David Auerbach’s Post

🏢 #REIT Headlines for January 22, 2024 📊 🚀 Analyst Initiations and Upgrades: * 🌐 Exane BNP Paribas initiates AMH ($42) and Invitation Homes ($39) with Outperform ratings. * 📈 Evercore ISI boosts Regency Centers to Outperform and raises price target by $2 to $71. * 📊 Scotiabank lifts Digital Realty to Sector Outperform and increases price target by $25 to $157. * 🔝 JMP upgrades Agree Realty Corporation and Plymouth Industrial REIT to Market Outperform from Market Perform. * ⬇️ JMP downgrades EPR Properties to Market Perform from Market Outperform. * 🔍 BMO downgrades Tricon Residential to Market Perform and raises price target by $2.04 to $11.25. 💼 Corporate Updates and Financial Results: * 📊 Welltower™ Inc. (NYSE:WELL) expects 2023 normalized FFO at the high end of the guidance range. * 💼 Park Hotels & Resorts reveals preliminary Q4 and full-year 2023 results: --4Q’23 Comparable RevPAR up 4.1%, occupancy up 1.5%, ADR up 1.9% YoY. --2023 Comparable RevPAR up 8.7%, occupancy up 4.9%, ADR up 1.3% YoY. 🔄 Sun Communities & Sun Outdoors Business Update: * North American MH and RV insurance renewal completed for 2024. * Expected 15%-20% increase in insurance-related expenses. * Administration process completed for UK real estate assets collateralized in note receivable to Royale Holdings Group. 📆 Notable Mergers and Offers: * ✅ Realty Income Corporation/Spirit Realty Capital, Inc (NYSE: SRC) announces Spirit stockholders' approval for the Realty Income merger, closing on January 23rd. * 🔄 Realty Income Corporation finalizes exchange offers and solicitation of consents for Spirit Notes, eliminating restrictive covenants. Stay tuned for more updates with the Daily REITBeat Newsletter! 📈🏠 #REITs #RealEstateInvesting #MarketNews

🏢 #REIT Headlines -- October 11, 2024 📈 💼 Jefferies Initiates Coverage on Camden Property Trust with a Hold rating setting a $123 price target 💰 CBL Properties Completes Stock Repurchase * Successfully repurchased 500,000 shares for $12.525 million * Total repurchased under program: 1,074,826 shares at an average price of $23.259/share 📅 Sunstone Hotel Investors, Inc. Updates Q3 Operating Activity * July & August performance aligns with expectations, showcasing strength in group activity and business travel * Portfolio RevPAR growth of 2.4% and Total RevPAR growth of 6.3% * Anticipates RevPAR growth to be 125-150 bps lower for 2024 due to labor disruptions * Adjusted EBITDAre projected to decrease by $11M-$13M * Continued earnings growth expected into 2025 from brand conversions and acquisitions 🚀 * 2.3 million shares repurchased since Q3 began at an average price of $9.79/share 🛡️ Piedmont Office Realty Trust Reports Hurricane Milton Impact * Virtually no damage to Orlando assets; all personnel reported safe 📶 Moody’s Affirms Iron Mountain Ratings * Corporate Family Rating: Ba3 * Outlook: Stable 🌐 American Tower Expands Agreement with Nextlink Internet * Partnership focuses on enhancing broadband access in rural communities across the Central U.S. * Nextlink can now collocate on additional American Tower sites to accelerate deployment

🏢 #REIT Headlines -- October 11, 2024 📈 💼 Jefferies Initiates Coverage on Camden Property Trust with a Hold rating setting a $123 price target 💰 CBL Properties Completes Stock Repurchase * Successfully repurchased 500,000 shares for $12.525 million * Total repurchased under program: 1,074,826 shares at an average price of $23.259/share 📅 Sunstone Hotel Investors, Inc. Updates Q3 Operating Activity * July & August performance aligns with expectations, showcasing strength in group activity and business travel * Portfolio RevPAR growth of 2.4% and Total RevPAR growth of 6.3% * Anticipates RevPAR growth to be 125-150 bps lower for 2024 due to labor disruptions * Adjusted EBITDAre projected to decrease by $11M-$13M * Continued earnings growth expected into 2025 from brand conversions and acquisitions 🚀 * 2.3 million shares repurchased since Q3 began at an average price of $9.79/share 🛡️ Piedmont Office Realty Trust Reports Hurricane Milton Impact * Virtually no damage to Orlando assets; all personnel reported safe 📶 Moody’s Affirms Iron Mountain Ratings * Corporate Family Rating: Ba3 * Outlook: Stable 🌐 American Tower Expands Agreement with Nextlink Internet * Partnership focuses on enhancing broadband access in rural communities across the Central U.S. * Nextlink can now collocate on additional American Tower sites to accelerate deployment

#REIT Headlines | October 25, 2024 🌟 📈 KeyBanc initiates Regency Centers with an Overweight rating setting an $80 price target 🔽 RBC downgrades Alexandria Real Estate Equities, Inc. to Sector Perform from Outperform and lowers price target by $5 to $25 🔽 Scotiabank downgrades Rexford Industrial to Sector Perform from Sector Outperform and lowers price target bY $7 to $48 💼 Earnings Reports: Companies reporting include Alexander & Baldwin, CTO Realty Growth, Inc., Cousins Properties, Digital Realty, Healthpeak Properties, Inc., Gaming and Leisure Properties, Inc., Piedmont Office Realty Trust, Phillips Edison & Company, Weyerhaeuser 💰 Agree Realty Corporation prices an upsized public offering of 4,400,000 shares at $74/share raising gross proceeds of $325.6 million * Uses: Funding acquisitions, development, and debt repayment 🌱 Equity Residential publishes its 2024 Corporate Responsibility Report * Focus Areas: Sustainability, employee development, customer engagement, community service, and governance 📊 UDR - Opening Doors to your future releases its 6th Annual ESG Report which highlights achievements and progress towards enhanced ESG goals in 2023 🏢 Empire State Realty Trust New Lease Announcement: * ESRT welcomes Bloomsbury Publishing, Inc. with a new lease for 24,209 sf at 1359 Broadway

📊 #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.

