The Daily REITBeat | Thursday, December 5th, 2024

"To The Moon?"

Good Morning!

Futures slightly in the red at the time of this writing as talking heads focus on Chairman Powell’s comments yesterday, tomorrow’s November Nonfarm Payrolls report and Bitcoin passing the $100,000 level.

From Bloomberg

"US equity futures kept to small ranges as investors paused a record-breaking rally. Bitcoin topped $100,000 after President-elect Donald Trump picked a crypto proponent to be the next head of the Securities & Exchange Commission.
French assets rebounded slightly as investors debated the implications of the ousting of Michel Barnier’s government. The CAC 40 stock index climbed 0.1% in Paris, tracking Europe’s regional Stoxx 600 gauge. French bonds rose, trimming the extra yield investors demand to hold the debt over safer German peers. The euro was up 0.2%.
S&P 500 contracts were steady after the 56th record close of 2024 put the index on course for its best year since 2019. Federal Reserve Chair Jerome Powell buoyed sentiment on Wall Street by saying the US economy is in “remarkably good shape.” The dollar and Treasuries were lower. Attention turns next to today’s US jobless claims numbers before key non-farm payrolls data Friday.
“If you look under the hood of the economy, it all looks strong,” said Kenneth Broux, a strategist at Societe Generale SA. “The problem is we are trying to put our arms around what the incoming administration and Congress will do, and the Fed can’t say much until they know.”"

In REIT News

Mizuho downgrades SBRA to Neutral from Outperform (maintain $20 price target)
PK provided an update on fourth quarter operating trends commenting “preliminary November 2024 RevPAR is expected to be just 3.9% lower over the prior year period, however, excluding the impact of recently resolved strike activity in Honolulu, Boston, and Seattle, November 2024 RevPAR growth would have improved by 510 basis points to 1.2%. Preliminary fourth quarter 2024 RevPAR is expected to be 2.7% lower, or up an impressive 2.3% when excluding the impact from recently resolved strike activity, translating to full-year 2024 RevPAR growth of approximately 2.5%, or 3.9% when excluding strike activity, as compared to the prior year periods.”
CUZ completed its previously announced acquisition of Vantage South End, a 639,000 sf lifestyle office property in Charlotte, NC, for $328.5 million
SLG announced that a Canadian institutional investor has committed to anchor the SLG Opportunistic Debt Fund with a $250.0 million commitment that “will seek to capitalize on current capital markets dislocation through structured debt investments in high-quality New York City commercial assets (which) will originate new loans and/or purchase existing loans, loan portfolios and controlling CMBS securities”
Fitch Ratings affirmed HHH’s Long-Term Issuer Default Rating and unsecured bonds at “BB” plus revised its outlook to stable from negative

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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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