The Daily REITBeat | Monday, December 2nd, 2024

"Rally Paused?"

Good Morning!

Futures relatively quiet at the time of this writing as talking heads focus on Cyber Monday/Thanksgiving weekend retail sales along with a big economic calendar of data this week including the November Nonfarm Payrolls report.

From Bloomberg

"The dollar pushed higher as the crisis swirling around the French government deepened, dragging on the euro. Treasuries fell as traders prepared for US data that may influence the outlook for interest rates.
In stocks, US futures posted small moves, suggesting a pause in the rally that just produced the S&P 500’s strongest month of the year. In Europe, Stellantis NV shares plunged more than 8% after Chief Executive Officer Carlos Tavares stepped down from the automaker following a dispute with the board.
The Bloomberg dollar index climbed 0.5%, while the euro fell as the French government sought to avoid being toppled by the far-right in a stand-off over the nation’s budget. French bonds and stocks bounced back after Prime Minister Michel Barnier offered final-hour concessions on some demands from Marine Le Pen’s party.
“There’s certainly a political instability and the securities, the French government bonds, are pricing that instability,” Ecaterina Bigos of AXA Investment Management told Bloomberg TV. “Political instability creates uncertainty, but what is more important is what is France going to do to bring that deficit down?”"

In REIT News

Morningstar downgrades MAC to Hold from Buy (maintain $24 price target)
STRW commenced an underwritten public offering of its common stock and intends to contribute the net proceeds to its operating partnership which will use the proceeds from this offering to finance acquisitions of new investments, pay down existing debt, and for general corporate purposes
On Wednesday, FSP announced that Bruce J. Schanzer will join the Company’s Board of Directors and serve as a member of the Audit Committee, effective November 27, 2024 and with the addition of Mr. Schanzer to the Board, the Board will be comprised of eight directors, seven of whom are independent plus entered into a Cooperation Agreement with Converium Capital and Erez Asset Management, pursuant to which Converium Capital and Erez Asset Management will vote their shares in favor of all of the Board’s director nominees at the 2025 Annual Meeting of Stockholders
On Wednesday, FCPT announced the acquisition of five Outback Steakhouse properties located in strong retail corridors across Texas (3), Florida (1), and Missouri (1) for $19.7 million from the same Seller as that of the Bloomin’ Brands 19-property portfolio the Company closed in August 2024 and noted that the properties are corporate operated under long-term net leases which priced at a cap rate in range with previous transactions
On Wednesday, NXRT announced the closing of 17-property agency mortgage refinancings through J.P. Morgan Chase Bank and with the closing of these 17 loan agreements, and together with the 17 loan agreements previously entered on October 1, 2024, the Company has refinanced 34 loans for total gross proceeds of $1.469 billion, which, in the aggregate, represents approximately 97.8% of the Company’s total outstanding debt

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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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