The Daily REITBeat th November 27 , 2019
Total % Price Change Return Index Closing Price Change 1D 5D 1M 3M YTD Dow Jones Industrial Average 28121.68 55.21 0.20 0.67 4.32 8.01 20.55 Nasdaq Composite Index 8647.93 15.45 0.18 0.90 4.91 10.07 30.33 S&P 500 Index 3140.52 6.88 0.22 0.65 3.90 8.75 25.28 MSCI US REIT Index 1293.90 14.97 1.17 -0.31 -1.60 2.78 22.38 FTSE NAREIT REIT Index 779.17 10.28 1.34 -0.31 -1.66 1.37 23.92 VIX Index 11.54 -0.33 -2.78 -10.26 -8.77 -40.36 -54.60
MSCI US REIT Index Daily Performance Chart
IYR/VNQ Daily Performance Chart
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The Daily REITBeat th November 27 , 2019
REIT/Real Estate Headlines
EPRT Closed a new $430 million seven-year unsecured term loan facility maturing in November 2026 and has an accordion feature to increase the facility’s availability, subject to certain conditions, up to an aggregate of $500 million and concurrent with the closing of this transaction, the Company also amended its existing $600 million unsecured credit facility
PSA Announced that it is calling for redemption all outstanding depositary shares representing interests in its Series A 5.875% Cumulative Preferred Shares on December 30th at $25/depository share and the aggregate redemption amount to be paid to all holders of the depositary shares is $190 million
PGRE Closed a $1.25 billion refinancing of 1633 Broadway, a 2.5 million sf trophy office building located on Broadway between 50th and 51st Streets in Manhattan and realized net proceeds of approximately $179 million after the repayment of the existing loan, swap breakage costs and closing costs
VICI Closed on their offering of $1.25 billion aggregate principal amount of 4.25% senior unsecured notes due 2026 and $1 billion aggregate principal amount of 4.625% senior unsecured notes due 2029
FCPT Announced the acquisition of a restaurant-anchored multi-tenant property located in IN for $3.4 million that was constructed in 2019 and is occupied by a corporate-operated Starbucks, a large authorized retailer for Verizon Wireless and a corporate-operated ATI Physical Therapy and each tenant is subject to a separate lease with approximately ten years remaining
BRT Announced a $30 million “At-the-Market” equity offering agreement
REXR Fitch affirmed its “BBB” Long-Term Issuer Default Rating with a stable outlook
ESRT Yesterday, company announced the completion of the redevelopment of its 80th floor of The Empire State Building Observatory (ESBO) and the final component of the four-year, $165 million-dollar project to reimagine the ESBO adds engaging and informative exhibits to orient visitors on their visit to New York City and showcases the building’s unique place at the center of it all
DEA Yesterday morning, company announced that it has acquired a to-be-completed 56,330 sf Department of Veterans Affairs outpatient facility located in the Northeast United States
REIT Analyst Initiations/Upgrades/Downgrades/Reiterations
DOWNGRADES PLD: Yesterday, Morningstar downgraded to Sell from Hold (maintain $78 price target)
Jefferies Data Center REIT Reiterations (Yesterday) Buy: EQIX ($651) Hold: CONE ($69), COR ($108), DLR ($132), QTS ($50)
Morningstar REIT Reiterations (Yesterday) Buy: PK ($31) Hold: ESRT ($15), EXR ($99), INVH ($29), VTR ($64), WELL ($79)
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The Daily REITBeat th November 27 , 2019
REITERATIONS MNR: B Riley FBR reiterates Buy rating (raise price target by $.50 to $17) and Compass Point reiterated Buy rating (raised price target by $2 to $18.50) SRC: Yesterday, Deutsche Bank reiterated Hold rating (raised price target by $2 to $52) and Capital One reiterated Equalweight rating (raised price target by $6 to $52) SBRA: Yesterday, SunTrust Robinson reiterated Hold rating (raised price target by $1 to $21) ALEX: Yesterday, Sandler O’Neill reiterated Hold rating (lowered price target by $2 to $23)
Daily REIT Performance by Sector
Sector / (%) Health Care REITs 1.91 Specialized REITs 1.67 Residential REITs 1.64 Industrial REITs 1.61 Lodging REITs 1.099 Diversified REITs 1.00 Office REITs 0.80 Retail REITs 0.72
Top 10 REIT Movers Yesterday
Ticker UP (%) Ticker DOWN (%) SAFE 6.93 IRM 4.26 PLYA 4.07 FPI 2.15 MPW 3.85 CLNY 1.23 UHT 3.55 CLPR 1.21 ELS 3.46 CMO 1.03 SUI 3.17 CIT 0.83 UMH 2.75 AHT 0.74 AMT 2.42 ALEX 0.74 SBAC 2.40 CPLG 0.69 HTA 2.40 OLP 0.55
Top 10 REIT Volume Disparities vs 30-Day Average
