Thank you Christine Mastandrea of $WSR Whitestone #REIT for spending a few minutes in the @HoyaCapital Hoya Capital "Hot Seat" video series!

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📈 #REIT Headlines - February 12th, 2025 📈 📣 Quarterly Earnings Announcements: * $ADC Agree Realty Corporation, $AKR Acadia Realty Trust, $FSP Franklin Street Properties Corp., $HIW Highwoods Properties, $IVT InvenTrust Properties Corp., $KRG Kite Realty Group, $UE Urban Edge Properties, $WELL Welltower Inc. and $WPC W. P. Carey Inc. announced quarterly earnings * $CTRE CareTrust REIT, $EPRT Essential Properties Realty Trust, Inc., $EQIX Equinix, $FCPT Four Corners Property Trust, $GTY Getty Realty Corp., $IRT Independence Realty Trust Inc., $STAG Industrial, Inc. and $VTR Ventas, Inc. announce after the close of trading * $IRM Iron Mountain and $LXP Industrial Trust announce tomorrow morning before the open 💼 $PINE Alpine Income Property Trust Announces $10M Stock Repurchase Program * Board of Directors approved a $10M repurchase program * Note: No required minimum purchase and program can be suspended or discontinued anytime

@KCmolzer @realEstateTrent I mean..he does know a thing or 2.

🏢 #REIT Headlines - February 11th, 2025 📅 🔼 Evercore ISI upgrades $BRX Brixmor Property Group to Outperform from Inline maintaining its $31 price target 📊 Earnings Announcements: * $BRX Brixmor Property Group, $CURB Curbline Properties, $KRC Kilroy Realty Corporation, $NNN REIT, Inc., $VNO Vornado Realty Trust announced quarterly earnings * $ADC Agree Realty Corporation, $AKR Acadia Realty Trust, $HIW Highwoods Properties, $IVT InvenTrust Properties Corp., $KRG Kite Realty Group, $WELL Welltower Inc., $WPC W. P. Carey Inc. announce after the close of trading * $UE Urban Edge Properties reports tomorrow morning before the open 🏙 $EQC Equity Commonwealth is under contract to sell 1225 Seventeenth Street (709,402 sf office property in Denver) for $132.5 million * Net sale price expected to be $124.4 million after credits for lease costs * Sale scheduled for late February 2025 * Shareholder Liquidating Distribution range reaffirmed: $20.00 - $21.00 per common share (including the initial $19.00 distribution paid on Dec 6, 2024)

RT @HoyaCapital: Inflation Week • REIT Earnings • Tariff Threats 📊 REIT Daily Recap: US equity markets rebounded…

Looking for an intern to help with database assembly of financial advisor contacts. Happy to try and compensate but the goal is to help someone get their foot in the door with the #REIT industry and possibly turn it into something more full-time. Seeing a lot of interest by companies looking to expand their retail distribution outreach and i'm looking for a go-getter that is passionate about learning, helping, and growing. Is that you? Send me a message.

📢 #REIT Headlines - February 10th, 2025 📢 💼 Earnings Reports: * $ALX Alexander's Inc. announces earnings this morning * $BRX Brixmor Property Group, $KRC Kilroy Realty Corporation, $VNO Vornado Realty Trust to announce earnings after the close today * $NNN REIT, Inc. to report tomorrow morning before the open 📉 On Friday, Morningstar downgraded $WELL Welltower Inc. to Sell from Hold maintaining its $125 price target ☀️ $H Hyatt announced with $PLYA Playa Hotels & Resorts an agreement whereby Hyatt will acquire Playa for $13.50/share or approximately $2.6 billion (including approximately $900 million of debt net of cash) 🛒 $SPG Simon Property Group announces a transformative multimillion-dollar project at Smith Haven Mall that will include a number of new marquee retailers, dining destinations, an outdoor plaza, and amenities throughout the property 🏢 On Friday, $ROIC Retail Opportunity Investments Corp. stockholders approved the all-cash acquisition by Blackstone Real Estate Partners X which is expected to close around February 12, 2025 👥 $NHI National Health Investors announced the immediate resignation of Robert Webb from the Board of Directors on Friday 📊 On Friday, Fitch Ratings affirmed $EPR Properties Long-Term Issuer Default Rating (IDR) and outstanding unsecured debt at “BBB-” along with its preferred stock at “BB” with a stable outlook 🔄 On Friday, $OPI Office Properties Income Trust offered noteholders the option to exchange outstanding senior unsecured notes for up to $175 million in new 8.000% Senior Priority Guaranteed Unsecured Notes due 2030

