The Daily REITBeat | Thursday, November 14th, 2024

"A Balanced Picture?"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on today’s PPI report along with a slew of Fed speakers including Chairman Powell.

From Bloomberg

"US equity futures edged higher as investors wait to see if upcoming price data and a speech from Federal Reserve chief Jerome Powell will boost expectations for a December interest-rate cut.
Contracts for the S&P 500 and Nasdaq 100 rose about 0.1% in a fresh sign that a post-election equity surge is starting to slow. Treasury yields also ticked lower, after Wednesday’s consumer inflation data kept alive the likelihood of a Fed rate cut next month. However, the dollar index extended its rally to hold near two-year highs and Bitcoin traded at about $91,000, holding close to Wednesday’s record high.
Investors are trying to balance a picture of easing inflation and falling rates against the possibility that President-elect Donald Trump will implement hardline pledges on taxes and tariffs, reigniting price growth next year. Confirmation of a Republican election clean sweep suggests more policy leeway for Trump and limits potential curbs on his power.
“We are seeing that there is a bit more discrimination between Trump trades,” said Amelie Derambure, senior multi-asset portfolio manager at Amundi.
“There is expectation that Trump’s policies will be market friendly, growth friendly, will be impacting higher inflation but not massively, deregulation is going to be good for some sectors,” she said. “The assumption is we have good, soft Trump with no big negative impact priced by markets.”"

In REIT News

UBS initiates FCPT with a Buy rating ($33 price target)
UBS initiates BNL ($18) and EPR ($48) with Neutral ratings
Compass Point upgrades BXP to Buy from Neutral (raise price target by $8 to $88)
Scotiabank upgrades DEI to Sector Outperform from Sector Perform (raise price target by $5 to $21)
UBS downgrades SUI to Neutral from Buy (lower price target by $21 to $134)
Mizuho downgrades O to Neutral from Outperform (lower price target by $4 to $60)
Scotiabank downgrades KRC to Sector Underperform from Sector Perform (maintain $38 price target)
FVR and NCLP announced quarterly earnings
VTR commenced an underwritten public offering of 10.6 million shares of common stock in a forward sale agreement and intends to use the net proceeds for working capital and other general corporate purposes, which may include funding acquisitions and investments or repayment of existing indebtedness, and to pay fees and expenses related to the offering
CURB announced recent acquisition activity along with leasing metrics for the quarter ended September 30, 2024 whereby the Company generated cash new leasing spreads of 28.3% and cash renewal leasing spreads of 10.1% for the trailing twelve-month period ended September 30, 2024, and cash new leasing spreads of 9.0% and cash renewal leasing spreads of 8.1% for the third quarter of 2024
PINE announced that Jeffrey S. Yarckin has notified the Company of his resignation from the Company’s Board of Directors effective November 8, 2024 while the Company announced the appointment of Brenna A. Wadleigh to the Company’s Board of Directors effective November 8, 2024

Download The REIT Beat here!

The Daily REITBeat 11-14-24.pdf

Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen

Subscribe here to receive The Daily REITBeat newsletter every morning.

« More of The Daily REITBeat

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.

Confidentiality Notice: The content in this article is provided for informational purposes only and is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, any security. Additionally, the information herein should not be relied upon as recommendations or financial planning advice. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. This email, including attachments, may include non-public, proprietary, confidential or legally privileged information. If you are not an intended recipient or an authorized agent of an intended recipient, you are hereby notified that any dissemination, distribution or copying of the information contained in or transmitted with this email is unauthorized and strictly prohibited. If you have received this email in error, please notify the sender by replying to this message and permanently delete this e-mail, its attachments, and any copies of it immediately. This message is intended only for the addressee. If you are not the intended recipient, please notify the sender by e-mail reply and delete this message. You may not copy, disclose, distribute or otherwise make use of this message or its contents for yourself or for any other person, as that action may be unlawful. You should not retain, copy or use this e-mail or any attachment for any purpose, nor disclose all or any part of the contents to any other person. All data is reported from Bloomberg, SNL, or Hoya Capital unless otherwise indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by Hoya Capital as to the future profitability of investments recommended by these organizations.