The Daily REIT Beat Newsletter

?? #REIT News - November 27, 2024 ?? ?? JPM Downgrades Alexandria Real Estate Equities, Inc. to Neutral from Overweight and lowers its price target by $12 to $121. ??? Equity Commonwealth completed the sale of 1250 H Street (196,000 sf) in Washington, D.C. for $27.5 million. ?? Terreno Realty Corporation announced 82,000 sf lease in Avenel, NJ with a leading national wholesale tire distributor which commences December 31, 2024 and expires January 2030.

?? #REIT Headlines - November 26, 2024 ?? ?? Macerich's Public Offering: * Priced an upsized public offering of 20 million shares at $19.75/share * Gross proceeds of $395 million * Proceeds will be used to repay $478 million mortgage loan with a fixed interest rate of approximately 9% (secured by Washington Square property) ?? SL Green Realty Corp. 500 Park Avenue Acquisition: * Entered into a contract to purchase 500 Park Avenue for $130.0 million * Located at the corner of 59th Street and Park Avenue and is a historic, landmarked 11-story Class A office building totaling 201,000 sf of luxury office and prime retail space * SLG will reposition the lobby, introduce building amenities and make substantial improvements to the public plaza ?? Getty Realty Corp.'s Private Placement: * Closed a $125 million private placement of senior unsecured notes * $50 million at 5.52% fixed rate (maturing 2029) * $75 million at 5.70% fixed rate (maturing 2032) ?? Hudson Pacific Properties's Credit Downgrade: * Moody’s downgraded HPP’s Corporate Family Rating to B2 from Ba3 * Senior unsecured debt rating downgraded to B2 from Ba3 * Preferred stock rating downgraded to Caa1 from B2 with a negative outlook ?? Medical Properties Trust, Inc.'s Credit Downgrade: * Moody’s downgraded MPW’s Corporate Family Rating to Caa1 from B1 * Senior debt rating downgraded to Caa1 from B1 with a negative outlook ?? Office Properties Income Trust's Creditwatch Announcement: * S&P placed OPI’s ratings on CreditWatch with developing implications * Following the launch of a private exchange offer for new 2027 secured notes and common stock exchange ?? SITE Centers's Spin-Off Update: * Provides additional details on the Curbline Properties spin-off * Fair market value of CURB shares: $22.29/share * 21% of the CURB distribution is a taxable capital gain, and 79% is a return of capital

#REIT Headlines - 11/25/2024 ?? Equinix Issues €1.15 Billion in Green Bonds: * Issued €650 million of 3.25% senior green notes due 2031 and €500 million of 3.625% senior green notes due 2034. * Proceeds will fund Eligible Green Projects, supporting sustainability goals. ?? Office Properties Income Trust Refines Debt Strategy: * Entered into a private exchange agreement with an ad hoc group of noteholders holding a significant amount of its $453.6 million senior unsecured notes due 2025. * Plans to refinance up to $340 million and repurchase, redeem, or repay the remaining $113.6 million before year-end 2024. ?? Simon Property Group Sells Osage Beach Outlet Marketplace: * Sold 391,000 sq. ft. outlet center in Osage Beach, MO. * Key tenants include Polo Ralph Lauren, Under Armour, Bath & Body Works, and LOFT. ?? Terreno Realty Corporation Sells Florida Industrial Property: * Sold 75,000 sq. ft. industrial building in Doral, FL for $20.6 million. * Fully leased to a single tenant. * Purchased in 2012 for $4.2 million, generating an IRR of 13.4%. ?? Easterly Government Properties Acquires Secure IRS Facility: * Acquired 100,000 sq. ft. leased facility in Ogden, UT, fully leased to the General Services Administration for the IRS. * Facility supports critical IRS tax submission and Digital Fraud operations. * Located on 13 acres, serving mission-critical government functions.