RT @HoyaCapital: 📊 REITs Lead On Earnings Uplift Weekly Outlook: US equity markets posted a mixed performance th…

RT @HoyaCapital: Jobs Data • Yields Jump • REIT Earnings REIT Daily Recap: US equity markets slumped Friday whil…

RT @HoyaCapital: Howard Hughes (HHH) - Hoya Hotseat Howard Hughes Holdings (HHH) is one of the largest real estate developers in the Unit…

#REIT Earnings Calendar February 10th - February 13th, 2024 MONDAY 2/10 Earnings Pre-Market: $ALX Earnings Post-Market: $BRX, $KRC, $VNO TUESDAY 2/11 Earnings Pre-Market: $NNN Earnings Post-Market: $ADC, $AKR, $HIW, $IVT, $KRG, $WELL, $WPC WEDNESDAY 2/12 Earnings Pre-Market: $UE Earnings Post-Market: $CTRE, $EPRT, $EQIX, $FCPT, $GTY, $IRT, $STAG, $VTR THURSDAY 2/13 Earnings Pre-Market: $IRM, $LXP Earnings Post-Market: $DLR, $ELME, $FRT, $OPI, $PDM

🏢 US Equity #REITs Trading Below Price Target Estimates 📉🏢 Nearly every publicly traded US equity real estate investment trust (REIT) is trading significantly below consensus price target estimates. Here’s a breakdown of the latest trends: Median Implied Upside: * US equity REITs are trading at a median 15.9% implied upside to consensus price targets (as of Jan. 29). * Of the 126 REITs with at least 3 price target estimates, only 1 ($VNO Vornado Realty Trust) is trading above its consensus estimate. Vornado Realty Trust: * Vornado closed at $40.74 per share, with a 6.1% implied downside to its price target of $38.35. * Despite this, it posted an impressive 42.1% one-year total return, well above the industry median return of 4.4%. Sector Breakdown 🔍 * Industrial Sector: Industrial REITs saw the largest median implied upside at 20.9%. * $IIPR Innovative Industrial Properties had the greatest implied upside at 44.1%. * $PLYM Plymouth Industrial REIT (+31.7%) * $LXP Industrial Trust (+30.3%) * $COLD Americold Realty (+28.1%) * $MDV Modiv Industrial (+25.5%) Diversified Segment: Trading at a 19.5% discount to consensus targets. Specialty & Healthcare: * Specialty sector: 17.1% discount * Healthcare sector: 17.0% discount REIT Performance vs. Broader Market * The Dow Jones Equity All REIT Index posted a one-year total return of 8.1% as of Jan. 29. * This lags behind the S&P 500's return of 24.2% over the same period. Top Performers with Major Upside Potential * $SAFE Safehold Inc.: Greatest implied upside to price target (+65.8%) and closed at $15.76 vs. a price target of $26. * $HPP Hudson Pacific Properties: 53.8% upside to its consensus price target.

