REIT Resilience In A Challenging Market With David Auerbach

David Auerbach dives into the complex world of REITs to explain why the sector is outperforming the broader market despite massive geopolitical uncertainty. He breaks down why high-quality REITs are currently trading at a significant discount to their net asset value.Get started with iREIT + Hoya Capital today!Follow Hoya Capital on Seeking Alpha!This video's transcript was generated by a third party. It is not curated or reviewed and is provided for convenience and information purposes only. The accuracy and completeness of the transcript are not guaranteed.Daniel Snyder: Hey everyone, Daniel Snyder here from Seeking Alpha. Thank you for taking the time to check out this video. We are diving into the world of REITS with none other than David Auerbach from iREIT and Hoya Capital. You know them here on Seeking Alpha, you know them elsewhere because they have a global presence. And I'm excited to jump in with an update. As you know, we did talk to them a few months ago, but everything in the world has changed with the war in Iran and what's going on with the prices of oil and interest rates and what's to come. So, we're going to dive into conversation with them today. But before we do that, let's get a quick legal disclaimer out of the way.Past performance is no guarantee of future results. Any views or opinions expressed in the webinar do not reflect those of Seeking Alpha as a whole. Seeking Alpha does not take account of your objectives or your financial situation and does not offer any personalized investment advice. Seeking Alpha is not a licensed securities dealer, broker, US investment advisor, or investment bank. Information provided by the investing group does not constitute investment advice. Investing group leaders are third-party authors that include both professional investors and individual investors who may not be licensed or certified by any institution or regulatory body. Any content and tools on the platform are offered for informational purposes only. Now, with that out of the way, I'm going to step back because we have David here with us today to talk everything REITs. And obviously, there's so many different angles we can take this, and it feels like every time I get to talk to you, we're talking about a little different industries within the REIT world. But this time I want to take that global view of the entire REIT sector because I think the big question on everybody's mind watching headlines fly left and right left and right about the oil prices and what's going on with the Straight of Hormuz and what is that going to do for inflation. And is the Fed going to hike rates or are they going to stay pause, are they going to cut, we don't know. It feels like so much uncertainty is going on. So David, I'd love to join the or start the conversation off with that. Where interest rates heading, how is that going to affect the REIT sector, the cost of capital and everything else, and how do we manage as investors from here?David Auerbach: We could spend 30 minutes alone on that topic right there. I'll tell you, much has changed since we last visited each other in December of 2025. And though day-to-day market movements are driven by tweets on Truth Social and other social media platforms, as my wife likes to joke I say a lot, you've got to peel back the layers of the onion to the company level of these REITs and look at how fundamentals are performing.So to answer your question, performance is being macro driven by what's going on out there. However, the performance has actually been holding up relatively well to the other broader-based indices. Right now at this point, the REITs have outperformed the broader markets by about 6% to 7%, give or take, and we're still have we still have a long way to go to catch up from the outperformance of the S&P versus the REITs over the past couple of years. But as you've mentioned, rising oil prices, the conflict in Iran, oil, etc., is drawing increased renewed attention to inflation, which indirectly is leaning on the REIT sector as a whole. But at this point, 13 of the 20 sub-sectors that we follow are in the green this year. There's some real standout sectors that are out there. But at the end of the day, 33 REITs have raised their dividend so far this year, some of them by double digits in fact. And you know we're about to hit first-quarter earnings season here, where I think we're going to get a lot of commentary as far as what the leasing outlook looks like, let's say the impact of AI on operations and outlook. And when it's all said and done, I think the goal of these management teams will be to satiate investors saying the sky isn't falling, it's business as usual, we're signing leases, we're growing our earnings, sit back and collect your dividend income stream. And whatever happens with stock price appreciation is the extra cherry on top of the Sunday. But REIT M&A activity remains alive and well, we'll talk about that. REIT debt issuance equity issuance remains alive and well, it's business