Ticker UP (%) Ticker DOWN (%) GMRE 1043.53 CLPR 71.26 SAFE 631.82 PLYM 64.73 CIO 510.59 INN 59.24 MPW 333.53 EQC 54.54 PEAK 324.10 CBL 49.47 HASI 239.16 LSI 46.36 WPC 229.11 PEB 41.96 MAC 228.47 TWO 41.83 ELS 216.57 CXP 40.70 CPT 202.98 ABR 40.34
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The Daily REITBeat th November 27 , 2019
REIT/Real Estate Articles
INDUSTRIAL REITS Dayton IIPR Cresco Yellow Springs Property Transaction Article: https://www.bizjournals.com/dayton/news/2019/11/26/yellow-springs-cannabis-cultivation-facility-sold.html Columbus IIPR Cresco Yellow Springs Property Transaction Article: https://www.bizjournals.com/columbus/news/2019/11/26/ohio-cannabis-cultivation-facility-sold-in-38m.html GlobeSt.com PLD Norges Logistics Portfolio Acquisition Article: https://www.globest.com/2019/11/26/prologis- norges-jv-to-buy-1-9b-logistics-portfolio/ Commercial Property Executive PLD Norges Logistics Portfolio Acquisition Article: https://www.cpexecutive.com/post/prologis-norges-buy-2b-logistics-portfolio/ Seeking Alpha Hoya Industrial REITs Analysis Article: https://seekingalpha.com/article/4309189-industrial-reits-love- logistics
LODGING REITS Washington PEB Topaz Hotel Disposition Article: https://www.bizjournals.com/washington/news/2019/11/26/douglas-development-acquires-dupont-circle- hotel.html
MALL & RETAIL REITS/REAL ESTATE Bloomberg Barneys Black Friday Clearance Sale Impact Article: https://www.bloomberg.com/news/articles/2019- 11-26/barneys-clearance-threatens-to-send-ripples-across-luxury-market Dayton SPG Cincinnati Premium Outlets Journey Store Opening Article: https://www.bizjournals.com/dayton/news/2019/11/26/new-tenant-store-expansion-ahead-for-outlet-mall.html CNBC Black Friday Department Stores Outlook Article: https://www.cnbc.com/2019/11/26/black-friday-is-losing-its- clout-more-bad-news-for-department-stores.html Seeking Alpha Brad Thomas UBA/UBP Article: https://seekingalpha.com/article/4309304-urstadt-biddle-25-years- dividend-increases-signals-strong-alignment-interest Seeking Alpha 2nd Market Capital CDR Article: https://seekingalpha.com/article/4309049-cedar-realty-trust- stabilized-underpriced Seeking Alpha MAC Article: https://seekingalpha.com/article/4309173-macerich-high-yield-reit-will-return-growth- 2020
NET LEASE REITS Dallas LXP 11511 Luna Road Property Disposition Article: https://www.bizjournals.com/dallas/news/2019/11/26/reserve-capital-partners-2gr-equity-farmers-branch.html Dallas SRC/SVC Net Lease Portfolio Transaction Article: https://www.bizjournals.com/dallas/news/2019/11/26/spirit-realty-capital.html GlobeSt.com SRC/SVC Net Lease Portfolio Transaction Article: https://www.globest.com/2019/11/26/spirit-realty- capital-acquires-123-net-lease-properties-for-435m/
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The Daily REITBeat th November 27 , 2019
OFFICE REITS Asbury Park CLI 3600 Route 66 Disposition Article: https://www.app.com/story/money/business/main- street/whats-going-there/2019/11/27/office-space-asbury-park-press-building-has-new-owner/4311073002/ NY Commercial Observer SLG Worldwide Plaza West Monroe Partners Lease Article: https://commercialobserver.com/2019/11/west-monroe-partners-lease-worldwide-plaza-825-eighth-avenue-sl- green-realty-corp-new-york-reit-rxr-realty/ Commercial Property Executive OPI Maryland Office Portfolio Disposition Article: https://www.cpexecutive.com/post/office-reit-sells-maryland-portfolio-for-62m/ Commercial Property News PGRE Paramount Plaza Refinancing Article: https://www.cpexecutive.com/post/paramount-groups-paramount-refi/ GlobeSt.com PGRE Paramount Plaza Refinancing Article: https://www.globest.com/2019/11/27/paramount-lands- 1-25b-refi-for-1633-broadway/
VARIOUS CLNY BLACKWELLS CAPITAL DIRECTOR SLATE ARTICLES Bloomberg: https://www.bloomberg.com/news/articles/2019-11-26/tom-barrack-faces-call-to-step-down- immediately-as-colony-ceo WSJ: https://www.wsj.com/articles/activist-investor-seeks-to-oust-tom-barrack-as-colony-capital-ceo-11574806507 Reuters: https://www.reuters.com/article/us-colony-capital-blackwells/activist-investor-seeks-to-oust-trump- friend-barrack-from-ceo-job-at-colony-capital-idUSKBN1Y026I NY Times: https://www.nytimes.com/2019/11/26/business/dealbook/tom-barrack-colony-trump.html CNBC: https://www.cnbc.com/2019/11/26/activist-firm-looks-to-oust-trump-ally-tom-barrack-from-colony-capital- ceo-spot.html
OTHER REIT SECTOR ARTICLES Commercial Property Executive EPR Charter School Portfolio Disposition Article: https://www.cpexecutive.com/post/epr-properties-seals-strategic-shift-with-454m-deal/
