The Daily REIT Beat Newsletter

📅 #REIT Headlines -- December 13, 2024 📅 📊 Morgan Stanley initiates Sonida Senior Living with an Equalweight rating setting a $25 price target 📈 JPMorgan upgrades Gaming and Leisure Properties, Inc. to Overweight from Neutral and raises price target by $5 to $54 📉 JPMorgan downgrades Ryman Hospitality Properties to Underweight from Neutral and maintains $100 price target 💰 Cousins Properties prices $400 million of 5.375% senior unsecured notes due 2032 * Net proceeds to fund Sail Tower acquisition & repay borrowings 🏢 Four Corners Property Trust acquires Panera Bread property in Indiana for $2 million * Cap Rate: 6.8% on rent at closing * Lease: Corporate-operated, 4 years remaining 💰 Farmland Partners Inc. announces $1.15/share special dividend * Payable in cash on January 8, 2025 to shareholders of record on December 23, 2024 📈 S&P Global upgrades CareTrust REIT’s issuer credit rating to BB+ from BB * Unsecured notes upgraded to BBB- from BB * Outlook: Stable 🏗️ Terreno Realty Corporation acquires industrial property in Red Hook, Brooklyn, NY * Purchase Price: $156.3 million * Leasable Area: 312,000 sf * Estimated Cap Rate: 4.8% 🚚 Americold Realty & Canadian Pacific Kansas City explore co-development opportunities in Mexico * Focus on optimizing temperature-sensitive commodity flows across North America

📅 #REIT Headlines -- December 12th, 2024 📅 📈 Evercore ISI initiates Agree Realty Corporation with an Outperform rating setting an $82 price target 💵 MAA Prices $350M of 4.95% Senior Unsecured Notes Due 2035 * Net proceeds to repay borrowings under its $625M unsecured commercial paper program * Remaining proceeds for general corporate purposes, including debt * repayment and apartment community development/redevelopment 🛠️ Sun Communities & Sun Outdoors Announces Board Changes as Part of Refreshment Strategy * Arthur A. Weiss to retire from Board by Dec 31, 2024 * Stephanie W. Bergeron will not stand for re-election at 2025 Annual Meeting * Clunet R. Lewis to retire by 2026 Annual Meeting 💼 Global Net Lease Continues Strategic Disposition Plan * $620M in dispositions closed as of Dec 9, 2024 * Total dispositions, including pipeline, reach $1.1B 💳 Office Properties Income Trust Completes Private Exchange of Senior Unsecured Notes * Exchanged $445M of 4.50% Notes for $3.25% Notes Due 2027 * Received $25M in premiums and 11.5M OPI shares * Plans to repurchase remaining $113.1M of 2025 Notes by Feb 1, 2025 🏢 Terreno Realty Corporation Sells Industrial Property in Newark, NJ * $29.8M Sale Price for 5.7-acre leased land parcel * Achieved 14.9% unleveraged IRR 💻 Prologis Sells Data Center Development in Chicago & Converts Warehouse * Sold data center development to HMC Capital * Partnering with Skybox Datacenters to convert warehouse into 32 MW turnkey data center 🏢 Hudson Pacific Properties Sells Non-Core Office Property in Palo Alto * $24.8M Sale Price for 3176 Porter * Net proceeds used to repay amounts on unsecured revolving credit facility * Foothill Research Center sale planned for Q1 2025 Subscribe at https://lnkd.in/gghs46fx

🏢 #REIT Headlines – December 11, 2024 🗓️ 🎯 Deutsche Bank initiates Agree Realty Corporation ($88 price target) and Essential Properties Realty Trust, Inc. (NYSE: EPRT) ($38 price target) with Buy ratings 🎯 Deutsche Bank initiates NNN REIT, Inc. ($46 price target) and Realty Income Corporation ($62 price target) with Hold ratings 🎯 Alliance Global Partners initiates Chatham Lodging Trust with a Buy rating and $12 price target 🚀 Raymond James upgrades EastGroup Properties Inc to Strong Buy from Outperform and raises price target by $15 to $200) 🔽 Raymond James downgrades Prologis to Outperform from Strong Buy and lowers price target by $5 to $125 💰 Cousins Properties priced a 9.5 million share offering of common stock raising gross proceeds of $284 million * Under contract to acquire 601 West 2nd Street, also known as Sail Tower, an 804,000 sf trophy lifestyle office property in Austin, for a net purchase price of $521.8 million 🏙️ Tanger acquires The Promenade at Chenal, a 270,000 sq. ft. upscale shopping center in Little Rock, AR, for ~$73 million 👥 MAA names A. Bradley Hill as CEO (effective April 1, 2025), succeeding H. Eric Bolton, Jr. who will become Executive Chairman 🔄 VICI Properties Inc. amends master lease agreement with PURE Canadian Gaming Corp., adding 5-year Right of First Offer for future sale-leasebacks 🏋️♀️ Whitestone REIT expands relationship with EoS Fitness, opening a 40,000 sq. ft. gym at Windsor Park Center in San Antonio 🤝 Kite Realty Group partners with Fifth Wall to enhance operational and investment strategies for portfolio growth and shareholder value Want the full note? Subscribe at https://lnkd.in/gghs46fx