as usual. So I think a lot of these companies are basically putting on the blinders and ignoring the day-to-day headlines and focusing on the business at hand.DS: David, that's that's a great point. I want to follow up from the last time as well because over the last few years, we've been talking about it together about the increase in interest rates at the fastest rate in history that happened just a few years ago. And how that has completely wrecked the REIT sector on top of commercial REITs and the worries that we saw there and people saying that office was never coming back. And you're looking at things like shopping malls that continue to find their way through this environment, which is increasingly just amazing to me because, you know, we never knew if the shopper was going to go back, everything's going digital. But you're saying that these properties, these REITs are choosing these properties is more about the quality of the actual REIT properties that they own rather than just the interest rate and what's happening in the interest rate world, right?DA: Yeah, absolutely, and I think, you know, one thing to mention is that when you think about the long-term average of the 10-year having a 3 handle and we're sitting here around 4:30, 4:40 pick the day, pick the time, you know, any movement that the REITs can go back to that 4 sub-4 level only provides tailwinds for the sector to continue to move forward. That being said, look, we're having this conversation through a data center REIT. We didn't think about where the 10-year Treasury was at and where the Fed Funds interest rate was before we hit the record button on this conversation today. So that means one of two REITs, Digital or Equinix, are earning data center revenue, translation, shareholders are earning dividend income from you and I having this conversation right now.P.S., how many of these conversations are happening on Zoom and Teams and Google Meet and pick your favorite platform right at this moment frankly worldwide? And the answer is a lot. So think about that revenue machine/dividend machine that's turning ignoring what's going on in the broader environment that's out there. And as we've liked to say for a long time, these REITs own the best properties at the best intersections with long-term leases in place, they know what the property across the street is worth, they know what the new property down the block is worth, they know the local landscape so well that they're really able to stay on top of pricing movement and fluctuations and frankly go where the people are going. Where's that puck going and how do we go to where our consumers are moving to?DS: Now, data centers is unique. Right, I feel like a lot of people have focused on data centers or senior housing within the last few years. Those seem to be like the hot ones that everybody's like, Oh, well that's just a no-brainer, right? Because capital is being flown at data centers and and there's the baby boomer generation going into retirement and senior housing is definitely going to be something going forward for quite a while. It seems like those might be overvalued or overstretched. Or is it more ready for the investor to say no, it's time to double down on those even though interest rates might potentially hike again. Or are we okay saying, Okay, now it's time to rotate into other industries within the REIT world, no matter what rates do at this point?DA: You know, I think it's frankly a little bit of both of that to be honest. There are some sectors that are doing very well. You know, as we like to say with all of these sub-sectors that are out there, they're all in various stages of the real estate recovery cycle. Or as I've used the analogy of the REITs being the graduating class in high school. So there's companies that are out there like a Welltower or a Public Storage that they're just firing on all cylinders, it's business as usual. And then if you look into the other side of the equation, you know, the REITs that are over-levered that aren't investment grade that are small-cap micro-cap, you know, it takes a lot for them to kind of get over that hump versus for some of these other large large players that are out there, you know, it takes a big deal for them to really move the needle.So there are opportunities frankly in all 20 of these sub-sectors that are out there. But again as I like to go back and say, when you think about investing in REITs, I like to say ignore the day-to-day noise because you need to think about the long-term income stream that these dividends pay out and provide to you. Case in point, Realty Income, the monthly dividend company and their track record of basically paying growing consistent monthly dividends over the course of time. So you as the REIT investor who owns Realty Income for 5, 10, 20, 30, 50 years and think about the amount of earnings potential you have when you compound those dividends, you're able to frankly ignore some of this day-to-day noise, a six-week conflict, a year-long COVID spell, whatever it is so long as that, again, that