📊 #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.

REIT Earnings • Healthcare IPO • Dividend Hikes & Cuts Daily REIT Recap: https://lnkd.in/eF7xygB5 Recovering from a sharp dip over the past week, office REITs rebounded today following a pair of earnings reports that were "less bad" than feared. Sunbelt-focused Highwoods (HIW) rallied 4% after reporting that its FFO declined -5.0% in 2023 - above its prior guidance of -6.9% - which was still a sector-best 15% above its pre-pandemic FFO in 2019. Total leasing volume was decent at 698k SF - about 20% below its typical pre-pandemic average - with new lease volumes climbing to the highest of the year in Q4. HIW achieved solid cash rent growth of 5.5% for the year, while comparable occupancy climbed 20 basis in Q4 to 88.9%. HIW guidance calls for a -7.3% decline in FFO in 2024 - roughly matching the office sector average - as a drag from higher interest expense is expected to offset property-level NOI growth of 1%. West Coast-focused Douglas Emmett (DEI) gained 3% after posting similarly decent results, reporting that its full-year FFO declined by -8.4% in 2023 - above its prior guidance of -9.9%. Total leasing volumes were decent at 710k SF - only about 10% below its pre-pandemic average - while leasing spreads and occupancy rates were roughly consistent with last quarter. We'll hear results this afternoon from Cousins (CUZ) and Piedmont (PDM). REIT Academy & The Executive REIT Masterclass | The Daily REIT Beat Newsletter | #REITs #Dividends #Investing #Income #Yield #RealEstate #Housing #Stocks #Bonds #HighYield #DividendInvesting #IncomeInvesting #Diversification #Inflation #realassets #investment

🚀 #REIT Headlines 1-19-2024 🏢 BMO Boosts Confidence in CCI: * 📈 Upgraded Crown Castle to Market Perform from Underperform * 💹 Raised price target by $3 to $110. Prologis secures $1.25B for Future Ventures: * 💰 Priced $800 million of 5.00% notes due 2034. * 💵 Also issued $450 million of 5.25% notes due 2054. * 🌐 Proceeds earmarked for general corporate purposes Pebblebrook Hotel Trust (NYSE: PEB)'s Strong Q4 Outlook: * 📊 Preliminary Q4 2023 results exceeding expectations * 🏨 Same-Property RevPAR growth estimated at 5.0%. * 💰 Same Property Total Revenue growth estimated at 5.8%. * 💼 Same-Property EBITDA approximately $66.6 million. * 🚀 Expected to surpass prior Q4 outlook for Adjusted EBITDAre and Adjusted FFO. Stay up to date with all the REIT news with The Daily REIT Beat Newsletter!

REIT M&A • Record Highs • Sentiment Recovers Daily REIT Recap: https://lnkd.in/epxHb-_c Tricon Residential (TCN) - the third-largest SFR REIT owning roughly 38,000 homes - surged 28% today after Blackstone (BX) announced a $3.5B deal to take the company private. A somewhat surprising move given the redemption pressure on its flagship non-traded Blackstone Real Estate Income Trust ("BREIT") since late 2022, the purchase will be funded primarily from its newly launched $30B drawdown fund - Blackstone Real Estate partners - with a minority share (11%) allocated to BREIT. Tricon becomes the sixth public REIT to be taken private by Blackstone and its affiliates since the start of 2021 - four of which have been residential REITs: American Campus, Bluerock Growth, and Preferred Apartments. The shares will be acquired for $11.25/share in cash - representing a premium of 30% to Tricon's closing share price on January 18th - with the deal expected to close in the second quarter of this year. TCN will not declare its regular quarterly dividend during the pendency of the transaction. Blackstone has been at the forefront of the "institutionalization" of the single-family rental sector over the past decade, acquiring a portfolio of tens of thousands of single-family homes in the immediate aftermath of the Great Financial Crisis - many purchased in states of distress - which it took public through the IPO of Invitation Homes (INVH) in 2017. Blackstone re-entered the SFR business with a preferred investment in Tricon in 2020 and the purchase of Home Partners of America in 2021, which owns nearly 30,000 homes. Combined, Blackstone will become the third largest owners of single-family homes in the United States with roughly 70k homes, trailing only Pretium's Progress Residential and the aforementioned Invitation Homes. REIT Academy & The Executive REIT Masterclass | The Daily REIT Beat Newsletter | David Auerbach | Alex Pettee, CFA | #REITs #Dividends #Investing #Income #Yield #RealEstate #Housing #Stocks #Bonds #HighYield #DividendInvesting #IncomeInvesting #Diversification #Inflation #realassets #investment

📊 #REIT Market Update - January 29, 2024 🏢 Alexandria Real Estate Equities, Inc. and Equity LifeStyle Properties, Inc. Earnings Report: * Both companies announce earnings post-trading hours. American Healthcare REIT Inc. IPO Launch: 🚀 * Announces public offering of 56M shares. * Offering price: $12.00-$15.00. * NYSE listing approval pending under symbol "AHR." Moody's Affirms Ratings: 🌐 * Essex Property Trust: "Baa1" with a stable outlook. * UDR - Opening Doors to your future: "Baa1" and "(P)Baa1" with a Stable outlook #RealEstate #Investment #FinancialMarkets #REITs