🏢 #REIT Headlines - December 10, 2024 📊 📈 JPM upgrades SL Green Realty Corp. to Neutral from Underweight and raises price target by $29 to $80 🛑 Wells Fargo downgrades Crown Castle to Underweight from Equalweight and lowers price target by $5 to $100 🔼 Morningstar upgrades Welltower™ Inc. (NYSE:WELL) to Hold from Sell and maintains $123 price target 💵 VICI Properties Inc. priced $750M of 5.125% senior unsecured notes due 2031 to repay 2025 Notes with remaining proceeds for general corporate purposes (including acquisitions and property improvements) 🔄 Healthpeak Properties, Inc. amends and extends $3B revolving credit facility with terms adjusted to maturity in January 2029 and two extension options. 💼 LTC Properties, Inc. (NYSE: LTC) announced leadership changes: Wendy Simpson as Executive Chairman, Pam Kessler & Clint Malin as Co-CEOs, Cece Chikhale as CFO, effective December 31, 2024 (part of succession plan) 🔁 Alexandria Real Estate Equities, Inc. authorized $500M stock repurchase program valid until December 31, 2025

📈 #REIT Headlines - December 9th, 2024 🏢 📊 BMO initiates Apple Hospitality REIT, Inc. ($18 price target) and Ryman Hospitality Properties ($133 price target) with Outperform ratings 💼 BofA initiates CareTrust REIT with a Buy rating and a $33 price target 🔼 BMO upgrades Omega Healthcare Investors to Outperform from Market Perform and maintains its $45 price target ⬇️ BMO downgrades CareTrust REIT to Market Perform from Outperform and lowers price target by $2 to $32 🏢 Healthcare Realty Leadership Changes: * Austen Helfrich appointed as permanent CFO * Andrew Loope promoted to EVP, General Counsel * Tom Bohjalian elected Independent Chair of the Board * Three new independent directors join HR Board – David Henry, Glenn Rufrano, and Don Wood * All part of a cooperation agreement with Starboard Value LP 🏘️ CareTrust REIT Acquires Skilled Nursing & Senior Housing Portfolio: * 46 facilities, 3,820 beds, total investment ~$97M * Master lease agreement with large skilled nursing investor * First 14 of 31 facilities in Tennessee JV transaction closed 🏢 SL Green Realty Corp. Investor Day Announcements: * Announced a series of transactions at 100 Park Avenue, including a new 220,221 sf lease with Alvarez & Marsal Holdings, LLC plus a modification that extends and upsizes the existing $360.0 million mortgage and the signing of a purchase option agreement to acquire its partner’s 49.9% interest in the property * Announced that The Travelers Insurance Company has executed a 122,788 sf renewal at 485 Lexington Avenue 🏨 Ashford Hospitality Trust Hotel Conversion * Announced that its Crowne Plaza La Concha Hotel in Key West, FL has completed the conversion to a Marriott Autograph Collection® property * Now called the Autograph La Concha ⚖️ Iron Mountain Board Appointment: * June Yee Felix has been elected to the Board of Directors effective January 1, 2025 🏗️ S&P SmallCap 600 Index Update: * Terreno Realty Corporation added to the Index effective 12/23/2024 while Hudson Pacific Properties will be removed 🏢 Terreno Realty Corporation Long Island Acquisition * Acquires vacant industrial property in Long Island City for $7.6M * Property consists of one industrial distribution building containing approximately 17,000 sf on 0.4 acres | * Estimated stabilized cap rate is 5.7% 🔒 Fitch Ratings Omega Healthcare Investors Affirmation: * OHI ratings confirmed with a BBB- Issuer Default Rating and stable outlook

📊 #REIT Headlines - December 6th, 2024 📊 ⬆️BMO upgrades Brixmor Property Group to Outperform from Market Perform rand raises price target by $3 to $33 🔻 BMO downgrades Prologis to Underperform from Market Perform and lowers price target by $16 to $104 🚪 Welltower™ Inc. (NYSE:WELL) announces resignation of Diana W. Reid from Board of Directors effective December 3, 2024 * No disagreements with the company * Reid steps down due to new role as CEO of Federal Home Loan Mortgage Corporation * Board size reduced to nine directors 🍓 Yesterday morning, Strawberry Fields REIT priced public offering of 3.3 million shares * Gross proceeds of approximately $35 million * Proceeds will fund acquisitions, pay down debt and for general corporate purposes

