David Auerbach’s Post

💼 #REIT Headlines -- April 10, 2024 📈 📈 Piper Sandler Upgrades UDR - Opening Doors to your future: * Upgrades from Underweight to Neutral * Raises price target by $6 to $40 📉 Colliers Securities Downgrades Medical Properties Trust, Inc.: * Colliers downgrades MPW to Neutral from Buy * Lowers price target by $5.75 to $4.25 💰 Public Storage Prices $1 Billion Senior Notes: * $700 million floating rate senior notes due 2027 * $300 million of 5.35% notes due 2053 * Net proceeds allocated for repayment of outstanding debt, investments in self-storage facilities, and general corporate purposes 📊 Terreno Realty Corporation Reports Q1 2024 Activity: * Operating portfolio: 96.2% leased * Issued 2,353,278 shares of common stock at $64.00 per share through its ATM program raising gross proceeds of $150.6 million 💰 Medical Properties Trust, Inc. Completes Facility Sale and Lease Agreement: * Sold five facilities to Prime Healthcare for $350 million * Agreed to a new 20-year master lease with a $260 million purchase option ⚖️ Blackwells Capital Files Braemar Hotels & Resorts (BHR) Proxy Statement: * Blackwells Capital LLC filed a definitive proxy statement with the SEC in connection with its nomination of four highly qualified candidates—Jennifer M. Hill, Betsy L. McCoy, Steven J. Pully and Michael Cricenti—for election to the board of directors of BHR at the Company’s 2024 annual meeting of shareholders to be held on May 15, 2024

🏢 #REIT Headlines 5-8-2024 📊 📈 Quarterly Earnings Announcements: * Ashford Hospitality Trust (AHT), CLIPPER REALTY INC, Douglas Emmett, Global Medical REIT Inc, Global Net Lease, Gladstone Land Corporation, One Liberty Properties, Inc., Peakstone Realty Trust, Postal Realty Trust, Service Properties Trust announced quarterly earnings results. 📅 Upcoming Earnings Reports: * Braemar Hotels & Resorts (BHR), Howard Hughes Holdings Inc., Innovative Industrial Properties, Orion Office REIT, Sabra Health Care REIT, Inc., Terreno Realty Corporation set to report earnings after trading hours * Armada Hoffler and Medical Properties Trust, Inc. set to announce tomorrow morning before market open. 💰 Financial Offerings and Allocations: * Host Hotels & Resorts prices $600 million of 5.70% senior notes Series K due 2034 allocating proceeds for Green Projects and debt repayment. * AvalonBay Communities prices $400 million of 5.35% senior unsecured notes due 2034 for various purposes including acquisitions and working capital. * W. P. Carey Inc. announces underwritten public offering of €650 million aggregate principal amount of 4.250% Senior Notes due 2032 intending to utilize proceeds for corporate purposes and debt repayment. * Digital Realty prices underwritten registered public offering of 10,500,000 shares of its common stock raising $1.47 billion (~$140/share) for property acquisitions, development, and general corporate purposes. 🏢 Business Operations and Acquisitions: * Healthpeak Properties, Inc. acquires KSP’s minority interest in joint ventures in eight lab buildings in Massachusetts, assuming management responsibilities post-transition. 📝 Corporate Proposal Announcement: * Global Self Storage issues statement in response to Etude Storage Partners' proposal to acquire the company for $6.15/share initiating public dialogue for mutually beneficial transaction discussions with the Board.

🏢 #REIT Headlines - July 3, 2024 📅 Healthcare Realty Asset Sales Update: 📈 Generated $400M+ from JV and asset sales YTD 📊 Expects proceeds to exceed $1B with pending transactions 💼 Proceeds to fund share repurchases and capital commitments * Braemar Hotels & Resorts (BHR) Cooperation Agreement with Blackwells Capital: 🤝 Enters cooperation agreement, resolves director nominations 📉 Blackwells commits to purchase 3.5M shares, supported by AHT 🌐 Adds independent director, considers Blackwells' input Broadstone Net Lease, Inc. Stategy Update: 🏥 Updates healthcare portfolio strategy to simplify 💰 Sold 38 properties for $262.2M, anticipating $80.3M from pending sales 📅 Transactions to close in July and October 2024

