The Daily REITBeat | Monday, November 4th, 2024
"Deadlocked?"
From Bloomberg
- "The dollar fell and US Treasuries rallied as investors walked back bets on Donald Trump winning the presidential election after weekend polls indicated Kamala Harris was gaining ground.
- An index of the greenback dropped the most in more than a month, while the Mexican peso — which tumbled in the aftermath of Trump’s 2016 victory — was the top performer among 16 major currencies tracked by Bloomberg. US stock futures advanced.
- Harris received some encouraging signals from an ABC News and Ipsos poll giving her a 49%-46% edge nationally against Trump in the race for the White House, while the New York Times/Siena survey released Sunday showed the Democratic nominee ahead in five of seven swing states.
- A survey by the Des Moines Register that pointed to a lead for Harris in Iowa — a state that Trump has won in both of his previous contests — was a likely outlier, but served to underscore the ever-shifting dynamics of the race. Still, Harris’ advantage across all of the surveys was within the margin of error, and a NBC News poll released Sunday showed the race deadlocked 49%-49%.
- The dollar gauge and 10-year Treasury yields both had reached their highest since July in recent weeks, after investors ramped up wagers on a second term for Trump. The argument goes that his support for looser fiscal policy and steep tariffs will deepen the federal deficit and fuel inflation, pushing up interest rates to the detriment of Treasuries but the benefit of the dollar."
In REIT News
- BNP Paribas Exane downgrades NNN to Underperform from Neutral (lower price target by $2 to $44)
- On Friday, Morningstar upgraded SBAC to Buy from Hold (maintain $265 price target)
- On Friday, Morningstar upgraded ESRT to Hold from Sell (maintain $9.60 price target)
- On Friday, Colliers Securities downgraded NNN to Neutral from Buy (lowered price target by $3 to $47)
- AHH, APLE, AVB, DEI, DHC, ELME, GOOD, HHH, INN, NTST, O, PSTL, RHP, VNO announce earnings after the close of trading while DEA announces tomorrow morning before the open
- PEB announced the successful extension of $787 million in debt maturities noting that it extended the maturity of $185.2 million of its recently reduced $200 million 2025 term loan to 2029 plus extended the maturity of $602 million of its $650 million senior unsecured revolving credit facility to 2029, inclusive of two optional six-month extensions as the revolving credit facility remains undrawn and fully available, providing the Company with substantial liquidity
- KIM announced the commencement of a tender offer to purchase for cash any and all of its outstanding depositary shares representing 1/1,000 of a share of 7.25% Class N Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share, at a price per Security of $62.00, plus any accrued and unpaid dividends
- WSR announced the appointments of Kristian (“Krissy”) M. Gathright and Donald (“Don”) A. Miller, CFA, to the Board of Trustees, effective immediately noting that these appointments reflect shareholder feedback received over the last several months and conclude an exhaustive search by Whitestone’s Nominating and Governance Committee in combination with pre-eminent executive search firm Spencer Stuart and in connection with these two appointments and as previously announced, Nandita V. Berry and David F. Taylor will step down from the Board effective immediately as the Board will continue to comprise six trustees, five of whom are independent
- On Friday, EQC completed the sales of Bridgepoint Square, a 440,000 sf office property, and 206 E 9th Street, a 176,000 sf office property, both located in Austin, TX, for a total sales price of $64.5 million
- On Friday, FCPT announced the acquisition of a Miller’s Ale House property located in a strong retail corridor in Georgia for $3.8 million noting that the property is corporate-operated under a long term, net lease with approximately 11 years of term remaining and priced at a 7.2% cap rate on rent as of the closing date exclusive of transaction costs
- On Friday, Moody’s affirmed the “Ba3” corporate family rating of RLJ’s operating subsidiary and company senior unsecured debt ratings while its Speculative Grade Liquidity rating was upgraded to “SGL-2” from “SGL-3” with a stable outlook
- On Friday, PACS Group, Inc. announced that independently operated subsidiaries of the company have acquired the operations of 8 skilled nursing facilities in PA where 4 of the facilities are being leased from an affiliate of CTRE and subsidiaries of PACS Group acquired the real estate of the remaining four facilities
- On Friday, Century Casinos, Inc. announced that it opened its new land-based casino and hotel in Caruthersville, MO and the $51.9 million of development costs has been funded through VICI which owns the real estate improvements associated with the Caruthersville project, which becomes a part of the Company’s triple net master lease agreement with subsidiaries of VICI
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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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Last updated: 2024-12-26 - v0.3