominant enclosed regional malls for $178.9 million from Washington Prime Group noting that the malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT as the transaction represents significant progress in the execution of CBL’s portfolio optimization strategy – to redeploy proceeds from non-core asset sales into stable and growing assets that generate immediate accretion to CBL’s portfolio cash yield plus completed a modification and extension of its existing $333.0 million non-recourse outparcel and open-air center loan with Beal Bank USA
Yesterday morning, TRNO announced that it sold a portfolio of six industrial properties containing approximately 302,000 sf on 14.6 acres which are 91% leased to 21 tenants located in Doral, FL on July 28, 2025 for a sale price of approximately $82.3 million and the unleveraged internal rate of return generated by the investment was 14.7%
Yesterday morning, VNO announced that Verizon will relocate its New York headquarters to PENN 2 where as part of a 19-year lease, Verizon will occupy nearly 200,000 sf in office space across the eighth through tenth floors which includes exclusive access to more than 25,000 sf of outdoor space plus Verizon will also establish a flagship retail location on Seventh Avenue

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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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