With Labour Day gone, the GP world is getting back into their offices to do deals while the LP world is wondering whether they actually will. Given the massive inventory of mature deals in PE portfolios the big question on how this will unwind - or indeed if it ever will - will be one of the key talking points at the autumn season AGM dinner conversations (apart from holiday and Netflix tips as usual). Observations over the last 2 weeks provide a very mixed view: There is the GP manager who said that the US market is still at „peak broken auction“ and likened it to online dating as „20% of the deals get 100% of the attention.“ Only the top assets trade at unchanged high multiples. Same old, same old… However, the very same manager also managed to just offload a „B asset“ (his words, not mine) at a nice multiple to another sponsor who took the full 6x leverage offered by credit funds. And the same manager acquired a new platform at a 40% discount to what was offered and declined in 2022 from another PE. We see the cautious return of strategic buyers mimicking PE buy&build strategies buying growth in a low growth environment. We have seen GP teams buying portfolio companies after several failed exit processes. I meet excited investment bankers with massive backlogs and hear about virtual data rooms populated with more data than all audience videos taken during the whole Eras Tour combined. (The last statement is not fact-checked) Valuations on the (too) few exits across the portfolio have been mixed: many bang on last quarter valuations cemented after very long exit processes, some with a bit of a mark-down and - more recently - the return of the classic 20%+ exit booster. Hence, my talking points for the AGM dinner conversations: ↗ exit volume will increase in 2025 at ok valuations but ↗ it will not be a „stampede“ of deals and ↗ holding periods will continue to increase ↗ driving further buy&build in portfolio companies to drive MOIC and „creative“ leverage solutions on fund levels to protect IRRs ↗ any C & D assets in the portfolio? Good luck… (yes, it is always boring to sit next to me at AGM dinners) „Cautiously optimistic“ is the cliché the asset managing industry likes to use in such situations. It is a cliché and yet - I believe - the best state of mind to be investing in this asset class.

AREIT Inc., the first Philippine REIT, posted total revenues of P4.2 billion and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of P3.0 billion, 43% and 45% higher year-on-year, respectively. Net income registered at P2.9 billion, 44% higher year-on-year, excluding the net fair value change in investment properties. AREIT's overall occupancy remained high at 96%, better than the industry average. #bonds #stockmarket #stocks #realestate #finance #Business #Corporate #Corporation #Entrepreneur #Philippines #Financial #Invest #Investment #investingtips

📈 #REIT Headlines - September 3, 2024 🏢 📉 Piper Sandler downgrades Simon Property Group to Neutral from Overweight and lowered price target by $15 to $175 📉 Morningstar downgraded Welltower™ Inc. (NYSE:WELL) to Sell from Hold maintaining its $107 price target 🏢 Easterly Government Properties completes Jacksonville, FL Department of Veterans Affairs facility acquisition which is the final property to be acquired in the previously announced portfolio of 10 properties 100% leased to the VA under predominately 20-year firm term leases 🍓 Strawberry Fields REIT announces completion of $19.25M acquisition of 4 Skilled Nursing Facilities in Tennessee and Texas 🏥 Medical Properties Trust, Inc. and Steward Health Care reach agreement in principle with Transfer of hospitals to new interim operators plus agreement includes mutual release of claims and operational funding 🔍 Moody’s affirms American Assets Trust, Inc.'s “Baa3” issuer rating and stable outlook for senior unsecured debt rating of its operating subsidiary

A New Era for Thuduc House: Introducing Our Dynamic, Visionary New CEO https://ift.tt/swKHl9P Thuduc House Joint Stock Company (Thuduc House, TDH on HoSE) has just announced through Resolution No. 930/NQ-HĐQT the appointment of Ms. Tran Thi Lien as its new CEO. The resolution takes effect from November 29, 2024, until the end of the current term of the Board of Directors (2020 – 2025) or until a replacement is appointed. Ms. Tran Thi Lien holds a Bachelor’s degree in Economics. Illustrative image Additionally, the Board of Directors of Thuduc House also passed Resolution No. 928/NQ-HĐQT to relieve Mr. Nguyen Hai Long from his duties as CEO effective November 29, 2024. Mr. Long is responsible for coordinating with his successor to ensure a smooth transition, including handing over relevant documents and signing or confirming ongoing documents that he has been handling as the legal representative of the company. Prior to this, on November 28, 2024, Thuduc House received Mr. Long’s resignation letter from the position of CEO. In his letter, Mr. Long stated that he had tried his best to fulfill his assigned tasks. However, due to personal reasons, he was unable to continue in his role. Mr. Nguyen Hai Long was appointed as the CEO of Thuduc House on April 15, 2024, and his resignation comes just over seven months later. In terms of business performance, according to the consolidated financial statements for the third quarter of 2024, Thuduc House reported net revenue of VND 6.6 billion, a decrease of 47.62% compared to the same period in 2023. After deducting taxes and fees, the company recorded a net profit of nearly VND 29.6 billion, an increase of 269.76%. For the first nine months of 2024, Thuduc House recognized net revenue of nearly VND 36.7 billion, a decrease of 54.83%, and reported a net loss of over VND 3.6 billion, an improvement from the net loss of 71.2% in the same period last year. As of September 30, 2024, Thuduc House’s total assets stood at nearly VND 982.7 billion, a decrease of 26.31% from the beginning of the year, and its total liabilities were over VND 661.1 billion, a decrease of 30.98%. You may also like The Quiet Chairman’s Second Departure: Thuduc House’s CEO Steps Down On November 28, 2024, Mr. Nguyen Hai Long submitted his resignation letter to the Board of Directors of Thuduc House Development Corporation (Thuduc House, HOSE: TDH), requesting to step down from his position as the company’s Chief Executive Officer. A Sunshine Group-Linked Company’s Chairman and Board of Supervisors Member Coincidentally Resign on the Same Day. The Chairman has tendered his resignation just over a year into his tenure. A surprising development, given the ambitious goals and vision he had outlined for the company’s future during his inaugural address. The...

