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/

Today’s Newsletter (May 7th, 2026)

Futures in the green at the time of this writing as talking heads focus on the US/Iran potential peace deal with hopes that the Strait of Hormuz conflict will be resolved. The S&P continues to make new highs as oil, treasuries, economic data and earnings get attention.

In REIT News

• BMO upgrades PLD to Outperform from Market Perform (raise price target by $25 to $162)

• Compass Point downgrades XRN to Neutral from Buy (lower price target by $12 to $38)

• Alliance Global Partners downgrades MDV to Neutral from Buy (raise price target by $1 to $19)

• AMH, BHR, CLDT, COLD, EPR, FVR, HPP, HST, LAMR, LTC, MAC, O, OLP, RYN, SMA, SVC, TRNO, XRN announced quarterly earnings while AHR, CTRE, ONL, OUT, SITC announce after the close of trading and NLCP, STRW announces tomorrow morning before the open

• MAC acquired Annapolis Mall, a Class A retail center totaling approximately 1.5 million sf (1.2 million sf owned) in Annapolis, MD for $260 million plus the adjacent 13.1-acre vacant Sears parcel for $12 million

• XRN entered into purchase agreements relating to the acquisition of three seniors housing communities from affiliates of Silverstone Senior Living for an aggregate purchase price of $425 million where Silverstone will continue to play an active oversight role in the operations of the communities and Greystone will continue to manage the properties plus entered into an agreement providing for up to a $100 million delayed-draw convertible perpetual preferred equity investment led by Maewyn Capital Partners into its new 6.00% Series C Convertible Preferred Stock (subject to certain closing conditions) with an initial conversion price of $43.00/share of common stock plus Charles Fitzgerald will be appointed to its Board of Directors following the 2026 annual stockholders’ meeting on May 20th and cut its dividend by 36% to $.48/share for the quarter from $.75/share

• COLD announced with EQT the formation of a new JV focused on the ownership, operation, and potential development of high-quality cold storage warehouse facilities in North America where Americold will contribute 12 cold storage facilities that comprise approximately 124 million cubic sf to the JV with an aggregate value in excess of $1.3 billion at inception and EQT will acquire a 70% interest in the JV while Americold will retain a 30% equity interest and serve as day-to-day manager of the platform and Americold expects to receive approximately $1.1 billion in net cash proceeds from the transaction which is expected to be used to repay outstanding debt

• PKST announced that Brookfield Asset Management closed on its acquisition of the company in an all-cash transaction valued at approximately $1.2 billion where shareholders received $21/share

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Have a great day!

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.