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 5th, 2026)

Futures in the green at the time of this writing as talking heads focus on the Middle East war overhanging the market as oil and bonds once again in focus. Busy economic calendar and earnings day ahead as calm seems to have taken over (for now).

In REIT News

• UBS downgrades FRMI to Neutral from Buy (lower price target by $2 to $6)

• Yesterday, Cantor downgraded MDV to Neutral from Overweight (raised its price target by $1 to $19)

• Yesterday, Freedom Broker downgraded MDV to Hold from Buy (raised its price target by $1 to $19)

• Yesterday, Colliers Securities downgraded MDV to Hold from Buy (raised its price target by $1 to $18)

• Yesterday, Lucid Capital Markets downgraded MDV to Neutral from Buy (raised its price target by $1.50 to $19)

• AHRT, APLE, CSR, DHC, IIPR, NHI, SHO, VNO announced quarterly earnings while CHCT, DEI, DOC, GNL, GOOD, JBGS, NSA, PSTL announce after the close of trading while LINE, MRP announce tomorrow morning before the open

• HR announced that its operating partnership priced an upsized $600 million of 3.00% exchangeable senior notes due 2032 and intends to use (i) a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions; (ii) up to approximately $75.0 million of the net proceeds to repurchase shares of common stock concurrently with the pricing of the offering in privately negotiated transactions through one of the initial purchasers of the offering or its affiliate; and (iii) the remainder of the net proceeds from the offering, together with borrowings from its unsecured revolving credit facility, to repay outstanding indebtedness under its 3.500% Senior Notes due 2026 and the initial exchange rate is 43.4660 shares of class A common stock per $1,000 principal amount of notes which represents an initial exchange price of approximately $23.01/share

• AHRT announced the execution of an approximately 22,000 sf long-term office lease at Southern Post in Roswell, GA with Industrious

• NHI invested $106.9 million, including transaction costs, for the acquisition of seven properties with 532 units in Colorado and expects to make an additional investment of $3.6 million during the first year as it will be included in its Senior Housing Operating Portfolio segment and managed by Generations, LLC

• FCPT announced the acquisition of a Belle Tire property located in a strong retail corridor in Ohio for $2.4 million noting that the property is corporate-operated under a long-term, triple net lease with approximately five years of term remaining and priced at a 7.2% cap rate on rent as of the closing date and exclusive of transaction costs

• SITC announced the sale of Meadowmont Crossing (Chapel Hill, NC) for approximately $11.1 million prior to closing costs, prorations and other closing adjustments

• UDR announced that its Board of Directors has authorized increasing its share repurchase program by 25 million shares effective immediately which gives it the ability to repurchase a total of approximately 30 million shares equating to more than $1 billion at current share price levels

• NNN published its annual Corporate Sustainability Report which details its continued commitment to sustainable strategies and actions concerning environmental, social and governance issues

• Yesterday, Fitch Ratings downgraded CCI’s Issuer Default Rating and senior unsecured instrument ratings to “BBB” from “BBB+” following the close of the sale of its fiber and small cells businesses on May 1, 2026 plus the ratings have been removed from Rating Watch Negative and now has a stable outlook
  

Download today’s Daily REIT Beat here!

Welcome your comments and feedback.

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.