The Daily REIT Beat Newsletter

📅 #REIT Headlines -- January 28th, 2025 📅 🎯 BMO initiates Tanger with a Market Perform rating and sets a $36 price target 🎯 Scotiabank initiates Armada Hoffler with a Sector Perform rating and sets an $11 price target 💰 Alexandria Real Estate Equities, Inc. and Equity LifeStyle Properties, Inc. announced quarterly earnings while BXP, Inc. announces after the close of trading ❄️ Americold Realty New Brunswick Development Plans: * Americold will invest between $75 and $80M to develop an import-export hub that will provide approximately 22K pallet positions in Port Saint John * The facility will connect Americold with two of its key strategic partners, DP World and CPKC, in one location to provide a more optimized cold chain for food moving between Canada and its global trading partners ⚖️ EPR Properties elected John Peter (JP) Suarez to serve as an independent trustee on its Board effective January 24, 2025

📅 #REIT Headlines -- January 27th, 2025 📅 🎯JMP initiates American Tower ($225 price target), Crown Castle ($115 price target), Equinix ($1200 price target) and SBA Communications ($250 price target) with Market Outperform ratings 🎯 JMP reinstates Digital Realty with a Market Outperform rating ($220 price target) ⬆️ BofA upgrades Apple Hospitality REIT, Inc. to Buy from Neutral and raises price target by $1 to $17 ⬇️ On Friday, Morningstar downgraded Prologis to Hold from Buy and maintain its $125 price target ⚖️ On Friday, Macerich announced the appointment of Devin Murphy to its Board of Directors effective February 1, 2025 * With the addition of Mr. Murphy, the Board will now have nine directors of whom eight are independent

📅 #REIT Headlines -- January 24th, 2025 📅 🎯 Evercore ISI initiates MAA with an Inline rating and sets a $155 price target ⬆️ Morgan Stanley upgrades AMH ($40 price target) and MAA ($168 price target) to Overweight from Equalweight ⬇️ Morgan Stanley downgrades AvalonBay Communities ($223 price target) and Invitation Homes ($35 price target) to Equalweight from Overweight 🏢 Plymouth Industrial REIT Secures 2-Year Lease at Class A Industrial Property in St. Louis * Lease Size: 600K sf (Year 1) / 450K sf (Year 2) * Tenant: Major international manufacturer, engineering, and logistics service provider 💸 Hudson Pacific Properties Closes $46M Sale of Non-Core Office Property in LA * Property: Maxwell in LA Arts District * Sale Price: $46M * Proceeds Used to Repay Credit Facility * Total Non-Core Sales: $93.8M Since November 📊 Getty Realty Corp. Expands Senior Unsecured Credit Facility to $450M * Facility Maturity: Jan 2029 (option to extend to Jan 2030) * Includes Accordion Option for Additional $300M * Used Increased Capacity to Repay $150M Term Loan ✅ Moody’s Affirms Kimco Realty Corporation’s Debt Ratings, Revises Outlook to Positive * Senior Unsecured Debt Rating: “Baa1” * Preferred Stock Rating: “Baa2” * Outlook: Positive (upgraded from Stable)

📈 #REIT Headlines - January 23rd, 2025 🏢 ⬇️ Scotiabank downgrades AMH to Sector Perform from Sector Outperform and lowers its price target by $3 to $38 📊 SL Green Realty Corp. 4Q Earnings & IBM Lease Expansion ✏️ SLG reports 4Q earnings and signed a 92,663 SF, 15-year lease expansion with IBM at One Madison Avenue. 🚀 IBM's total footprint now at 362,092 SF in the building. 🏢 One Liberty Properties, Inc. Acquires Class A Industrial Properties 🏗️ OLP completes acquisition of two Class A industrial properties (371,586 SF) in Mobile, Alabama for $49M. 📙 4 tenants including Simpson Manufacturing, Veyer LLC, and Chadwell Supply. 📈 Annual base rent: ~$3.1M with 2.3% to 3.5% rent increases. ⏳ Weighted average lease term: 7 years. 🏨 Ryman Hospitality Properties Gaylord Opryland Convention Center Expansion: * Announced plans to add approximately 108,000 sf of premium, carpeted meeting space * The planned $131 million expansion, expected to be complete by Spring 2027 includes a new approximately 31,000 sf ballroom, approximately 38,000 sf of breakout space and approximately 39,000 sf of pre-function space * Once complete, Gaylord Opryland’s total exhibit and meeting space will be approximately 756,000 sf ✏️ Gladstone Commercial Corporation 2024 Investment & Leasing Update 🛠️ $26.8M in acquisitions across 7 industrial properties totaling 316,727 SF. 🔄 Renewed or extended 2.94M SF of leases at 11 properties, generating a $3.8M net increase in GAAP rent. 🏢 Sold 7 properties (5 office, 2 medical office). 🚀 Increased occupancy to 98.7% as of Dec 31, 2024 (up from 96.8% in 2023). 💰 Paramount Group Sells 45% Stake in 900 Third Avenue 💼 PGRE sells 45% interest in 900 Third Avenue (600,000 SF, Midtown Manhattan) for $210M. 🏙️ Continues to own 55% and will manage and lease the property.

