The Daily REITBeat st November 21 , 2019 Total % Price Change Return Index Closing Price Change 1D 5D 1M 3M YTD Dow Jones Industrial Average 27821.09 ‐112.93 ‐0.40 0.13 3.93 5.98 19.26 Nasdaq Composite Index 8526.73 ‐43.93 ‐0.51 0.53 5.40 6.70 28.51 S&P 500 Index 3108.46 ‐11.72 ‐0.38 0.47 4.09 6.35 24.00 MSCI US REIT Index 1293.90 ‐4.08 ‐0.31 1.59 ‐1.59 2.00 22.38 FTSE NAREIT REIT Index 780.80 ‐0.77 ‐0.10 1.94 ‐1.94 1.06 24.18 VIX Index 12.78 ‐0.08 ‐0.62 ‐1.69 ‐10.32 ‐23.38 ‐49.72 MSCI US REIT Index Daily Performance Chart IYR/VNQ Daily Performance Chart PAGE 1 The Daily REITBeat st November 21 , 2019 REIT/Real Estate Headlines INVH Priced a 57.6 million share offering at $30.10/share on behalf of certain selling stockholders affiliated with Blackstone and after this offering and Blackstone's related distribution of its remaining 300,452 shares in Invitation Homes to its partners, Blackstone will no longer beneficially own shares in Invitation Homes CONE Priced $600 million of 2.90% senior notes due 2024 and $600 million of 3.45% senior notes due 2029 and intends to use the net proceeds from this offering (i) to finance their repurchase of any and all of their outstanding $700 million 5.00% Senior Notes due 2024 and $500 million 5.375% Senior Notes due 2027 GNL Priced an underwritten public offering of 3 million shares of its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock raising gross proceeds of $75 million COLD Entered into a definitive agreement to acquire Nova Cold Logistics, based in Canada, for CAD $337 million from Brookfield Business Partners L.P. together with its institutional partners and completed the acquisition of two cold storage facilities owned by MHW Group Inc, one in Maryland and one in Pennsylvania, and exercised an option to purchase the underlying land, for $54 million MPW Announced a sterling‐denominated public offering of senior notes and intends to use approximately £367.0 million ($0.5 billion) of the net proceeds from the offering to repay amounts outstanding under the revolving credit facility of the Operating Partnership, and the remaining net proceeds for general corporate purposes, which may include working capital, capital expenditures and potential future acquisitions EQR Announced the appointment of T. Zia Huque to the Company’s Board of Trustees to serve until the next annual meeting of shareholders HST Announced the appointment of Julie Aslaksen as Executive Vice President, General Counsel and Secretary, effective November 14th LPT Announced that On Services – AV Specialists Inc. it signed a 24K sf of space and Inmark, LLC expanded its lease by an additional 24K sf bringing its total space to 53,578 sf at 4183 Eagle Hill Drive in High Point, NC DRE Fitch announced plans to withdraw its ratings on or about Dec. 20th for commercial reasons plus the company and its Chairman and Chief Executive Officer James B. Connor, announced that they have been recognized for their dedication and initiatives to advance diversity and inclusion in the workplace, with the receipt of Nareit’s inaugural Dividends Through Diversity and Inclusion Recognition Awards during REITworld, the organization’s 2019 Annual Conference in Los Angeles REIT Analyst Initiations/Upgrades/Downgrades/Reiterations UPGRADES KIM: Scotiabank upgrades to Sector Perform from Sector Underperform (raise price target by $3 to $21) PAGE 2 The Daily REITBeat st November 21 , 2019 Barclays Lodging REIT Reiterations Overweight: APLE ($18), HST ($20), PK ($28), RLJ ($19) Equalweight: CLDT ($19), DRH ($11), SHO ($15) Underweight: HT ($14) Capital One REIT Reiterations Overweight: HST ($20), STOR ($43), VER ($11) SunTrust Robinson Lodging REIT/Real Estate Reiterations (Yesterday) Buy: HGV ($42), MTN ($280), PK ($27), PLYA ($11), VAC ($155), WYND ($76) Hold: BXG ($11), CHH ($87), DRH ($9), H ($79), HLT ($99), HST ($18), MAR ($128), RHP ($85), SHO ($14) REITERATIONS WRI: Scotiabank reiterates Sector Perform rating (raise price target by $4 to $32) BRX: Scotiabank reiterates Sector Perform rating (raise price target by $4 to $23) PK: Wells Fargo reiterates Market Perform rating (lower price target by $2 to $23) DOC: Compass Point reiterates Buy rating (raise price target by $4 to $23) NXRT: Yesterday, SunTrust Robinson reiterated Hold rating (raised price target by $1 to $46) O: Yesterday, JPM reiterated Neutral rating (raised price target by $1 to $77) AIV: Yesterday, Barclays reiterated Equalweight rating (lowered price target by $2 to $51) MGP: Yesterday, Scotiabank reiterated Sector Outperform rating (raised price target by $1 to $35) Daily REIT Performance by Sector Sector / (%) Specialized REITs 0.63 Diversified REITs 0.39 Industrial REITs 0.25 Health Care REITs 0.17 Residential REITs 0.21 Office REITs 0.34 Retail REITs 1.05 Lodging REITs 1.53 Top 10 REIT Movers Yesterday Ticker UP (%) Ticker DOWN (%) SAFE 5.09 CBL 6.38 STAR 2.29 MGP 4.09 CCI 1.91 IIPR 3.32 ANH 1.76 RVI 3.10 SNH 1.63 MAC 2.90 NSA 1.38 RESI 2.68 CLNY 1.23 PEI 2.59 PLYM 1.14 TCO 2.49 AMT 1.08 BRX 2.36 RWT 1.06 ESRT 2.26 PAGE 3 The Daily REITBeat st November 21 , 2019 Top 10 REIT Volume Disparities vs 30‐Day Average Ticker UP (%) Ticker DOWN (%) MGP 2240.30 HLT 53.25 NYMT 1554.63 PSTL 52.60 SAFE 959.06 IRM 48.18 CMCT 659.22 DRE 46.56 ESRT 316.06 BXP 45.74 TCO 235.84 PGRE 41.82 STAR 143.24 WELL 40.54 PLYM 123.51 SITC 38.76 SVC 122.41 ABR 38.02 RLJ 121.36 LPT 37.93 REIT/Real Estate Articles APARTMENT REITS/REAL ESTATE WSJ Apartment Landlords Artificial Intelligence Tenant Screening Article: https://www.wsj.com/articles/robots‐are‐ taking‐over‐the‐rental‐screening‐process‐11574332200 DATA CENTER REITS Seeking Alpha DLR Article: https://seekingalpha.com/article/4307916‐grahams‐golden‐rules‐brought‐digital‐realty‐ trust INDUSTRIAL REITS Bloomberg PLD Hamid Moghadam Podcast Interview: https://www.bloomberg.com/news/audio/2019‐11‐ 21/warehouse‐related‐real‐estate‐market‐may‐get‐bigger‐podcast Raleigh LPT High Point Industrial Leasing Update Article: https://www.bizjournals.com/triad/news/2019/11/21/local‐industrial‐park‐reaches‐100‐percent.html MALL & RETAIL REITS/REAL ESTATE Philadelphia PEI Moorestown Mall Lord & Taylor Store Closure Update Article: https://www.bizjournals.com/philadelphia/news/2019/11/20/lord‐taylor‐to‐lay‐off‐dozens‐at‐moorestown‐ mall.html NY Real Deal FRT Georgetowne Shopping Center Acquisition Article: https://therealdeal.com/2019/11/20/fairway‐ anchored‐bergen‐beach‐shopping‐center‐sells‐for‐85m/ CNBC Carl Icahn Mall CMBS Short Play Article: https://www.cnbc.com/2019/11/20/why‐icahn‐is‐making‐a‐400‐ million‐bet‐against‐malls‐record‐store‐closures‐this‐year.html Seeking Alpha SPG Articles: https://seekingalpha.com/article/4307406‐buy‐best‐breed‐simon‐property‐group‐rises‐ rest and https://seekingalpha.com/article/4308180‐know‐best‐breed‐investor MANUFACTURED HOUSING REITS Memphis UMH Blues Community Expansion Article: https://www.bizjournals.com/memphis/news/2019/11/20/expansion‐underway‐for‐fraysers‐memphis‐blues.html PAGE 4 The Daily REITBeat st November 21 , 2019 OFFICE REITS Charlotte HIW Bank of America Tower at Legacy Union Building Acquisition Articles: https://www.bizjournals.com/charlotte/news/2019/11/20/legacy‐union‐tower‐sells‐for‐441‐6m‐to‐highwoods.html and https://www.charlotteobserver.com/news/business/biz‐columns‐blogs/development/article237580049.html NY Commercial Observer SLG 711 Third Avenue Center on Addiction Lease Article: https://commercialobserver.com/2019/11/center‐on‐addiction‐lease‐711‐third‐avenue‐sl‐green‐realty‐corp/ TOWER REITS Street.com AMT Article: https://realmoney.thestreet.com/investing/american‐tower‐look‐to‐position‐it‐from‐the‐ long‐side‐15175468 OTHER REIT SECTOR ARTICLES Bloomberg Sam Zell Mexico REITs Corporate Governance Article: https://www.bloomberg.com/news/articles/2019‐ 11‐20/sam‐zell‐criticizes‐mexican‐real‐estate‐trusts‐shame‐on‐you Seeking Alpha Brad Thomas REIT Stock Ideas Article: https://seekingalpha.com/article/4308104‐michelangelo‐vince‐ lombardi‐37‐percent‐gains‐far BLOOMBERG ECONOMIC CALENDAR * 8:30am: Philadelphia Fed Business Outlook, est. 6, prior 5.6 * 8:30am: Initial Jobless Claims, est. 218,000, prior 225,000 * 8:30am: Continuing Claims, est. 1.68m, prior 1.68m * 9:45am: Bloomberg Consumer Comfort, prior 58 * 9:45am: Bloomberg Economic Expectations, prior 49 * 10am: Leading Index, est. ‐0.2%, prior ‐0.1% * 10am: Existing Home Sales, est. 5.49m, prior 5.38m * 10am: Existing Home Sales MoM, est. 2.04%, prior ‐2.2% PAGE 5 The Daily REITBeat st November 21 , 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.