The Daily REITBeat | Monday, November 11th, 2024

"High Hopes?"

Good Morning!

Dow futures up around 200 points at the time of this writing as talking heads focus on markets hitting all time highs, the runup in bitcoin pricing, the move in treasuries and this week’s economic calendar.

From Bloomberg

"US stocks looked set to build on their recent advance to record highs as Donald Trump’s victory in the US presidential race stoked investors’ appetite for US assets.
Futures pointed to gains of about 0.3% for the S&P 500, which hit its 50th record high of the year on Friday, while Nasdaq 100 looked set to rise by a similar amount. The biggest premarket gainer of the day was EV maker Tesla Inc, which rose as much as 7.3%. Its valuation surpassed $1 trillion on Friday, on a view that a Trump presidency will be a positive for Elon Musk’s company.
Crypto-linked stocks also gained in premarket trading as Bitcoin rallied past $81,000 for the first time on the prospect of a Republican-led Congress with pro-crypto lawmakers. While US bond markets were shut for a holiday, the dollar rallied 0.3% against a basket of currencies, adding to a six-week winning streak.
“Between now and the end of the year, I can easily see how the US market particularly will continue to be strong on hopes that everything Trump has said will come to pass, particularly when it gets confirmed that he got a clean sweep,” said Nick Clay, portfolio manager at Redwheel.
While Trump’s pledge to impose hefty tariffs on trade partners has weighed heavily on European shares, the Stoxx 600 index rebounded after three weeks of declines. The gauge added 0.9%, with all industry groups in the index climbing, as the mood was lifted by a slew of robust company earnings, including German tiremaker Continental AG and insurance firm Hannover Re."“

In REIT News

Scotiabank upgrades NTST to Sector Outperform from Sector Perform (raise price target by $2 to $18)
Evercore ISI upgrades AMH to Outperform from Inline (raise price target by $1 to $42)
BofA upgrades SKT to Buy from Neutral (raise price target by $5 to $40)
On Friday, Morningstar upgraded AMT to Buy from Hold (maintain $230 price target)
PK announced its reinstated and updated full-year 2024 earnings guidance following the recent ratification of labor agreements between operators and labor unions at four of Park’s hotels – the 2,860-room Hilton Hawaiian Village Waikiki Beach Resort (Honolulu), the 604-room Hilton Boston Logan Airport (Boston), the 850-room DoubleTree Hotel Seattle Airport (Seattle) and the 396-room Hilton Seattle Airport & Conference Center (Seattle) and sees 2024 Adjusted FFO guidance of $2.00-$2.10/share (down from $2.10-$2.26/share)
INVH announced that it has voluntarily prepaid without penalty the outstanding balance of its IH 2018-4 securitization, as planned where as of September 30, 2024, the IH 2018-4 securitization had an outstanding principal balance of approximately $630.2 million, inclusive of approximately $31.6 million of retained certificates held by Invitation Homes to comply with risk retention rules and the Company prepaid the IH 2018-4 securitization using unrestricted cash from its August 2023 bond issuance for the purpose of debt prepayment consistent with its previously stated use of proceeds
On Friday, Astrana Health entered into a binding agreement to purchase the majority of Prospect’s managed care platform for approximately $745 million and the assumption of certain liabilities whereby after satisfaction of obligations to the managed care platform’s senior creditor and other liabilities, MPW expects to receive approximately $200 million in total proceeds where the majority of this cash is expected to be received in the first half of 2025 while a $50 million payment is expected by 2027

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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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