Good Morning!

Futures in the green at the time of this writing as talking heads focus on renewed confidence in the tech sector along with the potential impact of the massive storm moving its way across the country.

In REIT News

• Wedbush initiates STRW with an Outperform rating ($12 price target)

• Mizuho upgrades AVB to Outperform from Neutral (raise price target by $13 to $242)

• Baird upgrades PLD to Outperform from Neutral (lower price target by $1 to $123)

• UBS upgrades ADC to Buy from Neutral (raise price target by $5 to $84)

• CTRE closed Phase 2 of the large Tennessee portfolio transaction announced on October 29, 2024 with the acquisition last week of an additional thirteen skilled nursing facilities which was completed through a joint venture arrangement and at closing, the Company provided a combined common equity and preferred equity investment totaling approximately $176 million at an initial contractual yield on its combined preferred and common equity investments in the joint venture of approximately 9.0% plus reported that its replenished investment pipeline sits at approximately $350 million of near-term, actionable opportunities, not including larger portfolios the company is reviewing

• BNL announced that it has added two new developments with an aggregate estimated total project investment of approximately $117.4 million to its pipeline of build-to-suit development commitments plus announced the addition of Sam DeLemos as the Company’s Vice President of Build-to-Suit Development

• STRW announced that 1) on January 2, 2025 it completed the acquisition of six Healthcare Facilities, comprised of 354 licensed beds, located in Kansas for $24,000,000; 2) on December 31,2024 the Company completed the acquisition of a 100 bed Skilled Nursing Facility in Oklahoma for $5.0 million; 3) as the Company previously announced, it closed the acquisition of eight skilled nursing facilities in Missouri for $87.5 million and total deal-flow for December and January is $116.5 million

• UMH announced fourth quarter and full year 2024 operating results commenting that 1) During the fourth quarter, it converted 122 new homes from inventory to revenue generating rental homes and for the year, it converted 565 new homes from inventory to revenue generating rental homes; 2) For the fourth quarter, it achieved gross home sales revenue of $8.4 million as compared to $7.7 million last year, representing an increase of approximately 9% and for the year, it achieved gross home sales revenue of $32.6 million as compared to $31.2 million last year, representing an increase of approximately 4%; 3) Year-to-date, overall occupancy increased by 280 units to 88% and during the fourth quarter, overall occupancy increased by 46 units; 4) Occupancy gains and rent increases achieved throughout 2023 and 2024 have increased January 2025 rental and related charges by approximately 9%, resulting in annualized monthly rent roll generating approximately $210 million in annual rental revenue; 5) In the fourth quarter, it issued and sold approximately 3.1 million shares of common stock through its at-the-market sale program at a weighted average price of $19.04/share, generating gross proceeds of $58.5 million and in 2024, it issued and sold approximately 12.5 million shares of common stock through its ATM at a weighted average price of $17.92/share, generating gross proceeds of $224.5 million

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Have a great day/week!

David Auerbach