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📊 #REIT Headlines 5-9-2024 🏢 📈 Quarterly Earnings Announcements: * Armada Hoffler, APARTMENT INVESTMENT AND MANAGEMENT COMPANY (Aimco), Braemar Hotels & Resorts (BHR), BRT Apartments Corp., Equinix, Howard Hughes Holdings Inc., Innovative Industrial Properties, Medical Properties Trust, Inc., Orion Office REIT, Sabra Health Care REIT, Inc., Sotherly Hotels Inc., Terreno Realty Corporation announced quarterly earnings * Americold Realty reports after trading hours. 💰 Capital Raising Initiatives: * Ventas, Inc. prices $500 million of 5.625% senior notes due 2024 for general corporate purposes, including debt repayment and related fees. * Phillips Edison & Company prices $350 million of 5.75% senior unsecured notes due 2024 for general corporate purposes, including debt repayment and external growth funding. 🏢 Property Acquisitions: * Easterly Government Properties acquires a combined 77,260 sf portfolio of two assets leased to the U.S. Department of Homeland Security in Orlando, Florida, raising its 2024 Core FFO guidance. * Gladstone Commercial Corporation purchases a 142,125 sf industrial facility in Warfordsburg, PA for $11.7 million, fully leased to a provider of processing services and equipment for infrastructure end markets.

RIA valuations are holding strong, but achieving the best multiple for your firm requires foresight and intentional planning. With a highly active buyer pool, RIA owners looking to sell must begin preparing 3-5 years in advance to maximize their valuation. The reality? Without preparation, significant value could be left on the table. Optimizing your firm for what buyers want can transform not just your sale price, but also your firm’s operational success in the interim. 𝗟𝗲𝘁’𝘀 𝗯𝗿𝗲𝗮𝗸 𝗶𝘁 𝗱𝗼𝘄𝗻: Imagine your RIA generates $5 million in revenue and $2.5 million in Earnings Before Owner Compensation (EBOC). If your firm trades at 6x EBOC, its valuation is $15 million. But what if you strategically optimize your operations to command a 7x multiple instead? That extra 1x turn adds $2.5 million to your sale price. 𝘛𝘩𝘢𝘵’𝘴 𝘳𝘦𝘢𝘭 𝘷𝘢𝘭𝘶𝘦—created by demonstrating scale, recurring revenue, organic growth, and the other drivers buyers seek. The difference between a 6x and a 7x multiple can hinge on how well your firm is positioned in these areas. To help you get started, we’ve created a carousel of the top 10 value drivers buyers look for in RIA firms, including: 1️⃣ AUM Growth & Scale 2️⃣ Organic Growth 3️⃣ Succession Plans ...and much more! 𝗪𝗵𝘆 𝘀𝘁𝗮𝗿𝘁 𝗻𝗼𝘄? The path to optimizing your RIA often takes years. Succession planning, diversifying revenue, implementing scalable processes, and modernizing your tech stack don’t happen overnight. But every improvement not only enhances your firm’s value but also makes your business more resilient and efficient today. Don’t wait to start building the value your RIA deserves. At LIMESTONE, we specialize in helping RIAs analyze, plan, and execute strategies that maximize enterprise value while preparing for long-term success. 👉 Swipe through the carousel to explore the 10 drivers of RIA value—and see how your firm measures up! #RIA #BusinessValuation #StrategicGrowth #WealthManagement #MergersAndAcquisitions #ValueCreation