dividend payout maintains its consistent track record.DS: I'm glad you broke up or brought up all the different areas of the REIT, and you say 20. I mean, these are all going to be affected differently based off of what's happening in geopolitical risk, right? Obviously, you know, commodities currency ETFs with crude oil up 50.4%. I mean, if the war ends tomorrow, oil drops and then maybe we don't worry about inflation again and we can get back to maybe steady for longer and the Fed just keeps rates where they are. But I got to think about there's going to be eventually a cut or a hike. And out of those, when you start looking across all of these, you know, farmland, strip centers, cell towers, timber, cold storage. I mean, which one should investors be hyper-focused on with where everybody over at iREIT and Hoya Capital thinks where rates are going and how that might affect the we'll get into the capital and how they're raising capital. Like, which one stands to benefit the best?DA: I mean again as I mentioned, there's great stories in all of these sectors. But if you're looking at the top performers list so far, clearly farmland is one that jumps out because we're not building more land. So that's just a very simple way to basically combat inflation hedge is owning land. And so that's a very easy story. When you look at stories like retail or senior housing, some of those sectors that were out of favor a couple of years ago are the shining stars these days. And there's a variety of reasons for every sector that's out there, but really what it all boils down to is lack of new supply, especially in terms of senior housing and retail.A great example is look at Tanger, SKT, they're what used to be like a factory outlet mall REIT, now they consider themselves an exponential retail offering. Look go look at any of the interviews that their CEO Steven Yalof has done on CNBC or Bloomberg and he always emphasizes the point that our real estate is more valuable today than it was yesterday because there's not a lot of any new supply that's coming online. So those offerings continue to add value to that company. Same thing with senior housing, it's a major under-supplied sector that's out there where we're seeing so many new consumers, you know, consuming that product frankly every single day or year, look at the rise of baby boomers, Gen X, Millennials, etc., that are going to be using these properties down the road, there simply just isn't enough inventory for those next generations of consumers to utilize those properties. So again that's a sector that's ripe for redevelopment and growth and expansion and again as I mentioned you look at stories like a Welltower or a Care Trust or a very unique small-cap REIT called Strawberry Fields, these are companies that are growing pretty significantly taking advantage of a huge sector that's in demand right now.Same thing with net lease again companies that are basically growing by double digits very active on the acquisition front, you know, it's just very interesting to see this layout here. I think more importantly though, look at the 35% spread of performance between data centers to office year-to-date so far when a lot of these sectors including office have actually seen a lot of good headlines coming out that the stock price is not indicate indicative of true fundamentals and what's going on at the company. Let me touch on office for a second.We talked about the death of office, AI taking all of our jobs, the list goes on and on. There's a New York office REIT called SL Green, their CEO's name was Marc Holliday, he was on CNBC just a couple of weeks ago talking about all the leasing that they've been doing recently, couple of which has been to AI firms. To the point that One Madison, one of their newest properties, is now 100% leased up. One Vanderbilt, their other flagship property, on basically 100% leased up.

And Alex Goldfarb, he's an analyst at Piper Sandler, had a great note out a couple weeks ago, he was also on CNBC, we did a great webinar with him, you could find that on our channels, where he's talking about for those that are concerned about the death of office, look who the consumer is of office leases right now, it is these AI firms, these technology firms.And the two markets that he points to that have been in, you know, significant distress over the past few years that have turned the corner and coming back are New York and San Francisco. So as a result, there's that trickle-down effect, with the office lease demand comes to employees, comes new apartments, comes new retail spending at the various properties around the property, etc. So it kind of has this trickle-down effect that a lot of sectors benefit as we continue to see, you know, some tailwinds moving into this sector. But you know, again, New York is kind of a, you know, a beast of its own compared to the rest of the country, and we can look at some of these other sectors that are out there.But I think one one term that's been kicked around a lot over the past several months is this HALO.

