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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.
In Part 2, now turn to the laggards - including outright disappointments and in-line performers that failed to keep pace with the broader REIT rally.

In Part 1 of our Earnings Recap, we highlight the Winners of REIT Earnings Season and the key takeaways from roughly 200 reports across equity REITs, mortgage REITs, and homebuilders over the past six weeks.

The end of the "Rates Up, REITs Down" regime?

Even in a quarter where REITs broadly beat expectations, the real story was where the cracks refused to heal.

A wave of guidance raises, improving fundamentals, and renewed deal activity revealed the REIT sectors gaining the most momentum in 2026.

David Auerbach of Hoya Capital breaks down how REITs are staging a powerful comeback, defying rising rates and riding the HALO trade into a new recovery cycle.

In our Earnings Season Recap, we analyze and highlight the incremental positive and negative takeaways for each property sector, noting the best and worst performers during this earnings season.

Policy-driven fears around institutional ownership of housing sparked a sharp selloff in single-family rental REITs, but fundamentals and valuations suggest the reaction may be overdone.

REIT earnings just revealed a market split wide open. Some soared, some imploded.

Halftime in REIT earnings season, and despite one high-profile flop, the real estate scoreboard is flashing green.

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