??? #REIT Headlines - November 15th, 2024 ?? ?? BMO Upgrades Independence Realty Trust Inc. to Market Perform from Underperform and raises price target by $2 to $21 ?? Deutsche Bank downgrades Alexandria Real Estate Equities, Inc. to Hold from Buy and lowers price target by $23 to $112 ?? DiamondRock Hospitality AC Hotel Minneapolis Acquisition * DRH acquired the fee simple interest in the 245-room AC Hotel Minneapolis Downtown for $30 million (~$122K/key) * Represents a 8.2% capitalization rate on the Hotel's forecasted 2024 net operating income ?? EastGroup Properties Inc Business Update ?? Acquired Riverpoint Industrial Park in Atlanta ?? 3 industrial buildings, 779K SF, $88M purchase ?? 100% leased to 6 tenants ?? Dallas Acquisition in Progress ?? 4 industrial buildings, 100% leased, $77M ?? Leasing Highlights ?? 96.3% leased, 95.7% occupied ?? 1.2M SF of leases signed (avg. rent increase 53%) ?? Equity Offering Update ?? Raised $151M from 876K shares at $174.22/share ?? Forward equity sale agreements for $113M ?? NexPoint Residential Trust Inc CFO Transition ?? Brian Mitts resigns as CFO (effective 12/31) ?? Paul Richards appointed CFO (effective 1/1/2025) ?? Equity Commonwealth Liquidating Distribution ?? Initial cash distribution of $19.00/share ?? Payable 12/6/2024 (record date 11/25/2024) ?? Updated distribution range: $20.00 - $21.00/share ?? Fitch Ratings Affirms Host Hotels & Resorts ?? Long-Term Issuer Rating at “BBB” ?? Stable Outlook ?? Moody’s Affirms COPT Defense Properties ?? Issuer Rating “Baa3” ?? Outlook revised to Positive from Stable ?? Rexford Industrial Q4 Update ?? 657K SF of new & renewal leases executed Q4 2024 ?? 80% increase in rental rates ?? Same Property Portfolio occupancy: 96.8% YTD ?? Ventas, Inc. Public Offering ?? Yesterday morning, 10.6M shares priced at $63.87/share ?? Raised gross proceeds of $677M ?? Proceeds for working capital, acquisitions, and debt repayment

?? #REIT Headlines – November 14, 2024 ??? ?? UBS initiates Four Corners Property Trust with a Buy rating setting a $33 price target ?? UBS initiates Broadstone Net Lease, Inc. ($18) and EPR Properties ($48) with Neutral Ratings ?? Compass Point upgrades BXP, Inc. to Buy from Neutral raising price target by $8 to $88 ?? Scotiabank upgrades Douglas Emmett to Sector Outperform from Sector Perform raising price target by $5 to $21 ?? UBS downgrades Sun Communities & Sun Outdoors to Neutral from Buy lowering price target by $21 to $134 ?? Mizuho downgrades Realty Income Corporation to Neutral from Outperform lowering price target by $4 to $60 ?? Scotiabank downgrades Kilroy Realty Corporation to Sector Underperform from Sector Perform and maintains its $38 price target ?? FrontView REIT and NewLake Capital Partners, Inc. announced quarterly earnings ?? Ventas, Inc. launches public offering of 10.6M shares with proceeds for working capital, acquisitions, and debt Repayment ?? Curbline Properties announces acquisition activity and strong leasing metrics * 28.3% Cash New Leasing Spread (TTM as of Sept 30, 2024) * 10.1% Cash Renewal Leasing Spread (TTM as of Sept 30, 2024) * 9.0% New Leasing Spread and 8.1% Renewal Leasing Spread for Q3 2024 ?? Alpine Income Property Trust Announces Board Changes * Resignation: Jeffrey S. Yarckin * New Appointment: Brenna A. Wadleigh * Effective November 8th, 2024

