The Daily REITBeat | Wednesday, March 26th, 2025

"The Uncertainty Drag?"

Good Morning!

Futures mixed at the time of this writing as talking heads continue to focus on trade tariff plans with the April 2nd deadline fast approaching. A lot of key economic data coming over the next couple of days as well including GDP and PCE reports.

From Bloomberg

"Global stocks slipped as investors awaited more clarity on US tariff plans and the economic outlook before President Donald Trump’s April 2 deadline to impose a fresh trade levies.
Europe’s Stoxx 600 index dropped 0.5%, while futures on the S&P 500 and Nasdaq 100 were down about 0.2%, following modest gains on the indexes on Tuesday. In premarket trading, shares in Tesla Inc. and Nvidia Corp. edged lower. Video game retailer GameStop Corp. jumped 12% after it said its board approved adding Bitcoin as a treasury reserve asset.
In Britain, the FTSE 250 gauge of mid-sized stocks advanced about 0.5%, as data showing an unexpected inflation slowdown strengthened the case for the Bank of England to cut interest rates.
The tariffs issue remains front and center for investors, who took comfort earlier this month from the Trump administration’s signal that the coming wave of levies may be less expansive and more targeted than originally feared. However, the president has since sown confusion by saying he didn’t want too many tariff exceptions, but he would “probably be more lenient than reciprocal.”
All that has left investors struggling to work out how to position ahead of the April 2 deadline that Trump has dubbed “Liberation Day.”
“Uncertainty on the tariff front remains ridiculously high, leaving it incredibly tough for businesses or consumers to plan more than about a day into the future, and still making it nigh-on impossible for market participants to price risk,” said Michael Brown, a strategist at Pepperstone Group Ltd. "

In REIT News

COLD priced $400 million of 5.60% senior unsecured notes due 2032 on behalf of its operating partnership and intends to use the general proceeds to repay a portion of the outstanding borrowings under its revolving credit facility, pay fees and expenses incurred in connection with the offering of the Notes and, to the extent there are any remaining proceeds therefrom, for general corporate purposes
GNL announced the successful closing of the first phase of the sale of its multi-tenant portfolio to RCG Ventures, LLC on March 25, 2025 which includes 59 unencumbered properties totaling approximately $1.1 billion in gross proceeds upon closing and the Company expects to remain on schedule to complete the sale of the 41 encumbered properties in two additional phases by the end of the second quarter of 2025 and will use the net proceeds to significantly reduce leverage and pay down the outstanding balance on its Revolving Credit Facility
Yesterday morning, Fitch Ratings affirmed LXP’s “BBB” Long-Term Issuer Default Rating with a stable outlook

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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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