The Daily REIT Beat Newsletter

📰 #REIT Headlines -- March 31st, 2025 📅 📉 Compass Point downgrades Innovative Industrial Properties to Sell from Neutral and lowers price target by $11 to $50 💼 On Friday, JPM resumed coverage on Gaming and Leisure Properties, Inc. with a Neutral rating setting a $54 price target 📈 On Friday, ARC Independent Research upgraded American Tower to Buy from Hold and raised price target by $10 to $235 💰 BXP, Inc. Operating Partnership Credit Facility Upsized * Amended its existing unsecured revolving credit facility to extend its maturity date and increase its revolver borrowing capacity by $250 million to $2.25 billion * Extended its $700 million unsecured term loan facility * Increased the size of its unsecured commercial paper program by $250 million to $750 million 🏢 Innovative Industrial Properties Tenant Replacement & Renewal Initiative * Focused on enhancing real estate portfolio performance * Targets strengthening tenant credit profiles and optimizing occupancy * Declared leases in default (4Front, Gold Flora, TILT), totaling $13.1M in overdue payments * May pursue eviction proceedings as necessary 🍔 Four Corners Property Trust Acquires Whataburger Properties * Acquired 6 newly constructed properties in Alabama for $16.8M via sale-leaseback * Properties operate under long-term, triple-net leases with ~20 years remaining * Cap rate: 6.8% 🔼 S&P Upgrades Welltower™ Inc. (NYSE:WELL) Ratings * Raised issuer credit rating to A- from BBB+ * Stable outlook moving forward https://lnkd.in/gghs46fx

📰 #REIT Headlines - March 28th, 2025 📅 🎯 Citi initiates Lineage with a Neutral rating and sets a $64 price target 🎯 UBS initiates Getty Realty Corp. with a Neutral rating and sets a $32 price target ⬆️ BMO upgrades Hudson Pacific Properties to Outperform from Market Perform and raises price target by $1 to $5 ⬆️ Goldman Sachs upgrades Tanger to Buy from Neutral and raises price target by $1 to $40 ⬇️ Goldman Sachs downgrades Kilroy Realty Corporation to Neutral from Buy and lowers price target by $6 to $36 ⬆️ Citi upgrades Camden Property Trust to Buy from Neutral and raises price target by $13 to $138 ⬇️ Citi downgrades Federal Realty Investment Trust to Neutral from Buy and lowers price target by $29 to $106 🔄 UDR - Opening Doors to your future announced that James D. Klingbeil to step down as Board Member while Jon A. Grove has been appointed Lead Independent Director 🚀 Essential Properties Realty Trust, Inc. (NYSE: EPRT) announces executive promotions including: * Max Jenkins: EVP, Chief Operating Officer * AJ Peil, CFA: EVP, Chief Investment Officer * Rob S.: SVP, Head of Corporate Finance & Strategy 🔄 Seritage Growth Properties announces Andrea Olshan to step down as CEO & President effective April 11, 2025 while Adam Metz (Board Chairman) appointed Interim CEO & President 🌍 Simon Property Group opens Jakarta Premium Outlets in Indonesia * Over 302,000 sq ft of retail space * 1st Premium Outlet in Indonesia, 8th country to feature this brand ⭐ Fitch Ratings affirmed Digital Realty’s Long-Term Issuer Default Ratings at "BBB" with a stable outlook 🏢 Terreno Realty Corporation announced 100% lease of Countyline Corporate Park Phase IV Building 33 * 105,000 sq ft leased to a 3rd-party logistics provider * 28,000 sq ft leased to a food purveyor, 24,000 sq ft leased to an elevator parts distributor * Expected investment: $39.9M, Estimated stabilized cap rate: 5.9% https://lnkd.in/gghs46fx

📰 #REIT Headlines -- March 27th, 2025 📅 ⬆️ Wolfe Research upgrades Equinix to Outperform from Peer Perform and sets a $978 price target ⬇️ Wells Fargo downgrades Omega Healthcare Investors to Equalweight from Overweight and lowers price target by $2 to $39 💰 VICI Properties Inc. priced $400 million of 4.75% senior unsecured notes due 2028 and $900 million of 5.625% senior unsecured notes due 2035 * Proceeds to repay all or a portion of its outstanding (i) $500.0 million in aggregate principal amount of its May 2025 Maturity Notes, (ii) $799.4 million in aggregate principal amount of its June 2025 Maturity Notes, and (iii) $0.6 million in aggregate principal amount of its 2025 MGP Notes * Remaining proceeds to be used for general corporate purposes, which may include the acquisition and improvement of properties, capital expenditures, working capital and the repayment or refinancing of indebtedness ⚖️ National Health Investors announces that Robert W. Chapin, Jr. is joining the Board of Directors effective immediately and has been appointed to the Board's special committee of disinterested directors to negotiate, review, analyze and approve any potential lease between NHI and NHC and all related items or explore any other possible alternatives https://lnkd.in/gghs46fx