🏙️ #REIT Headlines - December 5th, 2024 📊 📉 Mizuho downgrades Sabra Health Care REIT, Inc. to Neutral from Outperform and maintains $20 price target 📅 Park Hotels & Resorts Provides Q4 Operating Update : * November 2024 RevPAR down 3.9% YoY, but excluding strike impact: +1.2% * Q4 RevPAR expected to be 2.7% lower, but up 2.3% when excluding strike effects * Full-year 2024 RevPAR growth: +2.5% overall, +3.9% excluding strikes 🏢 Cousins Properties Acquires Vantage South End : * Completed acquisition of 639,000 sq. ft. lifestyle office property in Charlotte, NC * Total transaction value: $328.5 million 💼 SL Green Realty Corp. Secures $250M Commitment: * Canadian institutional investor to anchor SLG Opportunistic Debt Fund * Fund targets high-quality NYC commercial assets with structured debt investments ✅ Fitch Ratings Affirms Howard Hughes Holdings Inc.’s Rating: * Long-Term Issuer Default Rating and unsecured bonds affirmed at “BB” * Outlook revised to stable from negative

📊 #REIT Headlines - December 3, 2024 📊 🔽 BMO downgrades Cousins Properties to Market Perform from Outperform and raises its price target by $1 to $32 🔻 BMO downgrades JBG SMITH to Underperform from Market Perform and lowers its price target by $3 to $15 💵 AMH Prices $500M of 5.25% Senior Notes Due 2035 * Use of Proceeds: Repay outstanding debt (including revolving credit facility and 2015-SFR1 Notes), fund acquisitions, developments, and property improvements 💰 Extra Space Storage Prices $300M of 5.70% Notes Due 2028 * Use of Proceeds: Repay lines of credit, fund corporate and working capital, including acquisition opportunities 🏙️ SL Green Realty Corp. Closes $1.25B Mortgage Facility on One Madison Avenue * Extension through November 2027 * Interest Rate: 3.10% over Term SOFR, with potential for further reduction based on leasing thresholds 🏢 Easterly Government Properties NC Properties Acquisition * Acquired a 97% leased, combined 295,253 sf campus across three assets leased primarily to the Wake County Public School System (WCPSS) located in Cary, NC 🛞 Four Corners Property Trust Acquires NAPA Auto Parts Property * High-traffic corridor in New York for $2 million * Cap Rate: 7.2% * Corporate, triple net lease with 5 years remaining 👩💼 National Health Investors Appoints Candice Todd to Board of Directors effective January 1, 2025 💰 Ashford Hospitality Trust Closing Non-Traded Preferred Stock Offering * Plans to close its offering of Series J and Series K non-traded preferred stock on March 31, 2025 * Since launching the offering in 2022, the Company raised approximately $180.0 million of gross proceeds from the sale of its non-traded preferred stock 🎄 Simon Property Group Sees Strong Start to Holiday Shopping Season * +6.4% YoY increase in traffic across centers * Black Friday traffic up by 5.9%, Saturday: +6.3%, Sunday: +8.2% * Malls saw impressive growth of +7.1%

🏢 #REIT Headlines -- December 2, 2024 📈 🔻 Morningstar Downgrades Macerich to Hold from Buy and maintains $24 price target 🍓Strawberry Fields REIT Announces Public Offering of Common Stock 💰 Net proceeds to fund: New acquisitions, debt reduction and general corporate purposes 👥 On Wednesday, Franklin Street Properties Corp. Announced Board Update 📅 Bruce Schanzer joins FSP's Board of Directors and the Audit Committe effective November 27, 2024 ✅ Board now includes 8 directors, 7 of whom are independent 🤝 Cooperation Agreement signed with Converium Capital & Erez Asset Management 📜 On Wednesday, Four Corners Property Trust Acquired 5 Outback Properties for $19.7 million 🌍 Locations across Texas (3), Florida (1), and Missouri (1) 💡 Cap rate in line with previous transactions 💵 On Wednesday, NexPoint Residential Trust Inc Closed Major Refinancing Deal 🏦 Closed 17-property agency mortgage refinancings with $1.469 billion in total gross proceeds 🔒 Represents 97.8% of NXRT's total outstanding debt refinanced

🏢 #REIT News - November 27, 2024 📈 📉 JPM Downgrades Alexandria Real Estate Equities, Inc. to Neutral from Overweight and lowers its price target by $12 to $121. 🏙️ Equity Commonwealth completed the sale of 1250 H Street (196,000 sf) in Washington, D.C. for $27.5 million. 🛞 Terreno Realty Corporation announced 82,000 sf lease in Avenel, NJ with a leading national wholesale tire distributor which commences December 31, 2024 and expires January 2030.