Heavy Assets Low Obsolescence, we can credit Josh Brown for that. And when you look at some of the sectors that are out there, like self-storage is a good example, Public Storage with just announced a merger recently with National Storage Affiliates, ticker NSA. So for those that are concerned about AI taking over the world, there are aspects that it will benefit storage as far as, you know, optimal pricing, interacting with an agent online, controlling utilities at the property level.But let me ask you a dumb question. Is AI going to move that stuff into your storage unit for you? How do you automate moving the physical labor of product from A to B? You can't. Is AI going to physically move you into an apartment property? No. So there's still going to be human element and human use of all of these properties that are out there that again it goes back to this day-to-day noise, let's actually dig into it, look at the story and realize this is something that should weather, you know, time. And for those that are concerned about AI, a lot of the analysts are talking about this is Internet 2.0. Meaning go back to the '90s, people were afraid that the internet was going to put out a lot of these bricks-and-mortar businesses, everything was going to the internet and of course a lot of these companies to adapt to survive and thrive. And I think you're kind of seeing the same thing with AI all over again. It's forcing a lot of these companies to adapt to survive and thrive.DS: David, that's really great. I'd love to to pivot a little bit here talk about the M&A in the space because obviously if people are saying office is coming back or or there's opportunities left and right here there's obviously got to be a lot of M&A or IPO activity starting to pick up right. If if you're saying this is the case for, you know, get past the noise, we're kind of maybe at a bottom if you will, maybe not to use that terminology exactly, but you would imagine that there's management companies out there either using their cash pile or raising capital and going out and doing some M&A. What's the status of the market there?DA: So again, another topic we could spend 30 minutes on. With so many of these REITs trading at discounts to net asset value, meaning the stock prices are trading less than where the property values are actually worth, we're seeing a lot of these management team what they say explore strategic alternatives. We're going to sell parts of our portfolio. We're going to sell public to private, private to public. We're going to figure out ways to unlock value for our shareholders. So we have one more merger to be shown on this table that is not included here, when Two Harbors announced last week that it's merging I believe with what's called CrossCountry, TWO, yeah, CrossCountry Mortgage. So that's one additional merger that's five mergers.We have some good context here. By the way, one other point, we did see a huge REIT IPO that came to public just a couple weeks ago with HealthPeak Properties spinning off of their senior housing portfolio into Janus Living, which became like the second third largest REIT IPO in the in the past history, recent history. But to answer your question about M&A, over the past six months, a dozen REITs have been agreed to sell or liquidate, eight acquisitions by private equity firms or non-REIT, three REIT-to-REIT mergers, and two announced liquidations. And we've got about a handful, call it six to 10 REITs that are in this exploring strategic alternatives including potential sale transactions.So there is a lot of M&A activity that's out there. And by the way, REITs are a momentum-based sector. So if, if, if, if economic conditions improve, the market improves, interest rates improve, all these other things, we could be seeing a lot more M&A activity. Sectors to keep an eye on frankly would be office, it would be net lease, it would be hotels, you know, these are sectors that you're seeing frankly so many players that are out there and it you know really it's a game of have and have-nots. Those large REITs that have balance sheet strength that they can go out and raise investment grade debt you know at the blink of an eye can easily build up a war chest to go out after one of these smaller companies, which is similar to what Public Storage did acquiring National Storage and that was a 10-and-a-half-billion-dollar enterprise deal in an all-stock transaction.DS: So how many of these, I mean obviously you have mentioned on here the Blackstone table as well and I look over to the other side and of course there's quite a bit of private equity which we're, you know, if you're following headlines, you see that there's some worries in the private equity market, private capital market. Um, how big are these players? Is there any worries for you from the private capital markets or blacks is Blackstone the majority buyer of assets right now? Are they just trying to like snatch up for their portfolio