The Daily REITBeat | Tuesday, November 5th, 2024

"Decision Day"

Good Morning!

Dow futures up around 25 points at the time of this writing as talking heads focus on election day and potential implications. So many contested races and the question to be answered is “will we know who is President when we wake up tomorrow morning?”

From Bloomberg

"US equity futures fluctuated as voting got underway after one of the most dramatic American presidential campaigns in modern history.
While markets looked relatively subdued in early Tuesday trading, nerves are running high as traders anticipate a long night of ballot counting and the potential for sharp swings no matter the outcome. Overhanging the mood on Wall Street remains the threat of a contested election that has little precedent.
“What you can see across markets now is that no one is ready to take clear investment positions on the election,” said Alexandre Hezez, chief investment officer at Groupe Banque Richelieu in Paris. “The uncertainty is palpable across all asset classes. There’s such a massive gap between the program of the two candidates that caution is of the essence.”
That sense of caution showed as stock investors held off on trading and volumes were relatively low in Europe. S&P 500 futures added 0.1%. Ten-year Treasury yields rose two basis points to 4.31%. The dollar weakened. Bitcoin gained 2.7%.
Tech outperformed, with Nasdaq 100 contracts climbing 0.2%. Palantir Technologies Inc. surged 13% in premarket trading on record profit and high demand for its artificial intelligence software. Nvidia Corp. and Tesla Inc. were up slightly."

In REIT News

KeyBanc downgrades ROIC to Sector Weight from Overweight
Yesterday, CITIC Securities initiated DLR with an Add rating ($190 price target)
Yesterday, Morningstar upgraded EQR to Buy from Hold (maintain $80 price target)
AHH, APLE, AVB, DEA, DEI, DHC, ELME, GOOD, HHH, INN, NTST, O, PSTL, RHP, VNO announced quarterly earnings
AHT, NHI announce earnings after the close of trading while IRM, LINE, LXP, MAC announce tomorrow morning before the open
PKST acquired a portfolio of 51 industrial outdoor storage properties comprised of 45 operating assets and six redevelopment sites from a joint venture between Alterra IOS, and institutional investors advised by J.P. Morgan Asset Management in an off-market transaction valued at $490 million and noted that the acquisition was funded by a combination of proceeds from the Company’s credit facility and cash on hand plus the assets span a total of 440 usable acres across 14 states and are strategically located near major supply chains and population centers where the operating portfolio has a WALT of 4.5 years and is approximately 100% leased to diversified, high-quality, primarily national and regional tenants.

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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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