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- The Daily REITBeat | Monday, May 4th, 2026
The Daily REITBeat | Monday, May 4th, 2026
"A Flare Up?"
David Auerbach
May 04, 2026
Various Initiatives and Website Links
Hoya Capital: www.hoyacapital.com
4800 Partners (REIT IR/Marketing/PR/Story Telling): www.4800partners.com
All the REIT Jobs Website: www.allthereitjobs.com
B-A-N-D Visual Storytelling: www.b-a-n-d.com/reit
REIT TV: www.reittv.com
REIT Academy: https://reitacademy.com/
Futures in the red at the time of this writing as talking heads focus on rising tensions once again in the Middle East as oil prices move higher following conflicting reports of an Iranian attack on a U.S. warship and as Iranian media was reporting that a ship was turned back from the Strait of Hormuz. A big week of earnings and economic data ahead as well.
From Bloomberg
"US futures whipsawed and crude oil spiked higher as tensions flared up in the Middle East, taking the focus off a run of strong earnings by megacap tech companies.
Contracts on the Nasdaq 100 and S&P 500 fell as much as 0.5% each after Iran’s Fars agency claimed two missiles hit an American patrol boat, before erasing most of the declines after the US denied a ship was hit. Brent crude surged more than 5% to trade above $113 a barrel before paring the gain.
Iran moved to assert control over the Strait of Hormuz, a choke point for oil shipping, after President Donald Trump said the US would begin guiding ships not involved in the conflict through the waterway from Monday. The heightened tensions stalled a global stocks rally driven by optimism around the artificial intelligence trade and buoyant tech earnings. But the quick recovery from session lows suggested the rally may not be over.
Global stocks have been rising for more than a month as traders mostly set aside concerns about the economic fallout from the Middle East hostilities, with signs of corporate resilience driving US stocks to their best month since 2020. The proportion of companies missing analysts’ estimates is hovering at the lowest level since 2021 as earnings wind down for two-thirds of the stocks in the S&P 500 Index, which has posted five consecutive week of gains.”
In REIT News
Piper Sandler upgrades ESS to Overweight from Neutral (raise price target by $35 to $310)
Baird downgrades ARE to Neutral from Outperform (lower price target by $21 to $46)
On Friday, RBC downgraded SAFE to Sector Perform from Outperform (lowered price target by $2 to $16)
ALX, RLJ announced quarterly earnings while AHRT, APLE, CSR, IIPR, NHI, VNO announce after the close of trading and SHO announces tomorrow morning before the open
GNL/MDV entered into a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valued at an enterprise value of approximately $535 million where holders of Modiv common stock and OP units will receive 1.975 newly-issued shares of GNL common stock or OP units for each share of Modiv common stock or OP unit they hold at the closing of the transaction representing a total consideration of approximately $18.82/Modiv share based on GNL’s closing share price as of May 1, 2026 which represents a 17% premium to Modiv’s closing share price on May 1, 2026, the last full trading day prior to the transaction announcement, and a 28% premium to Modiv’s unaffected share price prior to its January 20, 2026 strategic update
DRH announced the sale of its leasehold interest in the 189-room Courtyard by Marriott New York Manhattan/Fifth Avenue for $33.0 million which represents a 6.3x multiple on 2025 Hotel Adjusted EBITDA and a 13.3% capitalization rate on 2025 Hotel Net Operating Income and lowers 2026 Adjusted FFO guidance to $1.10-$1.16/share from $1.12-$1.18/share
On Friday, CBL completed the refinancing of Fayette Mall, a dominant super-regional enclosed mall located in Lexington, KY as the financing replaces the existing $98.6 million loan with a new $97.5 million, five‑year non-recourse CMBS loan with a fixed interest rate of approximately 7.25%
On Friday, CCI announced the successful close of the transaction to sell its Fiber Solutions business to Zayo Group Holdings Inc. and its Small Cell business to Arium Networks for $8.5 billion, or approximately $8.4 billion net of preliminary adjustments under the stock purchase agreement and consistent with prior disclosures, the Company expects to use a portion of the sale proceeds to repurchase $1.0 billion of shares under its stock repurchase program approved by its Board of Directors effective May 1, 2026, and reduce outstanding debt by more than $7.0 billion plus raises 2026 Adjusted FFO guidance to $4.53-$4.65/share from $4.38-$4.49/share
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David Auerbach
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). Additionally, he acts as a consultant with 4800 Partners focusing on corporate access in the REIT industry.
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: REAI).
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, Barron’s, Commercial Observer, Bisnow, CoStar, REIT.com, and GlobeSt.com. He has also made notable appearances as a featured guest on networks like Yahoo Finance, Schwab Network, 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.