Announcing the Launch of REIT TV!!

Our goal with REIT TV is to bring you all the educational content provided by sources such as Nareit, CNBC, Bloomberg and others so you can create your own customized viewing channel of REIT videos.

Currently, we have over 775 videos in the hopper from the last year or so which represents just under 125 hours of video footage.

New content will be added daily and we are going to be launching a "LIVE" component as we grow the platform.

Please alert us to bugs or if you have suggestions and ideas on how to improve this.

We have a lot of kinks to work out and tags to add to the videos but wanted to start sharing this new channel that benefits the entire REIT industry.

Check out the channel at https://reittv.com/

Today’s Newsletter (December 5th, 2025)

Futures in the green at the time of this writing as talking heads focus on today’s merger announcement between Netflix and Warner Brothers along with a big economic calendar and next week’s Federal Reserve interest rate policy decision as markets continue upward climb which all hopefully setup for a year-end rally.

Coming to Dallas for NAREIT next week? Send me a message and let’s meet up!

In REIT News

• Morgan Stanley resumes PSA with an Equalweight rating ($290 price target)

• Morgan Stanley upgrades NSA to Equalweight from Underweight (raise price target by $2 to $32)

• Scotiabank downgrades MAA to Sector Perform from Outperform (lower price target by $4 to $142)

• SLG closed on the acquisition of its JV partners’ combined 39.48% interest in 800 Third Avenue for total cash consideration of $5.1 million and completed a modification and extension of the property’s existing $177.0 million mortgage where its ownership stake in the asset is now 100% plus announced the final closing of its Opportunistic Debt Fund with total capital commitments of more than $1.3 billion and announced that it signed Manhattan office leases totaling 2.3 million sf to date in 2025 while maintaining a current pipeline of approximately 1.2 million sf which places the company on a trajectory to meet its 2025 Manhattan same-store office occupancy target of 93.2%

• GLPI announced updates on several recent progress milestones associated with four operating partners across five projects: 1) Caesars Republic Sonoma County, 2) Bally’s Chicago, 3) Bally’s Baton Rouge, 4) PENN Entertainment’s M Resort, and 5) Ione Band of Miwok Indians’ Acorn Ridge where these five projects amount to approximately $1.5 billion of its capital commitments

• HPP announced the sale of Element LA, a 284,000 sf office campus located in West Los Angeles for $150 million and used the gross proceeds from the sale of the property and the termination of the lease, totaling $231 million, to repay $206 million of CMBS debt associated with the property with the remainder available for general corporate purposes plus updated its FFO outlook for the fourth quarter of 2025 to a range of $0.15-$0.25/diluted share reflect the 1-for-7 reverse stock split of the Company’s common stock effective December 1st and for the sale of the Element LA campus

• XHR announced a business update noting that quarter-to-date portfolio performance has been in line with its prior expectations and for the fourth quarter through November 30th, the Company estimates that Same-Property RevPAR and Total RevPAR increased 5.6% and 8.1%, respectively, versus the comparable period in 2024 while quarter-to-date, through December 4th, the Company repurchased approximately 2.7 million shares of common stock at a weighted average price of $13.56/share

• EPR announced the acquisition and leaseback of a five-property portfolio of championship golf courses along with the acquisition and leaseback of the Ocean Breeze Water Park located in Virginia Beach, VA where the blended cap rate for the combined $113 million in investments is 8.6% and the Company now anticipates that investment spending will be approximately $285 million versus its previously stated investment spending guidance of $225-$275 million

• PEB released its seventh annual Corporate Sustainability Report which highlights its 2024 performance and continued progress on responsible business practices, sustainability, and support for its employees, communities, and stakeholders

• GMRE announced that Ronald Marston notified the Board of Directors that he plans to retire as a member of the Board at the end of his current term which will conclude at the Annual Meeting of Stockholders to be held in 2026

• SITC announced a special cash distribution on its common shares of $1.00/common share payable on December 30, 2025 to shareholders of record at the close of business on December 15th plus intends to use approximately $84.1 million of cash on hand to repay in full the mortgage facility in place with affiliates of Atlas SP Partners, L.P. and Athene Annuity and Life Company as well as provided an update on its disposition activities since the 2023 announcement of the spin-off of Curbline Properties

• Yesterday morning, Land & Buildings Investment Management issued a presentation outlining the underappreciated quality of FR’s warehouse portfolio and the substantial discount that it trades at relative to private market value and its closest public peers

Download today’s Daily REIT Beat here!

Welcome your comments and feedback.

Have a great day!

David Auerbach