Daily REITBeat | Tuesday, October 29th, 2024

"Top Gear"

Good Morning!

Dow futures down around 100 points at the time of this writing as talking heads focus on corporate earnings, a big slate of economic data, commodities/treasuries and the upcoming PCE and jobs reports which may impact upcoming Federal Reserve interest rate policy decisions.

From Bloomberg

"US equity futures wavered as third-quarter earnings season moved into top gear, with the first of the “Magnificent Seven” big-tech giants — Google parent Alphabet Inc. — set to report later Tuesday.
Firms accounting for nearly 42% of the S&P 500’s market capitalization are reporting this week, including five of the seven tech megacaps which have powered this year’s rally. Investors are also bracing for a raft of key economic data that will inform the Federal Reserve’s next interest-rate decision, as well as the US presidential election that is now just a week away.
Futures on the S&P 500 dipped after Monday’s gains on Wall Street, while Nasdaq 100 contracts were little changed. Treasury yields edged higher and a gauge of the dollar was flat. Oil rose — after tumbling the most in more than two years on Monday — as tensions in the Middle East eased.
Among individual movers in US premarket trading, Ford Motor Co. shares slumped after cautioning that full-year earnings will be at the low end of its forecast. Boeing Co. dropped after completing a $21 billion share sale, one of the largest ever by a public company. Pfizer Inc. shares rose after the drugmaker boosted revenue and earnings forecasts.
“So far, earnings season has met our expectations,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “It’s a big couple of weeks ahead for markets. We think the outlook for profit growth remains healthy, and expect 11% and 8% S&P 500 EPS growth in 2024 and 2025.”"

In REIT News

AMT, BRX, CDP, CSR, KRC, LTC, NXRT, PCH, REG, SAFE, SBAC, WELL announced quarterly earnings
AAT, AMH, BXP, CHCT, CTRE, ESS, EXR, FSP, ILPT, IVT, JBGS, PK, STAG, WPC announce earnings after the close of trading while HR, SITC, UE announce earnings tomorrow morning before the open
CDP acquired a 365-acre land parcel near Des Moines, IA in late September for $32 million to expand its data center shell program noting that the existing zoning on the land allows for data center development and initial plans indicate that the site can accommodate approximately 3.3 million sf of development, supported by an estimated 1 gigawatt of power capacity plus acquired an 80,000 sf building at 3900 Rogers Road in San Antonio, TX for $17 million noting that the building was vacant upon acquisition, and the Company subsequently executed two leases with the U.S. Government to occupy the entire building, which it expects to commence in the second quarter of 2025
MAC refinanced fortress property Queens Center at highly favorable terms with a new $525 million loan bearing fixed interest of 5.37% and interest-only payments during the entire term
Moody’s downgrades SVC’s Corporate Family Rating and senior secured rating to “B3” from “B2” and the guaranteed and non-guaranteed senior unsecured ratings to “B3” and “Caa1” from “B2” and “B3” respectively with a negative outlook
Yesterday morning, TRNO announced that it has commenced construction of Countyline Corporate Park Phase IV Building 34 in Hialeah, FL noting that it is a 220,000 sf 36-foot clear height rear-load industrial distribution building on 13.0 acres with 76 dock-high and two grade-level loading positions and parking for 188 cars that is 70% pre-leased to a cruise ship industry provider of non-perishable food items and food service supplies and the total expected investment is $55.9 million where the estimated stabilized cap rate is 5.7%
Yesterday morning, LAND announced limited damage to its farms and facilities in the Southeastern U.S. as a result of Hurricanes Helene and Milton and while the Company is still assessing the overall impact of the hurricanes, early reports indicate wind damage to a portion of blueberry plantings on a small farm in southern Georgia and water damage to one cooling facility in central Florida, which is covered by insurance

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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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