The Daily REITBeat | Friday, November 1st, 2024

"Offense or Defense?"

Good Morning!

The next to last month is underway as Dow futures are up over 150 points at the time of this writing. Talking heads are focused on today’s October Nonfarm Payrolls report ahead of next week’s Federal Reserve interest rate policy decision. Is another 25 basis point cut in our future?

From Bloomberg

"Stocks rose ahead of Friday’s key US jobs data, at the end of a volatile week in which mixed earnings from tech megacaps had the market on the defensive. Oil gained amid renewed tension in the Middle East.
Amazon.com Inc. and Intel Corp. shares surged in premarket trading on optimistic earnings results, while Apple Inc. declined after reporting softer demand in China. Futures on the S&P 500 edged higher, with the benchmark on track for its worst weekly performance in more than a year amid unease over the outlook for artificial intelligence and cloud computing following results from Microsoft Corp. and Meta Platforms Inc.
Today’s payrolls report could show job growth weakening, after an inflation measure favored by the Federal Reserve yesterday posted its biggest monthly gain since April. That muddied the water ahead of next week’s Federal Reserve policy meeting, with the swaps market pricing in 20 basis points of easing, down from 24 at the start of the week.
Investors are also bracing for next week’s US election, with the so-called Fear Gauge - the Cboe Volatility Index — rising to levels last seen during the August market upheaval.
The “highly anticipated employment report, a busy week of earnings that includes a handful of the Magnificent Seven names, rising yields and, of course, next week’s U.S. election are all contributing to building angst in the market, not to mention the FOMC meeting,” said Adam Turnquist, chief technical strategist at LPL Financial. “We may need to wait until after Election Day for volatility to normalize as the VIX futures curve points to potential elevated near-term turbulence for stocks.”"

In REIT News

CLPR, CPT, CUBE, SBRA, SPG, VICI announced quarterly earnings
FCPT announced the acquisition of three Christian Brothers Automotive properties located in strong retail corridors in Alabama, Colorado, and Louisiana for $9.6 million noting that the properties are and are occupied under long term, triple net leases with a weighted average 12 years of term remaining and priced at a cap rate in range with previous company transactions
Moody’s affirmed SKT’s “(P)Baa3” senior unsecured shelf rating, “(P)Ba1” subordinate shelf rating and “(P)Ba1” preferred shelf and preferred Non-Cumulative shelf ratings plus affirmed the limited partnership’s “Baa3” senior unsecured rating and revised its outlook to positive from stable

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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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