📅 #REIT Headlines -- January 22nd, 2025 📅 🛒 Armada Hoffler Columbus Village Retail Leases * Announced two significant new retail leases at Columbus Village in the Town Center of Virginia Beach * Executed a 14,000 sf lease with a prominent grocer and a 19,000 sf lease with a national sporting goods retailer 🏢 Brandywine Realty Trust Reports Strong Leasing Activity in 4Q 2024 * Executed 650,000 sf of leasing activity in 4Q * This is 18% higher than the same period in 2023 * Weighted average lease term for the quarter: 9.4 years * Total leasing activity for 2024: 2.2 million sf 🛍️ Phillips Edison & Company and Cohen & Steers Acquire Oak Grove Shoppes * Acquired 142,000 sf grocery-anchored shopping center in Orlando, FL * 91% leased with tenants including Publix, Marshalls, and more * Part of a joint venture targeting $300 million in equity * Ownership: 80% by CNSREIT, 20% by PECO 🌱 Vornado Realty Trust Achieves 100% LEED® Certification * First major real estate owner to achieve 100% LEED® certification across its portfolio * 24.8 million sf of in-service buildings now hold LEED Platinum or Gold ratings * Commitment to sustainability and environmental responsibility

📅 #REIT Headlines -- January 21st, 2025 📅 🔼 Deutsche Bank upgrades Equity LifeStyle Properties, Inc. ($73 price target) and Essex Property Trust ($310) price target to Buy from Hold 🔽 Deutsche Bank downgrades AMH ($37 price target) and Invitation Homes ($33 price target) to Hold from Buy 🔼 On Friday, Truist Securities upgraded CubeSmart ($47 price target), Elme Communities ($16 price target), Equity LifeStyle Properties, Inc. ($72 price target) and Sun Communities & Sun Outdoors ($136 price target) to Buy from Hold 🔽 On Friday, Truist Securities downgraded Plymouth Industrial REIT ($20 price target) and Sabra Health Care REIT, Inc. ($17 price target) to Hold from Buy 💰 Prologis announced 4Q earnings and sees 2025 FFO guidance of $5.65-$5.81/share 💼 Kimco Realty Corporation Announces Board Changes 🧑💼 Milton Cooper retiring as Executive Chairman (2025 Annual Meeting) 👥 Richard Saltzman appointed Independent Chairman 📝 Nancy Lashine & Ross Cooper appointed to Board (Effective Jan 21, 2025) 🔄 Milton Cooper becomes Chairman Emeritus 🌟 Mary Hogan Preusse concludes service as Lead Independent Director 📊 Moody’s Updates Office Properties Income Trust’s Credit Ratings ✅ Affirms Corporate Family Rating at “Caa3” 🔻 Downgrades senior secured notes due 2029 from “Caa1” to “Caa2” and senior secured exchange notes due 2029 from “Caa2” to “Caa3” 📉 Negative outlook 🏢 Terreno Realty Corporation Sells Industrial Property in South San Francisco 💰 Sale Price: $8.0 Million 📏 22,000 sq. ft. industrial building on 0.7 acres that is 100% leased to one tenant 📊 Unleveraged internal rate of return: 7.5% 👤 CubeSmart Announces COO Retirement & Leadership Transition 🔄 Joel Keaton, COO, to retire on April 30, 2025 💼 Keaton will serve as a consultant for a smooth transition

📅 #REIT Headlines 1-17-2025 📅 ⬆️ Baird upgrades Ventas, Inc. to Outperform from Neutral and lowers price target by $1 to $65 ⬆️ Yesterday, Morningstar upgraded Marriott International to Hold from Sell and raised price target by $25 to $253 💰 Extra Space Storage Prices Add-On Notes Offering * Priced $350 million of 5.50% senior notes due 2030 in an add-on offering * Proceeds used to repay amounts outstanding from time to time under its lines of credit and commercial paper program and for other general corporate and working capital purposes including funding potential acquisition opportunities

