REAL ESTATE SUMMARY FOR JULY 20th, 2018

Good Morning:

BDN announces the amendment to and restatement of their Revolving Credit Agreement. The amendments extend the maturity date from May 15th, 2019 to July 15th, 2022, reduce the interest rate margin applicable to Eurodollar loans to a range between .825% - 1.55% per annum and provide for an additional interest rate option based on a floating LIBOR rate. The covenant requiring a minimum net worth was removed as well.

TPH announces the appointment of Vicki McWilliams to its Board of Directors. Ms. McWilliams is EVP of stores at Williams-Sonoma where she is responsible for leading 20,000 associates in 620 stores. Prior to joining Williams-Sonoma in 2008, McWilliams spent 29 years at Nordstrom.

TMHC: Home builder join the one percent of US Public Companies with Majority Female Boards. Taylor Morrison adds veteran NY Times executive Denise Warren and former Banana Republic Global President Andi Owen as directors. The board now consists of 4 female and 3 male board members.

EGP released earnings yesterday with a sold report and an increase to their guidance. This is further confirmation that the industrial REITs, like PLD are continuing to perform well fundamentally despite the ongoing trade war concerns. EGP will host an earnings call today at 11am ET. To access the webcast: www.eastgroup.net

FIBRAPL14 (FIBRA Prologis) announces 2Q earnings. The company commented on the strength in Mexican Industrial/Logistics properties: "The operating environment for industrial real estate in Mexico remains healthy and is led by the consumption and manufacturing sectors," said Luis Gutierrez, CEO, Prologis Property Mexico. "FIBRA Prologis' focused investment strategy translated into record rent change at lease expiration, and our well-located portfolio is positioned to capture future growth. We expect to build on this momentum as we move in to the second half of the year." To listen to a replay of their earnings call which happened this morning, click the investor tab

PEB sends a letter to the Board of Trustees of LaSalle Hotel Properties. View the full release here: https://www.businesswire.com/news/home/20180720005081/en/

Have a great weekend,

Bill Hutch