🏗️ Industrial Sector Adjusts: Shrinking Supply and Shifting Development Trends 📉 The industrial sector is transitioning after its pandemic-driven boom. As we move into 2025, more changes are expected, according to the latest CommercialEdge office report. Key Highlights of the Industrial Market 📊 * Over 1.1 billion square feet of industrial space were added in 2022-2023. * In 2024, the pace slowed with 358 million square feet delivered. * Industrial starts dropped further to 236 million square feet in 2024, down 35% from 2023 and over 60% from 2022. * Little growth is expected in 2025. Shifting Focus in Development: * The emphasis is shifting from warehouse and distribution space to manufacturing and data centers. * 150 million square feet of manufacturing space has been started since 2022, driven by investment growth. * However, cuts to clean energy incentives may hinder further expansion. 💼 Vacancy Rates and Market Challenges 🏢 * National vacancy rate reached 8% in December 2024, up from record lows. * Stabilization is expected, with a gradual decline predicted by late 2025. * Challenges include potential tariffs, labor market shifts, and local development restrictions. Development Hotspots 🔥 * Phoenix led with 5.7% of its inventory (22.3 million square feet) under construction. Other key cities include: * Kansas City (3.9% - 11.5 million square feet) * Memphis (3.5% - 10.5 million square feet) * Philadelphia (2.4% - 11 million square feet) * Denver (2.4% - 6.8 million square feet) * Columbus, OH (2.2% - 7.1 million square feet) Rising Rents Amid Vacancy Growth 💸🏢 * The average national rent rose to $8.40/sq ft in December 2024—up 6.6% year-over-year. * Top performers include New Jersey (+9.8%), Miami (+9.6%), Inland Empire (+8.7%), and Atlanta (+8.7%). Weakest Rent Growth: The Midwest saw the slowest rent increases, with Kansas City at +2.0%, Detroit at +2.3%, and St. Louis at +2.4%. Premium Leases: * Newly signed leases averaged $10.36/sq ft—$2.20 higher than the overall average. * Miami had the highest lease premiums, with new deals surpassing market rates by $5.65/sq ft. Looking Ahead 🚀 * Development Slows: Weaker demand and high borrowing costs are expected to keep industrial development in check for the near future. * Opportunities in Manufacturing & Data Centers: The shift toward manufacturing and data centers presents long-term potential despite current market challenges.

✨ #REITs Align with Growing Demand for Fitness & Wellness 💪 The surge in demand for health and wellness options is reshaping real estate. From yoga studios, cycling hubs, and climbing gyms to wellness retreats, it's clear that fitness and wellness are here to stay. With nearly 100 million U.S. adults prioritizing health in 2025, the wellness economy is booming, valued at $1.8 trillion—making it the largest globally. REITs are riding this wave by investing in properties that cater to this growing demand. Here's how some are leading the way: 1️⃣ $EPR Properties: Focusing on Non-Commodity Wellness 🏋️‍♂️ * Market Focus: Expanding into fitness and wellness, including hot springs and climbing gyms. * Growth: Fitness and wellness rose from 0.9% to 8% of their portfolio in Q3 2024. * Unique Assets: Investing in curated, niche experiences people are willing to pay a premium for. * Successful Examples: Iron Mountain Hot Springs and VITAL Climbing Gym in Brooklyn. * Growth Potential: Fitness and wellness could easily make up 15% of their portfolio in the near future. * Gregory Silvers, CEO: “We see a lot of growth potential in non-commodity fitness concepts, like hot springs and climbing gyms, which foster strong community loyalty.” 2️⃣ $FRT Federal Realty Investment Trust Realty: Building a Fitness Cluster Destination 🏙️ * Innovative Concept: Created FITRow, a fitness hub with 5 boutique studios under one roof: Orangetheory, Title Boxing, Pure Bar, Club Pilates, and CycleBar. * Target Audience: Primarily women ages 25–40 seeking elevated fitness experiences. * Collaboration over Competition: Fitness studios collaborate rather than compete, benefiting from shared clientele. * Community Hub: Added rooftop deck with seating and juice bar to foster community engagement. * Liz Ryan, VP of Leasing: "FITRow has become a vibrant destination that’s more than just fitness—it's a full lifestyle experience." 3️⃣ $REG Regency Centers: Balancing Diverse Fitness Options ⚖️ * Fitness Boom: From small fitness concepts to large gyms, Regency is incorporating diverse fitness options. * Notable Projects: Westlake Plaza (with yoga, Pilates, and cryo wellness) and Crossing Clarendon (with Life Time fitness center, SoulCycle, and hot yoga). * Harmony in Diversity: Integrating multiple fitness options in retail spaces offers a holistic wellness experience. * Expanding Partnerships: Collaborating with industry giants like Life Time and LA Fitness. * Andrew Kabat, SVP: "We’re creating platforms where fitness concepts can coexist and thrive, creating a balanced wellness ecosystem." Takeaway 🚀 The rise in consumer demand for health and wellness is transforming the real estate landscape. REITs are adapting by embracing niche fitness experiences, creating community-focused wellness spaces, and integrating diverse fitness offerings across their portfolios.