📅 #REIT Headlines - January 16, 2025 📅 🎯 UBS initiates Peakstone Realty Trust with a Buy Rating setting a $15 price target 🎯 Compass Point initiates Strawberry Fields REIT with a Buy Rating setting a $14 price target 🔻 Baird downgrades Piedmont Office Realty Trust to Neutral from Outperform and lowers price target by $1 to $10 💰 NETSTREIT Corp. (NYSE: NTST) Credit Facility Amendments * Closed $275.0 million in additional financing commitments and amendments to its existing credit facilities agented by PNC Bank, Wells Fargo Bank, and Truist Bank  * Amended to remove certain financial covenants and provide for revised, improved pricing when the Company meets certain investment grade rating and leverage targets 📈 DiamondRock Hospitality Board Expansion * Increased Board size from 8 to 9 members * Appointed Stephanie Lepori to the Board effective January 15, 2025 🏗️ Safehold Inc. Closes on Ground Lease for Affordable Housing * Development of The Crawford in Roseville, Sacramento, CA 🔍 Fitch Ratings Affirms COPT Defense Properties Ratings * Long-Term Issuer Default Rating: BBB- * Stable outlook maintained for CDP and its limited partnership

📅 #REIT Headlines – January 15, 2025 📅 ⬆️ Deutsche Bank upgrades Digital Realty to Buy from Hold and raises price target by $9 to $194 🔼 Janney upgrades Centerspace to Buy from Neutral and lowers price target by $6 to $72 ⬇️ Janney downgrades Douglas Emmett ($18.50 price target) and NNN REIT, Inc. ($43 price target) to Neutral from Buy ⬆️ Morgan Stanley upgrades Healthpeak Properties, Inc. ($25 price target) and NNN REIT, Inc. ($48 price target) to Overweight from Equalweight ⬆️ Morgan Stanley upgrades Macerich to Equalweight from Underweight and raises price target by $6.50 to $20 🔽 Morgan Stanley downgrades Gaming and Leisure Properties, Inc. ($53 price target) and Safehold Inc. ($19 price target) to Equalweight from Overweight 🏨 Braemar Hotels & Resorts Loan Extension * Extended its mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe which had an initial maturity date in January of 2025 and continues to have a final maturity date in January of 2026 * Loan extended with a paydown of $10 million and the spread on the loan is now SOFR + 3.25% 🏢 Hudson Pacific Properties announces that its office properties, studio facilities, and equipment in Los Angeles are undamaged and fully operational 📈 S&P Global raises Office Properties Income Trust’s issuer credit rating to “CCC” from “CCC-“ * Upgrades issue-level rating for 2029 senior secured notes to “B-“ from “CCC+” * Removes ratings from CreditWatch 🎤 Ryman Hospitality Properties subsidiary Opry Entertainment Group acquires majority interest in Southern Entertainment * Expands portfolio of live events, including Carolina Country Music Fest, Barefoot Country Music Fest, and more 

📅 #REIT Headlines - January 14th, 2025 📈 🎯 Deutsche Bank initiates EastGroup Properties Inc with a Buy Rating setting a $180 price target 🎯 Deutsche Bank initiates Hold Ratings for First Industrial Realty Trust ($52 price target), Rexford Industrial ($40 price target) and Terreno Realty Corporation ($60 price target) 🎯 BNP Exane Paribas initiates Lineage with a Neutral rating ($61 price target) 🔻 Morgan Stanley Downgrades Sunstone Hotel Investors, Inc. to Underweight from Equalweight and maintains its $10 price target 🔺 Morningstar Upgrades Macerich ($24 price target) & Regency Centers ($80 price target) to Buy from Hold ⚖️ Land & Buildings Investment Management, LLC Urges APARTMENT INVESTMENT AND MANAGEMENT COMPANY Sale * Commends management and board of directors following the announcement of the Brickell Assemblage transaction and the expansion of the Company’s strategic review process * Calls for a quick resolution to the Company’s strategic review through a sale of the whole company * Believes can unlock an additional 30% upside above the current share price 🏨 Ashford Hospitality Trust completed the sale of the 315-room Courtyard Boston Downtown for $123 million ($390,500/key) 💰 Easterly Government Properties Amends 2016 Senior Unsecured Term Loan Agreement executed in 2016 * Maturity date extended from January 30, 2025 to January 28, 2028 and may exercise at its discretion two one-year extension options * Increased borrowing capacity on the accordion feature from $150 million to $250 million ⚖️ National Health Investors announced the passing of Joe Wakham Jr., Controller and Vice President 💼 Howard Hughes Holdings Inc. Confirmed Proposal from Pershing Square Capital Management * Proposal: Acquisition of additional shares in a merger transaction * Pershing Square would own a majority of the company’s stock (currently holds ~37.6%) * Special Committee to evaluate and determine the next steps