The Daily REITBeat | Wednesday, March 19th, 2025

"The U Word"

Good Morning!

Futures at the time of this writing as talking heads focus on today’s Federal Reserve interest rate policy decision along with Chairman Powell’s press conference. Uncertainty continues to lead the way.

From Bloomberg

"US equity futures edged higher and the dollar strengthened as investors looked ahead to the Federal Reserve’s policy decision for greater clarity on the outlook for the economy and interest rates.
Futures on the Nasdaq 100 and S&P 500 gained about 0.3%, signaling a bounce from Tuesday’s losses. Technology stocks were led higher by Tesla Inc. which rose as much as 3.7% after the electric-vehicle maker received California’s approval to start carrying passengers. Nvidia Corp. also advanced after CEO Jensen Huang promised a clearer payoff to customers. The shares had dropped 3.4% Tuesday.
Market gains are being held in check, however, by signs that President Donald Trump’s trade tariff policies are starting to weigh on economic growth and consumer sentiment. Authorities have also signaled they are not prepared to step in to support equity markets."

In REIT News

Wells Fargo initiates CSR ($68) and IRT ($24) with Equalweight ratings
Wells Fargo double upgrades SVC to Overweight from Underweight (raise price target by $1.50 to $4)
Yesterday, Morningstar upgraded REG to Buy from Hold (raised price target by $4 to $84)
EPRT priced an upsized underwritten public offering of 8,200,000 shares of its common stock on a forward basis raising gross proceeds of $254.2 million (~$31/share) and intends to use the net proceeds for general corporate purposes including potential future investments
FR closed an $850 million senior unsecured revolving credit facility which amends and restates the Company’s previous revolving credit facility and adds an additional $100 million of capacity and the new revolving credit facility matures on March 16, 2029
FCPT announced the acquisition of 6 Burger King properties located in highly-trafficked corridors in Texas for $10.1 million via sale leaseback noting that the properties are under long-term, triple net leases guaranteed by Burger King Corporate and priced at a cap rate in range with previous company transactions
Yesterday, HIW closed the acquisition of Advance Auto Parts Tower in the heart of Raleigh’s vibrant mixed-use North Hills Best Business District for a total investment of $138 million noting that the 346,000 sf, 20-story, LEED-gold certified, Class AA office tower, which delivered in 2020, was 100% leased at December 31, 2024 with a weighted average lease term of 8.2 years
Yesterday, S&P placed CCI’s “BBB” issuer credit and issue-level ratings on its senior unsecured debt on CreditWatch with negative implications plus Fitch Ratings placed its “BBB+” Long-Term Issuer Default rating and all “BBB+” unsecured ratings on Rating Watch Negative following its announcement to sell its fiber business
Yesterday morning, Fitch Ratings placed CTRE’s “BB+” Long-Term issuer Default Ratings and issue-level ratings of the company and its operating partnership on Rating Watch Positive following the announcement to acquire Care REIT

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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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