The Daily REITBeat | Friday, December 6th, 2024

"Sitting on Hands?"

Good Morning!

Futures slightly in the red and somewhat muted at the time of this writing as talking heads focus on today’s November Nonfarm Payrolls report and potential impact on Federal Reserve interest rate policy outlook heading into the new year.

From Bloomberg

"A cautious tone dominated markets before a key US jobs report that may give traders insight on the Federal Reserve’s policy path.
US equity futures posted small moves. Modest gains in the dollar put the greenback on course to rise for the ninth week out of the last 10. Treasury yields ticked higher. Oil extended its slide to a third day.
Economists estimate that US nonfarm payrolls rose by 220,000 in November as hiring rebounded from weather-related and strike disruptions. It’s the final payrolls report before the Fed’s next interest-rate decision, with swaps trading putting the odds of a quarter-point reduction later this month at around 65%.
“If we get a surprisingly hot number, you can expect pricing to come back more to 50-50,” said Michael Brown, a senior strategist at Pepperstone. “Given the time of the year, market volumes are lighter than usual, so you are more likely to see an outsize reaction — and that’s another reason for people to sit on their hands.”"

In REIT News

BMO upgrades BRX to Outperform from Market Perform (raise price target by $3 to $33)
BMO downgrades PLD to Underperform from Market Perform (lower price target by $16 to $104)
In an 8-K filing, WELL announced that on December 3, 2024, Diana W. Reid resigned from the Board of Directors effective immediately noting that Ms. Reid’s resignation is not the result of any disagreement with the Company on any matter related to the Company’s operations, policies, or practices, given her new role as the chief executive officer of Federal Home Loan Mortgage Corporation and the size of the Board has been reduced to nine directors
Yesterday morning, STRW priced an underwritten public offering of 3,333,334 shares of its common stock for total gross proceeds (before underwriters’ discounts and commissions and offering expenses) of approximately $35 million and intends to use the net proceeds to finance acquisitions of new investments, pay down existing debt and for general corporate purposes

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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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