📰 #REIT Headlines 3-26-2025 📅 💰 Americold Realty priced $400 million of 5.60% senior unsecured notes due 2032 on behalf of its operating partnership * Proceeds used to repay a portion of the outstanding borrowings under its revolving credit facility, pay fees and expenses incurred in connection with the offering of the Notes and general corporate purposes 🏟️ Global Net Lease closes first phase of the sale of its multi-tenant portfolio to RCG Ventures, LLC * 59 unencumbered properties totaling approximately $1.1 billion in gross proceeds upon closing * Company expects to remain on schedule to complete the sale of the 41 encumbered properties in two additional phases by the end of the second quarter of 2025 * Net proceeds to significantly reduce leverage and pay down the outstanding balance on its Revolving Credit Facility 👍 Yesterday morning, Fitch Ratings affirmed LXP Industrial Trust’s “BBB” Long-Term Issuer Default Rating with a stable outlook https://lnkd.in/gghs46fx

📰 #REIT Headlines - March 25th, 2025 📅 ⬆️ Wolfe Research upgrades Empire State Realty Trust to Outperform from Peer Perform and sets a $10 price target ⬆️ Morningstar upgrades Prologis to Buy from Hold and maintains $125 price target 💰 Easterly Government Properties enters master notes purchase agreement * $25 million of 6.13% Series A Senior Notes with a maturity date of March 20, 2030 * $100 million of 6.33% Series B Senior Notes with a maturity date of March 20, 2032 📜 Crown Castle appoints Daniel Schlanger, Executive Vice President (EVP) and Chief Financial Officer (CFO), as interim Chief Executive Officer (CEO), effective immediately * Steven Moskowitz has been terminated as President and CEO noting that the termination was not a result of any disagreement regarding its policies or financial performance and was not made for cause or related to any ethical or compliance concern * Company reaffirms all recently announced financial guidance, capital allocation policies and details regarding the sale of the fiber segment to EQT and Zayo 🏠 UMH Properties, Inc. closes on acquisition of two manufactured home communities in Mantua, NJ * 266 developed homesites that are 100% occupied situated on approximately 38 acres for a total purchase price of $24.6 million 📜 Yesterday morning, Sabra Health Care REIT, Inc. announced that Talya Nevo-Hacohen, Chief Investment Officer, Treasurer and Executive Vice President, will retire effective December 31, 2025 * Darrin Smith, Executive Vice President, Investments, is expected to be elevated to the role of Chief Investment Officer effective January 1, 2026 * Ms. Nevo-Hacohen is expected to remain in a consulting role pursuant to a two-year consulting arrangement https://lnkd.in/gghs46fx

📰 #REIT Headlines -- March 24th, 2025 📅 🎯 Lucid Capital Markets initiates GNL ($10) and NTST ($18) with Buy ratings ⬆️ Redburn Atlantic upgrades Wyndham Hotels & Resorts to Buy from Neutral and raises price target by $5 to $115 ⬆️ Redburn Atlantic upgrades Choice Hotels International to Neutral from Sell and raises price target by $4 to $132) 📦 SmartStop Self Storage files Form S-11 with the SEC to offer 27 million shares of common stock in an IPO with a proposed offering range between $28-$36/share under ticker symbol “SMA” * Intends to use the net proceeds from the proposed offering to redeem 100% of its issued and outstanding Series A Preferred Stock, pay down existing debt under its credit facility, repay an acquisition facility, fund external growth with property acquisitions, and fund other general corporate uses https://lnkd.in/gghs46fx

📰 #REIT Headlines -- March 21st, 2025 📅 ⬆️ Morgan Stanley upgrades Host Hotels & Resorts to Equalweight from Underweight and lowers price target by $1 to $15 ⬇️ Truist Securities downgrades RLJ Lodging Trust to Hold from Buy and lowers price target by $1 to $10 ✂️ Ashford Hospitality Trust announced that Remington has fully implemented expense cuts allocated to the Company's properties as part of its ongoing efforts to enhance Hotel EBITDA as part of "GRO AHT" initiative 📜 Diversified Healthcare Trust elected Alan Felder to its Board of Trustees as an Independent Trustee effective immediately 📜 Simon Property Group announced that Allan B. Hubbard is retiring from the Board of Directors effective May 14, 2025 💰 Moody’s placed Sun Communities & Sun Outdoors's “Baa3” ratings and its stable outlook on review for upgrade following the sale of its marina business to Blackstone 👋 Yesterday morning, RLJ Lodging Trust announced that Sean M. Mahoney, the Company’s Executive Vice President and Chief Financial Officer, will be retiring in May of this year https://lnkd.in/gghs46fx

