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The Daily Reitbeat Th November 27 , 2019

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The Daily Reitbeat Th November 27 , 2019 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 PAGE 1 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) PAGE 2 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 PAGE 3 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/ PAGE 4 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/ PAGE 5 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.
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