The Daily REIT Beat Newsletter’s Post

🚀 #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 Headlines -- 7/15/24 🏢 📊 Earnings Coming This Week: Crown Castle, Prologis, Rexford Industrial, and SL Green Realty Corp. announce earnings later this week. 🚀 BMO Upgrades UDR - Opening Doors to your future: Upgraded to Outperform with a new price target of $45 (up $6) 📉 Wells Fargo Downgrades SBA Communications: Lowered to Equalweight with a revised price target of $220 (down $10) 📉 Jefferies Downgrades Armada Hoffler: Now rated Hold with a reduced price target of $11 (down $2) 📉 Morningstar Downgrades SL Green Realty Corp.: On Friday, downgraded to Sell and maintaining a $45 price target. 🔄 SITE Centers Announces 1-for-4 Reverse Stock Split effective August 19, 2024 on NYSE.

📅 #REIT Headlines -- October 16, 2024 🌟 📈 Lucid Capital Markets Initiates Buy Ratings * City Office REIT (NYSE: CIO): $9 price target * CTO Realty Growth, Inc.: $23 price target * Farmland Partners Inc.: $12.50 price target * Alpine Income Property Trust: $22 price target * UMH Properties, Inc.: $22 price target * Whitestone REIT: $17 price target ⚖️ Lucid Capital Markets Neutral Ratings Initiated * Gladstone Commercial Corporation: $17 price target * Gladstone Land Corporation: $15 price target 📊 Earnings Announcements * Prologis: 3Q earnings released * Crown Castle, First Industrial Realty Trust, Rexford Industrial, SL Green Realty Corp. announce earnings after market close 🏨 Service Properties Trust Leverage Reduction Initiatives * Reduced the regular quarterly cash distribution on its common shares from $0.20 per common share ($0.80 per share per year) to $0.01 per common share ($0.04 per share per year) * Plans to sell 114 focused service hotels in 2025 managed by Sonesta International Hotels Corporation with an aggregate of 14,925 keys and an aggregate net carrying value of $850.0 million and use the net sales proceeds to repay debt 🔄 Ashford Hospitality Trust Reverse Stock Split Approved * Unanimous Board approval for a 1-for-10 reverse split * Effective: October 25, 2024 * Trading on NYSE to commence on a split-adjusted basis: October 28, 2024 🌪️ NexPoint Residential Trust Inc Hurricane Milton Update * No material damage reported to properties

🏢 #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 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

Publicly traded REITs are a closely watched leading indicator of private real estate. Given their very nature, pricing is far more volatile than the transaction market would indicate. However, REIT performance can provide valuable insight into current market sentiment. If 2023 is any indication, the market has found a bottom.  #reits #realestate #datacenters

💼 #REIT Headlines -- 7/15/24 🏢 📊 Earnings Coming This Week: Crown Castle, Prologis, Rexford Industrial, and SL Green Realty Corp. announce earnings later this week. 🚀 BMO Upgrades UDR - Opening Doors to your future: Upgraded to Outperform with a new price target of $45 (up $6) 📉 Wells Fargo Downgrades SBA Communications: Lowered to Equalweight with a revised price target of $220 (down $10) 📉 Jefferies Downgrades Armada Hoffler: Now rated Hold with a reduced price target of $11 (down $2) 📉 Morningstar Downgrades SL Green Realty Corp.: On Friday, downgraded to Sell and maintaining a $45 price target. 🔄 SITE Centers Announces 1-for-4 Reverse Stock Split effective August 19, 2024 on NYSE.

🏅 Who Won 2Q24 REIT Earnings Season? This earnings season, we're taking a closer look at REIT stocks through an Olympic-inspired lens: gold, silver, and bronze. A few highlights below; see the attached newsletter for more detail. GOLD: - Retail Strip Centers: Strong leasing and high occupancy. Kimco, Regency, and Brixmor beat expectations and raised guidance. - Healthcare: Stable rent coverage and increased acquisitions. Raised 2024 guidance despite higher interest rates. - Apartments: Thriving in coastal markets, with many raising 2024 guidance. SILVER: - Single-Family Rentals: AMH and INVH raised guidance, with AMH outperforming. - Industrial: Strong demand and raised guidance, led by Prologis. - Office: Sunbelt markets thrive, while urban markets face some challenges. BRONZE: - Self Storage: Facing rent growth and occupancy challenges. - Hotels: Under pressure with concerns over RevPAR guidance and competition from international travel. #REITs #Investment #RealEstate #MarketAnalysis #StockMarket

📉 #REIT Headlines - August 5, 2024 📈 🔻 BofA Downgrades Public Storage to Neutral from Buy (price target maintained at $318) 🔻 BofA Downgrades Extra Space Storage to Underperform from Neutral (price target lowered by $17 to $155) 📈 RBC Upgrades EPR Properties to Outperform from Sector Perform (price target raised by $2 to $50) 🔻 RBC Downgrades Prologis to Sector Perform from Outperform (price target raised by $3 to $127) 📈 Compass Point Upgrades DiamondRock Hospitality to Buy from Neutral (price target maintained at $10) 🔻 Compass Point Downgrades RLJ Lodging Trust to Neutral from Buy (price target lowered by $8 to $10) 📊 Earnings Announcements: American Healthcare REIT, Apple Hospitality REIT, Inc., Innovative Industrial Properties, NSA Storage, Realty Income Corporation, Simon Property Group, Vornado Realty Trust to report after trading close 🏦 Broadstone Net Lease, Inc. Moody’s Update: BNL’s backed senior unsecured notes and issuer rating affirmed at “Baa2” with a stable outlook