The Daily REITBeat | Wednesday, December 4th, 2024

"Captured Attention"

Good Morning!

Futures in the green at the time of this writing as talking heads focus on Chairman Powell’s speech today along with a busy economic calendar over the next couple of days.

From Bloomberg

"Tech stocks led an advance in US equity futures and traders looked ahead to remarks from Federal Reserve Chair Jerome Powell for clues on the outlook for interest rates.
Nasdaq 100 index contracts climbed 0.7%, buoyed by positive earnings news in the sector. S&P 500 contracts edged higher after the benchmark eked out its 55th record high of the year on Tuesday. The dollar strengthened and 10-year Treasury yields climbed.
French markets were relatively stable before Wednesday’s no-confidence vote that threatens to topple the government. South Korea’s won rebounded after President Yoon Suk Yeol rescinded his shock declaration of martial law.
Powell’s speech and US data on services and manufacturing will capture attention later in the build-up to Friday’s crucial update on the American labor market. Fed Bank of San Francisco President Mary Daly said a December rate reduction isn’t certain, but remains on the table.
“The Fed has been quite clear up until now in their signaling, so if they were going to pause Powell might give some signals because they won’t want to surprise the market,” said Guy Miller, chief strategist at Zurich Insurance. “But I do think they will cut by 25 basis points this month.” "

In REIT News

Mizuho upgrades MAC to Neutral from Underperform (raise price target by $8 to $22)
IRM priced $1.2 billion of 6.25 % Senior Notes due 2033 in a private placement and intends to use the net proceeds from the offering of the Notes to repay a portion of the outstanding borrowings under the Company’s revolving credit facility
AHT announced that it has signed a definitive agreement to sell the 315-room Courtyard Boston Downtown located in Boston, Massachusetts for $123.0 million ($390,500 per key) and when adjusted for the Company’s anticipated capital expenditures, the sale price represents a 5.9% capitalization rate on net operating income for the trailing twelve months ended September 30, 2024, or 14.3x Hotel EBITDA for the same time period
Yesterday morning, VTR announced that Brookdale Senior Living did not exercise its right to extend the term of the Master Lease between the companies for a renewal term commencing January 1, 2026 thus Brookdale no longer has a right to extend the lease term for any assets currently covered by the Master Lease and the Company intends to deploy its OITM platform and successful playbook to convert some or all of the attractive senior housing communities currently covered by the Master Lease to the Company’s Senior Housing Operating Portfolio structure and engage proven market-focused operators to manage the communities

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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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