The Daily REITBeat | Wednesday, October 30th, 2024

"Underlying Resilience?"

Good Morning!

Dow futures down over 50 points at the time of this writing as talking heads focus on a big slate of corporate earnings, economic reports, and the upcoming election. Things are heating up.

From Bloomberg

"US equity futures fluctuated as investors sifted through corporate earnings, with results from Microsoft Corp. and Meta Platforms Inc. coming later in the day. Gold and Bitcoin traded near all-time highs.
Alphabet Inc. rallied more than 5% in premarket trading after the Google parent’s earnings beat estimates, while Advanced Micro Devices Inc. sank 8% after a lackluster revenue forecast. Eli Lilly & Co. tumbled 10% after sales of its blockbuster weight-loss drug fell short of expectations. Qorvo Inc., whose biggest customer is Apple Inc., tumbled 19% after forecasting revenue and profit far short of estimates.
Just about a week away from the Fed’s decision, investors are turning their focus to three high-profile reports in the US that look set to show underlying resilience in the economy and a temporary hiccup in job growth. They’re also positioning for a too-close-to-call US presidential election on Nov. 5.
“The mood in the market today feels more like the calm before the next storm,” said Hebe Chen, a market analyst at IG Markets Ltd. “Traders are on edge, bracing for the incoming tide of uncertainties from multiple sources,” including the US election and major tech earnings.
A Bloomberg gauge of the dollar snapped a three-day advance, and Treasury yields fell."

In REIT News

Raymond James upgrades CTO to Strong Buy from Outperform (raise price target by $2 to $24)
Raymond James downgrades ROIC to Market Perform from Outperform
AAT, AMH, BXP, CHCT, CTRE, ESS, EXR, FSP, HR, ILPT, IVT, JBGS, PK, SITC, STAG, UE, WPC announced quarterly earnings
BNL, EPR, EQIX, EQR, FCPT, FPI, FRT, INVH, IRT, KRG, MAA, NSA, OHI, OPI, PGRE, PSA, UDR, VRE, VTR, WSR announce earnings after the close of trading while CIO, KIM, NNN, UNIT announce tomorrow morning before the open
AMH announced that in October 2024, the Company acquired a portfolio of nearly 1,700 single-family rental homes across 13 markets for approximately $480 million and funded the transaction through a combination of cash on hand and its previously undrawn revolving credit facility
CTRE announced that, together with a joint venture partner, it has entered into a binding agreement to acquire a portfolio of 31 skilled nursing facilities with a total of 3,290 licensed beds for a purchase price of approximately $500 million anticipates that the transaction will close in the fourth quarter of 2024
ESRT signed a full floor, 26,782 sf expansion lease with law firm Hecker Fink LLP for a total of 53,779 sf of office space across two floors at the iconic Empire State Building
Blackwells Capital LLC released a letter to BHR shareholders that “Brancous LP1 has issued several public letters to Braemar. While Brancous is free to have its say as a shareholder of the Company, we believe its accusations and inferences are increasingly alarmist in nature, and without merit. Left uncorrected, Blackwells is concerned these accusations could have a negative impact on Braemar’s business… Blackwells calls on Brancous and all shareholders to join us in voting in favor of the enhanced Board and management team as they unlock value for all shareholders.”
Moody’s withdrew the “B3” corporate family rating and “SGL-3” speculative liquidity rating of CBL’s limited partnership along with its stable outlook as “we believe we have insufficient or otherwise inadequate information to support the maintenance of the rating(s)”
AKR announced 1) with TPG Real Estate a joint venture to acquire the LINQ Promenade in Las Vegas, NV from Caesars Entertainment for $275 million and 2) with Cohen & Steers that they have entered a joint venture to own The Walk at Highwoods, an open-air community shopping center in Tampa, FL noting that it is a 141,000 sf power center located approximately 20 miles northeast of downtown Tampa in a high-growth suburban area and is fully occupied by national and local retailers and tenants including HomeGoods, Michael’s, Dunkin’, F45 Training, and European Wax Center

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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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