or is it more diverse from what you're seeing?DA: Again, it's a little bit of both. It's mostly Blackstone but then there's Starwood and KKR and some of these other private equity players that are out there. I do think right now though, the Blackstones and those guys have kind of put the pause on things because frankly they've got some more important issues to work out on the other side of the building with the private credit guys. And I know it's separate businesses, there's a wall, there's a line drawn, whatever you want to call it, but, you know, if Blackstone goes away, we've got much bigger issues that are out there than Blackstone going away, if that makes sense.But you do see private equity being very active in this. And I think it's getting to the point because we've seen some distress in some of these private guys, and because some of these private players have variable-rate debt versus a lot of these REITs that have fixed-rate debt in place, that as these private guys are out there refinancing properties, it's going to be the public traded players on the other side of the table buying these properties from them. So again, this could lead to more opportunities for these REITs to be buying and growing their portfolio.DS: Yeah. And we hope that they they do keep those departments obviously separate, but as you know when you're running a business, a little issue on one side can affect other. So that's why I brought that up for you. But I was hoping you could talk to us about the cost of capital right now. Where these REITs are, debt being their fixed rates versus variable rates as you were talking about. What's the status of REITs because obviously capital, you need to raise capital, you need to grow the company and you need to be able to push for higher leases and pay those dividend yields. It's kind of where I'm going with this. So can you walk us through the cost of balance and then we can talk about dividends as well?DA: Yeah, you know, again it's for those that are investment grade rated, you know, it's very easy for them to go out there and raise money. It is not hard for a REIT to raise, you know, frankly billions and billions and billions of dollars in the blink of an eye. We are seeing, again, the conflict has kind of put a pause on debt raising since the 10-year has moved significantly in that time. But, you know, if we're in a perfect environment and the, you know, it's business as usual, you would be seeing a lot more of these guys going to market. Again go pre-crisis the REITs were raising tens of billions of dollars in fixed-rate debt.I think that's something that's very key because that's how they're able to go out there and grow their portfolios is using this debt. Um, so that's one thing to think about. The, sorry, I'm just trying to get the data point so I can make sure I give you the right data here. With a lot of these REITs currently where they trade at right now, we do say that when you look at the corporate bond index right now they obviously one other thing is to concern about default, especially in like office REITs or residential and some of these other things. Again when you look at how the properties are being refinanced today versus where they were a couple of years ago.But I think when you're a small-cap REIT or a micro-cap REIT, it's a lot harder for you to achieve those debt levels and attractive price debt versus again a Public Storage or a Welltower, it's a really big difference that's out there. Um, but we are seeing, you know, these REITs as a whole as I mentioned basically trading at a discount here that that cost of currency makes it let's say a little bit less attractive to go out and do a stock-for-stock deal. And so that's why you're seeing these guys, or excuse me doing an all-cash deal because again technically it's it's hard to be buying stuff at a discount here if that makes sense.I do think that this is something that could frankly again change in, you know, should the conflict end very quickly, this is something that's going to be turning around like, you know, the next day, the next week type of story. Um, but it's kind of a take it a day-by-day situation here right now and looking at the balance sheet strength of a lot of these companies. And I think one thing to kind of play out with balance sheet is looking at dividends, that these guys are still low on the dividend payout where they were versus pre-COVID, that they're keeping more cash on the balance sheet for a rainy day. And so as a result, they're not necessarily being as aggressive going out there trying to pay it all to shareholders when they're trying to use it for opportunities that are out there. But when you look at where REITs are trading versus where they were pre-financial crisis, pre-COVID, I mean the REITs are still trading at a discount as a whole to where they were that it provides some great opportunities. You know my favorite example is looking at the Empire State Building.

