The Daily REITBeat | Friday, December 13th, 2024

"Tech Boosters?"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on the tech sector along with today’s Import Prices report. Next week’s Federal Reserve meeting will be the last “big event” for the year ahead of the holiday season.

From Bloomberg

"US equity futures pointed to a strong end to the week on Wall Street, as a premarket surge in Broadcom Inc. powered gains across the entire chip technology complex.
Contracts on the Nasdaq 100 climbed 0.7%, with shares in Broadcom Inc. jumping 15% after it predicted a boom in demand for its artificial intelligence chips. If premarket gains holds, the stock will hit a record high, inching closer to a $1 trillion market cap. Peers Marvell Technology Inc., Micron Technology Inc., Nvidia Corp. and Advanced Micro Devices Inc. also rose.
Stock markets are also likely to benefit from an interest-rate cut next week, with the Federal Reserve more or less priced to deliver a quarter-point reduction. The S&P 500 has rallied 27% this year, and strategists polled by Bloomberg predict it will outpace European peers again in 2025.
“You have a US economy which is doing well and an incoming administration that is very pro-corporate — all that is in the price, but it doesn’t mean the rally can’t extend,” said Timothy Graf, head of EMEA macro strategy at State Street Global Markets.
Europe’s Stoxx 600 index slipped 0.1% amid continued disappointment over the lack of concrete stimulus measures from China. Insurer Munich Re was a notable gainer after it forecast a net income boost next year."

In REIT News

Morgan Stanley initiates SNDA with an Equalweight rating ($25 price target)
JPM upgrades GLPI to Overweight from Neutral (raise price target by $5 to $54)
JPM downgrades RHP to Underweight from Neutral (maintain $100 price target)
CUZ priced $400 million of 5.375% senior unsecured notes due 2032 on behalf of its operating partnership and intends to use the net proceeds to fund a portion of the purchase price of the Sail Tower Acquisition and the remainder to repay borrowings under its credit facility and for general corporate purposes
FCPT announced the acquisition of a Panera Bread property located in a strong retail corridor in Indiana for $2.0 million and noted that the property is corporate-operated under a triple net lease with approximately four years of term remaining and priced at a 6.8% cap rate on rent as of the closing date and exclusive of transaction costs
FPI announced that its Board of Directors has declared a one-time dividend of $1.15/share of common stock and Class A Common OP Unit, payable in cash on January 8, 2025 to shareholders of record on December 23, 2024 noting the announcement comes at the end of a year that saw the Company sell farmland and related assets for consideration totaling approximately $308 million, generating a total gain of approximately $51 million, or approximately 20% over the aggregate net book value
S&P Global raised CTRE’s issuer credit rating to “BB+” from “BB” and the issue-level rating on its unsecured notes to “BBB-“ from “BB” with a stable outlook
Yesterday morning, TRNO announced that it acquired an industrial property located in Red Hook, Brooklyn, NY on December 11, 2024 for a purchase price of approximately $156.3 million which includes the assumption of an approximately $72.9 million 3.85% interest-only loan which matures in March 2028 and noted that the 100% leased property contains approximately 312,000 leasable sf on 16 acres and the estimated stabilized cap rate is 4.8%
Yesterday morning, COLD announced with Canadian Pacific Kansas City plans to formally explore co-development opportunities in Mexico as part of their continued strategic collaboration focused on optimizing temperature-sensitive commodity flows between the United States, Mexico and Canada

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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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