?? #REIT Headlines – November 13, 2024 ?? ?? Stifel upgrades Equity Residential to Buy from Hold and raises price target by $3.75 to $81.50 ?? Stifel downgrades Camden Property Trust to Hold from Buy and raises price target by $1 to $121 ?? Yesterday, BofA upgraded Veris Residential to Buy from Neutral and raised price target by $3 to $23 ?? Yesterday, Capital One initiates FrontView REIT with an Overweight rating and set a $22 price target ?? American Healthcare REIT & Hudson Pacific Properties reported quarterly earnings ?? Xenia Hotels & Resorts, Inc. Prices $400M Senior Notes Offering: * Upsized and priced $400M of 6.625% Senior Notes due 2030 * Proceeds to redeem 6.375% notes due 2025 and cover related fees ?? Safehold Inc. Prices $400M Senior Notes Offering: * Priced $400M of 5.65% Senior Notes due 2035 * Proceeds to be used for general corporate purposes including debt repayment and ground lease investments ?? W. P. Carey Inc. Prices €600M Senior Notes: * €600M of 3.70% Senior Unsecured Notes due 2034 * Proceeds for general corporate purposes, including acquisitions and debt repayment ??? Alpine Income Property Trust Updates Investment & Disposition Activities: * $28M portfolio acquisition in Charlotte, NC, anchored by BJ's Wholesale Club * Year-to-date investment activity totals $112.2M with a 9.3% yield * Disposition activity totals $70.2M at a 7.1% exit cap rate ?? Equity Commonwealth Announces Special Meeting Results: * Shareholders approved the Plan of Sale and Dissolution * Board authorized liquidation preference payment for Series D Cumulative Convertible Preferred Shares ($25.08576/share) ?? Bellevue Capital Partners Increases Global Net Lease Stake * Bellevue Capital Partners acquires an additional 100,000 shares of GNL * The strategic investment reemphasizes their confidence in the company's management and its execution of its previously announced strategic plan

?? #REIT Headlines - November 12th, 2024 ?? ?? BofA downgrades Sun Communities & Sun Outdoors to Underperform from Neutral lowering its price target by $33 to $114 ?? Jefferies downgrades Hudson Pacific Properties to Hold from Buy and lowers price target by $.50 to $5 ?? Yesterday, Morningstar downgraded Equity LifeStyle Properties, Inc. to Hold from Buy maintaining its $76 price target ?? Yesterday, Morningstar downgraded Equinix to Sell from Hold maintaining its $810 price target ?? Sunstone Hotel Investors, Inc. & Sila Realty Trust, Inc. Quarterly Earnings Announced ???? Leadership Change at Healthcare Realty * Todd Meredith steps down as President & CEO while Constance “Connie” Moore appointed interim President & CEO effective immediately ?? Xenia Hotels & Resorts, Inc. Senior Notes Offering * Plans to offer $365M in senior notes due 2030 * Proceeds will be used to redeem outstanding 6.375% senior notes due 2025 ?? Ashford Hospitality Trust Forbearance Period * AHT entered into a 90-day forbearance period for its Morgan Stanley Pool loan secured by 17 hotels * The Company is in active discussions with the lender regarding a multi-year extension of the loan and expects to have that finalized during the 90-day period ?? Fitch Ratings Placed Retail Opportunity Investments Corp. on Watch * Ratings of ROIC & its limited partnership placed on Rating Watch Evolving * Includes BBB Long-Term Issuer Default Rating and senior unsecured debt

?? #REIT Headlines – November 11, 2024 ?? ?? Scotiabank upgrades NETSTREIT Corp. (NYSE: NTST) to Sector Outperform from Sector Perform ?? Price target raised by $2 to $18 ?? Evercore ISI upgrades AMH to Outperform from Inline ?? Price target raised by $1 to $42 ?? BofA upgrades Tanger to Buy from Neutral ?? Price target raised by $5 to $40 ?? On Friday, Morningstar upgraded American Tower to Buy from Hold ?? Price target maintained at $230 ?? Park Hotels & Resorts announces 2024 earnings guidance update ?? Following labor agreements ratification at 4 key hotels ?? Full-year 2024 Adjusted FFO guidance: $2.00-$2.10/share ?? Slight decrease from prior guidance ($2.10-$2.26/share) ?? Invitation Homes announces debt prepayment ?? Voluntary prepayment of IH 2018-4 securitization ?? Outstanding balance of ~$630.2M (as of 9/30/24) ?? Prepaid using unrestricted cash from August 2023 bond issuance