📰 #REIT Headlines -- March 20th, 2025 📅 🎯 Wolfe Research initiates InvenTrust Properties Corp. (IVT) with a Peer Perform rating 🎯 BofA resumes Crown Castle with a Neutral rating and lowers price target by $5 to $110 💰 FrontView REIT announced 4Q earnings and sees 2025 AFFO guidance of $1.20-$1.26/share 🏢 Plymouth Industrial REIT Acquisitions Update * Acquired the second tranche of the previously announced Cincinnati small bay industrial portfolio consisting of four buildings that is 100% leased to ten tenants totaling 240,578 sf for $17.9 million representing an initial estimated net operating income yield of 7.0% with a weighted average remaining lease term of 3.5 years * Acquired a 263,000 sf warehouse facility in Cincinnati 100% leased to a single tenant for $23.3 million, equating to an initial estimated NOI yield of 6.7% with a remaining lease term of 6.6 years and annual rent increases of 3.25% * In Atlanta, the Company purchased Madison International’s 98% joint venture interest in a 297,583 sf warehouse facility leased to a single tenant for $23.9 million, which equates to an initial estimated NOI yield of 6.8% with a remaining lease term of three years following a recent renewal on an as-is basis * Across three separate transactions in Atlanta, Georgia and Cincinnati, Ohio, totaling 801,161 sf, the Company closed on $65.1 million in industrial properties, equating to an initial estimated NOI yield of 6.8% and taken together, these 100% leased properties feature a weighted average remaining lease term of 4.4 years 🏢 Armada Hoffler announced three new office leases totaling approximately 20,000 sf with private equity firm Directional Capital, digital marketing firm Look Listen, and law firm Levy, Sibley, Foreman & Speir, LLC at The Interlock in Atlanta, GA 📜 Elme Communities announced the appointment of Ron D. Sturzenegger to its Board of Trustees effective immediately as an independent trustee 📒 SL Green Realty Corp. announced the appointment of Peggy Lamb as an Independent Director to the company's Board of Directors https://lnkd.in/gghs46fx

🏢 #REIT Headlines – March 19th, 2025 📊 🎯 Wells Fargo initiates Centerspace ($68 price target) and Independence Realty Trust Inc. ($24 price target) with Equalweight ratings ⬆️ Wells Fargo double upgrades Service Properties Trust to Overweight from Underweight and raises price target by $1.50 to $4 ⬆️ Yesterday, Morningstar upgraded Regency Centers to Buy from Hold and raised its price target by $4 to $84 💡 Essential Properties Realty Trust, Inc. (NYSE: EPRT) prices 8.2 million shares of common stock forward offering raising gross proceeds of $254.2 million (~$31/share) * Net Proceeds for general corporate purposes & future investments 💵 First Industrial Realty Trust closes $850M amended credit facility which adds $100M capacity and matures March 16, 2029 🍔 Four Corners Property Trust acquires 6 Burger King Properties in TX for $10.1 million * Properties under long-term, triple net leases 🏢 Highwoods Properties closes Advance Auto Parts Tower acquisition in Raleigh for $138 million * 346,000 sf, 20-story, LEED Gold Certified Office Tower * 100% leased at December 31, 2024 with a weighted average lease term of 8.2 years 📉 S&P and Fitch place Crown Castle ratings on CreditWatch (Negative): * “BBB” Issuer Credit & Senior Unsecured Debt Ratings by S&P * “BBB+” Long-Term Issuer Default rating by Fitch * Negative Implications due to fiber business sale 🏥 Fitch places CareTrust REIT ratings on Rating Watch (Positive): * “BB+” Long-Term Issuer Default & Issue-Level Ratings * Positive Watch Following Acquisition of Care REIT https://lnkd.in/gghs46fx

📅 #REIT Headlines -- March 18th, 2025 📰 📢 Digital Realty & Bersama Digital Infrastructure Asia (BDIA) announce 50-50 JV to Accelerate Digital Economy in Indonesia 💻 Expands PlatformDIGITAL® to support the country's fast-growing digital economy 🚀 New state-of-the-art data center in Central Jakarta (CGK11) launched 📊 5MW IT load capacity with potential for up to 32MW in future expansion 💰Americold Realty to Acquire New Facility in Houston, TX for $127M Investment 📦 Acquisition includes planned expansion and equipment upgrades ❄️ Adds 35,700 pallet positions to cold storage portfolio 🏭 Strengthens logistics capacity to meet growing demand for cold storage solutions 📋 Crown Castle Announces Key Leadership Changes & Moody’s Rating Update 🔍 Katherine Motlagh joins CCI’s Board of Directors, effective March 17th 🔍 Sunit Patel appointed EVP & CFO, effective April 1st 💳 Moody’s affirms “Baa3” senior unsecured debt rating and revises outlook to negative from stable 🔮 Moody’s affirms Equinix’s “Baa2” senior unsecured ratings and revises its outlook to positive from stable 🏙️ Regency Centers acquires Brentwood Place Shopping Center in Brentwood, TN 🛍️ 320,000 sf community center, including top-tier anchors like Nordstrom Rack, Total Wine, and TJ Maxx/HomeGoods 🏢 95% leased with strong retail tenant base 🔑 Strategic acquisition expands its retail portfolio in prime market https://lnkd.in/gghs46fx