📢 #REIT Headlines -- February 7th, 2025 📢 💼 $CDP COPT Defense Properties, $CPT Camden Property Trust, $CUZ Cousins Properties, $EGP EastGroup Properties Inc, $KIM Kimco Realty Corporation, $PECO Phillips Edison & Company, $PINE Alpine Income Property Trust, and $REG Regency Centers reported 4Q'24 quarterly earnings 💰 $ESS Essex Property Trust priced $400M of 5.375% senior unsecured notes due 2035. * Proceeds will be used for repaying upcoming debt maturities, partially funding $500M repayment of 3.5% senior notes due April 2025 and for general corporate purposes & potential acquisitions 🔄 $EPRT Essential Properties Realty Trust, Inc. Credit Facility Amendment: * $1.0B unsecured revolving credit facility (maturing in Feb 2029, with an option to extend to Feb 2030) * $1.3B in existing term loans * Extension of the previous $600M revolving credit facility 🏙️ $AHH Armada Hoffler New Lease at The Interlock: * The Gathering Spot signs on for 38,000 sq. ft. on the rooftop and an additional 20,000 sq. ft. of office space for their new headquarters 👋 $SPG Simon Property Group announces that Herbert Simon, Chairman Emeritus, retired effective Feb 4th, 2025 🏬 S&P Global affirmed $SPG Simon Property Group’s “A-” issuer credit rating and revised outlook from stable to positive 📊 Fitch Ratings assigned $PDM Piedmont Office Realty Trust and its operating partnership a first-time Long-Term Issuer Default Rating of “BBB-“ and stable outlook for its senior unsecured notes, term loans and revolving credit facility

RT @jayparsons: Essex (West Coast apartment REIT with 62k units) had its earnings call yesterday. Here are 12 takeaways I found interesting…

📊 S&P Global #REIT NAV Monitor: US Equity REITs End January at a 13.8% Median Discount 📊 As of January 31, publicly listed US equity real estate investment trusts (REITs) closed with a 13.8% median discount to their consensus net asset value (NAV) per share estimates. This marks a slight increase from December 31, 2024, when the median discount stood at 12.8%. 💸 Sector Discounts * Hotel Sector: Steepest discount at 26.0% (up from 23.7% in December). * Farmland Sector: 24.4% discount. * Industrial Sector: 23.2% discount. * Timber Sector: Narrowed its discount to 21.5% (down from 27.8% in December). 🏥 Healthcare REITs: Highest Premium: Healthcare REITs traded at a 19.9% median premium to NAV by Jan. 31 (up from 7.1% in December). Largest Discounts (Jan. 31, 2025): 🏢 $HPP Hudson Pacific Properties: * Largest Discount: 69.7% (closed at $3.13/share vs. NAV of $10.33/share). * Ranked #1 among all US REITs with market caps of at least $200M. * Other office REITs in the list: $CIO City Office REIT and $BDN Brandywine Realty Trust. 🏨 Hotel REITs on the List: * $RLJ Lodging Trust: 41.6% discount. * $PK Park Hotels & Resorts: 41.4% discount. * $PEB Pebblebrook Hotel Trust: 38.1% discount. 💊 Healthcare REITs Dominating Premiums: * $WELL Welltower Inc.: 95% premium to NAV ($136.48/share vs. NAV of $70). * $CTRE CareTrust REIT: 40.6% premium. * $OHI Omega Healthcare Investors: 35.4% premium. * $NHI National Health Investors: 32.8% premium. 🏬 Other Premiums: * $EPRT Essential Properties Realty Trust, Inc.: 30.0% premium (single-tenant retail REIT). * $IRM Iron Mountain: 23.5% premium (information storage-focused REIT). Conclusion: 📉 The hotel and office sectors are facing the largest discounts to NAV, with Hudson Pacific leading the pack. 💚 Meanwhile, healthcare REITs are performing well, trading at significant premiums to NAV, with Welltower showing the biggest jump. 📊 These shifts highlight the varying market dynamics across sectors and offer opportunities for targeted REIT investments.