The Empire State Realty Trust trades around $5 a share right now and not that I know anything but I think the Empire State Building is worth more than $5 a share. And so that's just kind of a unique situation here when you look at the value of these assets that some of these companies own versus where their stock prices are trading that there's a real opportunity to you know own some of the best real estate across the country if not the world, if you own a Prologis, an Equinix, a Digital, some of these guys that have a global footprint, you know where you can really be getting what they call generational wealth looking at some of these names today.DS: Well said. I wanted to loop it back though for these dividends. Roughly 35 dividend increases through the first quarter as you mentioned earlier we're about to go into earning season again for these companies are you hoping, expecting management to come out continue to increase their dividends, reward the investors, reward the shareholders and show that confidence going forward through the end of the year?DA: Absolutely. You know we had 60, 70 REITs that raised their dividends last year. So yeah we would expect that to continue through this year. And you're going to see it again in the net lease names, in the industrial names, you're going to see many of these companies continue to raise guidance and raise their dividends. But I think the key is frankly the commentary and the outlook from these companies on a go-ahead look forward basis, meaning how much are they leasing today for what's going to be occupied next year or the year after. How much are the debt are they refinancing today or tomorrow that's coming due next year or the year after.It's how are you playing offense today looking down the field what's coming a year or two from now. Some of these investors that are out there like the institutional folks or some of the research analysts when they make their investment decisions it's not what's happening today it's what is this company going to be like two, three, five years from today and I make my investment decisions on where they're going to be two to three years down the road. And I think that's very interesting because again when you kind of look at COVID as the example when REITs were getting paid their rent a lot of the tenants were like you know what we're going to get through this, we're going to come out of this on the other side. And we've been through many of these cycles before, whether it was 9/11, housing crisis '08, '09, long-term capital management, the S&L crisis of the '80s, the list goes on and on.We have this issue, we navigate the water, we come out the other side and we learn what work and what didn't work. So that when that next event happens, the next COVID, the next macro war, whatever it is, we know what to go to in the playbook to see what works. And again, I use that dividend example coming out of COVID as a perfect example where instead of having too high of a payout ratio, let's lower our payout, let's have money on the balance sheet for a rainy day so that when a distressed opportunity presents itself, we can get this we could pick off this opportunity for pennies on the dollar potentially and that's going to drive earnings for the next 10, 20 plus years.DS: Yeah, thank you, David. Uh, before we obviously start to wrap up here a second, I do want to mention because there's a lot of industries, there's a lot of sectors within the REIT world and everybody over at iREIT and Hoya Capital are constantly updating their portfolio your portfolios, you got your two ETFs, the high yield dividend ETF, you've also have the house homes index and the housing ETF that's provided through you guys. So everyone I highly encourage you to go check out iREIT and Hoya Capital here on Seeking Alpha, go get their research, they're constantly communicating and writing new research about what's going on in the world of REITs if that's what's interesting to you. And they keep you updated about dividend payout ratios, interest rates, what they're expecting, which obviously you heard in conversation here today. Now, I have to ask you David, since we we've got you here. As I mentioned you have the homes index which is which is about housing we were talking about supply constraints earlier. What's the biggest risk especially for that sort of area of the market right as we see the apartments are starting to kind of get hit, but also you're looking at well how do we get more supply in America for all the people that need these places to live. What's kind of the growth versus risk story specifically around homes?DA: Again, another topic we could spend a full 30 minutes going through there's just so much to unpack there. Um, from a very high level right now the big story is obviously what's going on in Washington with single-family rentals and that affordability angle. We have said and gotten media coverage quoted in Barron's talking about it in that we think the REITs are going to be isolated from any potential legislation that's out there because REITs are institutional investors. But to answer your question, you know, this is a perfect tee-up for kind of how we do our business here looking at this macro environment that's out there.Home affordability is still out there for so many people that can't buy a home. Interest rates are elevated, they're going to continue to remain elevated, mortgage rates, etc. because of what's going on. Because we don't have an affordable product that's out there for everybody