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The Daily REITBeat th November 27 , 2019
BLOOMBERG ECONOMIC CALENDAR * 8:30am: GDP Annualized QoQ, est. 1.9%, prior 1.9% * 8:30am: GDP Price Index, est. 1.7%, prior 1.7% * 8:30am: Core PCE QoQ, est. 2.2%, prior 2.2% * 8:30am: Durable Goods Orders, est. -0.9%, prior -1.2% * 8:30am: Personal Consumption, est. 2.8%, prior 2.9% * 8:30am: Cap Goods Orders Nondef Ex Air, est. -0.2%, prior -0.6% * 8:30am: Cap Goods Ship Nondef Ex Air, est. -0.2%, prior -0.7% * 8:30am: Initial Jobless Claims, est. 220,500, prior 227,000 * 8:30am: Continuing Claims, est. 1.69m, prior 1.7m * 8:30am: Durables Ex Transportation, est. 0.1%, prior -0.4% * 9:45am: MNI Chicago PMI, est. 47, prior 43.2 * 9:45am: Bloomberg Consumer Comfort, prior 59.1 * 10am: Personal Income, est. 0.3%, prior 0.3% * 10am: Personal Spending, est. 0.3%, prior 0.2% * 10am: Real Personal Spending, est. 0.0%, prior 0.2% * 10am: PCE Deflator MoM, est. 0.27%, prior 0.0% * 10am: PCE Deflator YoY, est. 1.4%, prior 1.3% * 10am: PCE Core Deflator MoM, est. 0.11%, prior 0.0% * 10am: PCE Core Deflator YoY, est. 1.7%, prior 1.7% * 10am: Pending Home Sales MoM, est. 0.2%, prior 1.5% * 10am: Pending Home Sales NSA YoY, est. 6.0%, prior 6.3% * 2pm: U.S. Federal Reserve Releases Beige Book
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The Daily REITBeat th November 27 , 2019
Mary Jensen, Founder & CEO David Auerbach [email protected] [email protected] 310.526.1707 214.492.3777
Mary Jensen is a proven strategic communicator and capital David Auerbach has been in the securities business for over 20 markets executive with progressive in-house experience in years serving as an institutional trader specializing in REITs (Real corporate strategy, marketing, business development and Estate Investment Trust), Equity and Preferred stocks, MLPs, investor relations gained primarily within the REIT/Commercial ETFs, and Closed End Funds. He has spent his entire career in Real Estate industry. Ms. Jensen is recognized for driving Dallas, TX. investment decisions by major Wall Street firms, enhancing stakeholder relationships and gaining better exposure with David departed Esposito Securities after 6½ years in December financial institutions, as well as establishing business 2018 where he helped to build out the REIT/Real Estate platform partnerships and processes to achieve company goals. Serving as with institutional investors and Equity REITs and worked with a trusted advisor to C-Suite Executives and company Boards, ETF issuers on seeding, relationship building, and order Mary has a proven track record of effectively communicating an execution. David also specialized in Closed End Fund stocks organization’s value proposition and engaging prospective handling large blocks of trades in highly illiquid names. He also investors. built a niche working with partners in handling new preferred Mary has worked in the REIT space for more than 19 years with offerings. several prominent REITs, such as Douglas Emmett, Inc. (NYSE: DEI), where she counseled them prior to, during and for several Prior to joining Esposito Securities, David spent 11 years at years after their IPO through various equity and debt offerings as Green Street Advisors as a Vice President of Institutional Trading well as navigating them through the worst financial crisis in handling REIT order execution and sales trading on behalf of history. Other prominent REITs include, Healthcare Trust of institutional clients, hedge funds, pension funds, and other America (NYSE: HTA), Essex Property Trust, Inc. (NYSE: ESS), investors. Before that, David worked at Financial Marketplace Spirit Realty Capital (NYSE: SRC) and Mack-Cali Realty (NYSE: Inc. for 2 years as a retail investment adviser. CLI). David has been quoted by Bloomberg, WSJ, Financial Times, Ms. Jensen holds a Master of Business Administration from the REIT.com, and GlobeSt.com among others. David graduated Graziadio School of Business and Management, Pepperdine from the University of Texas at Austin in May 1999 with a BBA in University, and is an active member of the National Investor Finance and graduated from Southern Methodist University in Relations Institute (NIIRI) and the National Association of Real May 2005 with an MBA in Finance. He currently holds FINRA Estate Investments Trusts (NAREIT). Series 3, 7, 24, 55, and 63 registrations.
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