🏠 mREITs: Consistent High Dividend Yields Through Market Cycles💰 Mortgage #REITs (mREITs) provide financing for income-generating real estate by investing in mortgages and mortgage-backed securities (MBS), earning income from interest on these investments. They play a vital role in the real estate market, offering liquidity and supporting both residential and commercial mortgages. 🏠 What are mREITs? * Provide financing by purchasing or originating mortgages and MBS. * Invest in both residential (RMBS) and commercial (CMBS) mortgage-backed securities. * Focused on either residential or commercial markets (or both). 💰 Attractive Dividend Yields * mREITs consistently offer high dividend yields despite fluctuating returns. * 50% of financial advisors recommend mREITs as a transparent, simple, and liquid way to invest in the mortgage market. 📉 Market Trends 🏡 RMBS: The housing market is stagnant due to higher interest rates, but home prices are keeping mortgage values elevated. 🏢 CMBS: Commercial real estate is rebounding, but office and multifamily markets face high delinquency rates. 💵 2024 mREIT Performance * Dividend Yield: 12.65% (vs. 3.96% for equity REITs). * Cumulative Dividends Paid (Q3 2024): $5.9 billion. * Total Return (2024): 0.36% (impacted by high interest rates and low property transactions). Key Stats to Know: 🏠 1M Homes Financed: mREITs helped finance 1 million homes in the U.S. in 2024 (Nareit). 📈 167% Increase in CMBS Issuance: From $40.6B in 2023 to $108.2B in 2024 (Trepp). 💸 47 Cities with $1M+ Mortgages: In 2024, 47 U.S. cities had average mortgage balances over $1M (up from 26 in 2024, according to Experian). Sector Spotlight: FTSE NAREIT Mortgage REITs * Number of Constituents: 33 * 1-Year Return: 10.24% * 3-Year Return: -3.04% * 5-Year Return: -4.08% * Dividend Yield: 12.05% * Market Cap: $55.53B * Dividends Paid (2024 Q3): $2.0B * Source: FTSE, Nareit T-Tracker® | As of Jan. 31, 2025 💡 Conclusion: mREITs offer a reliable way to earn high dividend yields even during market volatility. With significant contributions to housing finance and a growing presence in commercial real estate, mREITs remain a key player in the investment landscape.

🚨 #REIT Headlines -- February 6th, 2025 🚨 🏢 $AVB AvalonBay Communities, $FR First Industrial Realty Trust, $MAA, $OHI Omega Healthcare Investors, $REXR Rexford Industrial, $SAFE Safehold Inc., $TRNO Terreno Realty Corporation, and $UDR announced quarterly earnings 📅 $CDP COPT Defense Properties , $CPT Camden Property Trust, $CUZ Cousins Properties, $EGP EastGroup Properties Inc, $PECO Phillips Edison & Company, $PINE Alpine Income Property Trust, $REG Regency Centers report after the market close ⏰ $KIM Kimco Realty Corporation to announce earnings tomorrow morning before the open 💼 $DOC Healthpeak Properties, Inc. prices $500M of 5.375% senior unsecured notes due 2035 🔄 Proceeds to be used for repaying borrowings under the commercial paper program and general corporate purposes (debt repurchase, working capital, acquisitions, etc.) 🧑‍💼 $AMT American Tower has elected Rajesh (“Raj”) Kalathur as a new director on its Board of Directors 📝 $DEA Easterly Government Properties Supports GSA Efficiency Initiative 🏛️ DEA has provided recommendations to the Department of Government Efficiency (DOGE) 🎯 Goal: Enhance the efficiency of the General Services Administration (GSA)