The Daily REITBeat | Wednesday, May 7th, 2025

"A Signal of Progress?"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on potential trade negotiations progress between the US and China as earnings, commodities, treasuries and crypto continue to draw a lot of attention on Federal Reserve interest rate policy decision day. Most folks are assuming that the Fed takes no action today.

From Bloomberg

"US equity-index futures rose and the dollar snapped three days of declines as the planned trade negotiations between China and the US spurred optimism tensions between the world’s two largest economies are easing.
Futures contracts for the S&P 500 and the Nasdaq 100 both climbed 0.5% on news US and Chinese officials will meet this week in Switzerland. Asian shares gained after China reduced its policy rate to boost the economy. Treasuries dropped while gold fell 1.3%. European stocks dipped, weighed down by declines for drugmakers after Novo Nordisk A/S cut its sales forecast.
The Indian rupee weakened 0.1% and stocks in Mumbai were little changed as investors looked beyond the India-Pakistan military strikes and focused on trade talks. On Tuesday, India and the UK agreed to a landmark trade deal. Pakistan’s equity benchmark slumped as much as 6%.
The US-China meeting will be the first confirmed trade talks between the countries since President Donald Trump declared sweeping tariffs last month, led by punishing levies on China. While the thawing of trade tensions provided the markets with a temporary reprieve ahead of Wednesday’s rate decision by the Federal Reserve, further rallies will depend on whether the discussions produce significant outcomes."

In REIT News

AHT, DEI, MDV, OLP, SAFE, SVC announced quarterly earnings while AHH, BHR, EPR, FPI, GMRE, GNL, GOOD, HHH, HPP, IIPR, ONL, SITC, SMA, TRNO announce after the close of trading and COLD, LAMR, NLCP announce tomorrow morning before the open
HST priced $500 million of 5.70% Series M senior notes due 2032 on behalf of its operating partnership and intends to use the net proceeds to redeem all the outstanding $500 million aggregate principal amount of the Series E senior notes at an aggregate redemption price of $500 million, not including accrued interest with any remaining net proceeds to be used for general corporate purposes
AMH priced $650 million of 4.95% senior notes due 2030 on behalf of its operating partnership and intends to use the net proceeds for the repayment of outstanding indebtedness, which may include repayment of amounts outstanding on its revolving credit facility, repayment or voluntary prepayment of all or a portion of the 2015-SFR2 Notes, as well as general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in its portfolio, other capital expenditures, working capital and other general purposes
Fitch Ratings assigned CURB and its limited partnership a first-time Long-Term Issuer Default Rating of “BBB” plus assigned the senior unsecured debt at “BBB” with a stable outlook
Yesterday, S&P lowered OPI’s issuer credit rating to “SD” (Selective Default) and its issue-level ratings on its unsecured notes due 2026,20207 and 20231 to “D”
Yesterday, Fitch Ratings upgraded the Long-Term Issuer Default Rating and underlying unsecured instruments of FR and its operating subsidiary to “BBB+” from “BBB” 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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