The Daily REITBeat | Wednesday, November 6th, 2024

"Shockwave"

Good Morning!

Futures up more than a couple of percent across the board at the time of this writing as talking heads focus on Donald Trump’s victory in the Presidential election and significant movement in treasuries, commodities, crypto and foreign currency markets.

From Bloomberg

"Donald Trump’s victory in the US presidential election unleashed a shockwave in global markets as traders prepared for dramatic policy and economic change under the new administration.
S&P 500 futures climbed 1.9%, the dollar had its biggest gain since 2020 and Bitcoin spiked to a record. Tesla Inc., led by Trump’s biggest backer Elon Musk, surged 15% in premarket trading. US bonds tumbled on expectations of faster inflation, with 30-year yields jumping 20 basis points to 4.65%.
From London to Shanghai — investors around the world grappled with the far-reaching effects of a Trump presidency, which is expected to bring steep tariffs on imported products, worsen trade tensions with China and increase pressure on Europe to ramp up defense spending. The Mexican peso fell the most in three months and the euro led losses among Group-of-10 currencies.
“We’ve been talking about this Trump trade for a while. The fairly aggressive market reaction shows that investors didn’t know what to put on, and now they know,” Marvin Loh, senior macro strategist at State Street Global Markets, told Bloomberg TV. “A lot of us will be asking is which ones potentially have either a lot more to move or really does not yet reflect the type of administration.”"

In REIT News

Jefferies initiates RHP with a Buy rating ($130 price target)
AHT, IRM, LINE, LXP, MAC, MDV, NHI, OLP announced quarterly earnings
BHR, GMRE, GNL, HST, IIPR, LAND, PLYM, RLJ, RYN, SKT, SUI, SVC, TRNO, UMH, XHR announce earnings after the close of trading while CLDT, COLD, MPW announce tomorrow morning before the open
DLR announced that its limited partnership intends to offer, subject to market and other conditions, $1,000,000,000 aggregate principal amount of exchangeable senior notes due 2029 and intends to use the net proceeds from the offering to temporarily repay borrowings outstanding under its global revolving credit facilities, acquire additional properties or businesses, fund development opportunities, and to provide for working capital and other general corporate purposes, including potentially for the repayment of other debt or the repurchase, redemption, or retirement of outstanding debt securities, or a combination of the foregoing
MAC announced that Daniel E. Swanstrom II will become the Chief Financial Officer effective November 16, 2024 as Scott Kingsmore, the current Chief Financial Officer, will transition to the role of Senior Advisor effective November 16, 2024 and remain with the Company through December 31, 2024 to assist in the transition
NHI announced that W. Andrew "Andy" Adams has notified the Board of Directors that he plans to retire as Chairman of the Board effective December 31, 2024
AHT entered into an amendment to its strategic financing that will reduce the exit fee from 15.0% to 12.5% of the original loan balance through December 15, 2024, provided that the outstanding loan balance has been reduced to $50 million or less by November 15, 2024.

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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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