that's, you know, to benefit, that's why the apartments, the single-family rental REITs will continue to benefit from that runoff of demand. Are there supply concerns? Sure, in some markets versus other, but that supply situation is going to work itself out. When you look at apartments in 2025, the mantra was heads in beds, let's lease the properties, let's get them in here if we have to offer concessions, if we have to figure out ways to incentivize potential renters to move into our properties, let's do it.And what kind of gets pushed aside but the companies are very transparent reporting is those renewal rents for the person that's been in that property for over a year because I'm sure you know what a pain in the butt it is to move from a property to property they are able to push through some rent increases to those existing tenants and push the bottom line. But again when you look at some markets that are doing well versus other you know if I told you that Chicago was the one of the top performing rental markets in the country you'd be surprised by that versus where we were expected to think that it's in Texas and the Sun Belt and it's actually in a lot of markets that you aren't expecting. So again it's where are the people moving, what's the stickiness of that tenant, etc. that we see opportunities in a lot of these names in some of the home builders and other sectors that are out there because of this supply demand imbalance that exists in the world of housing.And again we get headlines from the Home Depots of the world, the Lowes' of the world, you know, that they kind of go through their own recovery cycle it seems like every single year as well. And so, you know, when you can't go out and buy that new house what are you going to do? You're going to invest in your existing property. So the Homes and the Lowes and the Restoration Hardwares and all those guys benefit because of the projects that you're doing at home to upkeep your houses an example. Um, until we see mortgage rates with a 5 handle, until home prices come in, until we see a huge boost in supply of affordable homes, until we see a nationwide manufactured housing player coast-to-coast that's filling in these gaps that are out there, if, if, if, if... I mean, again, it's all about ifs. But until we see a lot of these stars line up, this housing situation is not going to be changing anytime soon.DS: Hmm. Wow. That's pretty impactful to let's keep it on that for just a dwell at the end. But I did want to show everybody real quick I was trying to find the slide here a second ago for your two ETFs that I mentioned earlier. Obviously if you're watching this video here on Seeking Alpha, there'll be links beneath this video where we we'll link to the symbol pages here HOMZ is that housing ETF by Hoya Capital and of course RIET is the high dividend yield ETF as well. David, I can't thank you enough for your time today. Uh, there's a lot going on. Obviously we can't predict when the war's going to end, we can't predict where oil's going to end up or or how interest rates are going to be affected, but we do know that you and the team are always highlighting great companies, strong management companies by strong management within these companies, great properties that they hold, the the pressure of being able to put through those lease and reward shareholders. So can't thank you enough for your knowledge and your time today. Uh, I want to give the floor to you. Is there anything you would like to say here at the end of the video before we go ahead wrap up?DA: Thank you for the kind words. I always love getting together and chatting about this. Look, we're not here to sell anything, we're here to educate. That's what we do at Hoya Capital is educate about these 20 sub-sectors the 200 publicly traded REITs that are out there whether it's our daily notes, our weekly publication, our monthlys, our quarterlys, our annuals. We publish more REIT research I think than any ETF issuer or frankly any shop that's out there on Wall Street because there's so much to learn about our sector. As I mentioned, with all these companies in different stages of the recovery cycle and so many stories that are not being covered by your favorite media outlet such as CNBC and Bloomberg, we're here to highlight all the good. That's why you'll see us so active on a Seeking Alpha, a LinkedIn, a Twitter because we're out there trying to highlight all the great stories that frankly happen every single day that get no media attention and as I've mentioned before, it's business as usual for these companies. Their job is to focus on growing earnings, growing guidance, growing dividends because remember management teams own a lot of stock just like shareholders do. And so as their quarterly bonus goes up if they raise the dividend by 10%, their quarterly bonus goes up by 10% which means they want to do just as well as you the investor does. So sit back, let the noise play itself out, focus on the long-term leases that these REITs have in place and that income stream that's going to eventually flow through to your pocket in the form of dividends.DS: And David, you're not afraid to rustle feathers on your LinkedIn post as I saw recently. So appreciate you guys for battling in the trenches and being here for us. Everyone, iREIT and Hoya Capital, David Auerbach, Chief Investment Officer and I'm Daniel Snyder. Thank you for watching this video. See you in the next one.Get started with iREIT + Hoya Capital today!Follow Hoya Capital on Seeking Alpha!