?? #REIT Headlines | November 8, 2024 ?? ?? BNP Paribas Exane downgrades Plymouth Industrial REIT to Neutral from Outperform and lowers price target by $6 to $23 ?? Alliance Global Partners downgrades Gladstone Land Corporation to Neutral from Buy and lowers price target by $1.50 to $14.50 ?? Compass Point upgrades Innovative Industrial Properties to Buy from Neutral maintaining its $125 price target ?? Quarterly Earnings Reports * APARTMENT INVESTMENT AND MANAGEMENT COMPANY, Saul Centers, Inc., BRT Apartments Corp., DiamondRock Hospitality, Lamar Advertising Company, Orion Office REIT, Pebblebrook Hotel Trust (NYSE: PEB), Strawberry Fields REIT announced earnings results ?? Cousins Properties Announces Public Offering * Priced offering of 6,000,000 shares of common stock raising gross proceeds of $188 million (~$31.33/share) * Part of net proceeds to fund $328.5M purchase of Vantage South End in Charlotte, NC * If acquisition doesn’t close, proceeds will be used for general corporate purposes (e.g., office property development, debt repayment) ??? CTO Realty Growth, Inc. Secures $40.2M Mortgage Loan * $40.2M loan for development of 80,000 sq ft retail center in Forsyth County, GA * The center will feature a 35,500 sq ft Whole Foods Market and additional retail space ?? S&P Places Retail Opportunity Investments Corp. on CreditWatch * Rating: BBB- issuer credit rating placed on negative CreditWatch * Concerns over credit metrics following the recent acquisition ?? S&P Assigns Positive Outlook to Safehold Inc. * Issuer Credit Rating: BBB+ * Short-term Rating: A-2 * Positive outlook ??? Terreno Realty Corporation Renews Lease in Jamaica, Queens * 50,000 sq ft lease renewal with pre-cooked meals manufacturer * Lease extended to 2036 from 2026

?? #REIT Headlines – November 7, 2024 ?? ?? Scotiabank downgrades BXP, Inc. to Sector Perform from Sector Outperform and lowers price target by $6 to $85 ?? Baird downgrades Sun Communities & Sun Outdoors to Neutral from Outperform and lowers price target by $19 to $126 ?? Baird downgrades Retail Opportunity Investments Corp. to Neutral from Outperform and raises price target by $1.50 to $17.50 ?? Earnings Announcements: Companies Reporting: Braemar Hotels & Resorts Chatham Lodging Trust, Americold Realty, Global Medical REIT Inc, Global Net Lease, Host Hotels & Resorts, Innovative Industrial Properties, Gladstone Land Corporation, Medical Properties Trust, Inc., Plymouth Industrial REIT, RLJ Lodging Trust, Tanger, Sun Communities & Sun Outdoors, Service Properties Trust, Terreno Realty Corporation, UMH Properties, Inc., Xenia Hotels & Resorts, Inc. ?? Upcoming Earnings Reports: Post-Close: APARTMENT INVESTMENT AND MANAGEMENT COMPANY, BRT Apartments Corp., DiamondRock Hospitality, Orion Office REIT, Pebblebrook Hotel Trust (NYSE: PEB) Tomorrow Morning: Lamar Advertising Company ?? Digital Realty Prices $1B Senior Notes Offering: * 1.875% exchangeable senior notes due 2029 * Initial exchange price of approximately $208.34/share * Proceeds used to repay debt, acquire properties, and fund general corporate purposes ?? Sun Communities & Sun Outdoors Restructuring Plan: * Goal: Streamline cost structure & drive sustainable earnings growth * Savings Target: $15M - $20M in annualized G&A & operating expense reductions * Leadership Change: John McLaren returns as President; Gary Shiffman to retire in 2025 ?? Plymouth Industrial REIT Upsizes Unsecured Credit Facility: * New Capacity: $1.5B * Facility Update: Unsecured revolving credit up to $500M (from $350M) * Term Loan: $100M 2026 loan recast, both maturing in Nov 2028 ?? Ashford Hospitality Trust Marriott Crystal Gateway Refinancing * AHT refinanced its mortgage loan secured by the 703-room Marriott Crystal Gateway Hotel located in Arlington, Virginia * The new, non-recourse loan totals $121.5 million and has a three-year initial term with two one-year extension options ?? Retail Opportunity Investments Corp. & Blackstone Merger: * Agreement: Blackstone to acquire all outstanding common shares of ROIC at $17.50/share in cash * Transaction Value: Approx. $4B (including debt) * Premium: 34% over ROIC's July 29 closing price