Good Morning!

Dow futures down around 25 points at the time of this writing as talking heads focus on how tight the election race is leading up tomorrow’s election day and then the Fed meeting later this week.

In REIT News

• BNP Paribas Exane downgrades NNN to Underperform from Neutral (lower price target by $2 to $44)

• On Friday, Morningstar upgraded SBAC to Buy from Hold (maintain $265 price target)

• On Friday, Morningstar upgraded ESRT to Hold from Sell (maintain $9.60 price target)

• On Friday, Colliers Securities downgraded NNN to Neutral from Buy (lowered price target by $3 to $47)

• AHH, APLE, AVB, DEI, DHC, ELME, GOOD, HHH, INN, NTST, O, PSTL, RHP, VNO announce earnings after the close of trading while DEA announces tomorrow morning before the open

• PEB announced the successful extension of $787 million in debt maturities noting that it extended the maturity of $185.2 million of its recently reduced $200 million 2025 term loan to 2029 plus extended the maturity of $602 million of its $650 million senior unsecured revolving credit facility to 2029, inclusive of two optional six-month extensions as the revolving credit facility remains undrawn and fully available, providing the Company with substantial liquidity

• KIM announced the commencement of a tender offer to purchase for cash any and all of its outstanding depositary shares representing 1/1,000 of a share of 7.25% Class N Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share, at a price per Security of $62.00, plus any accrued and unpaid dividends

• WSR announced the appointments of Kristian (“Krissy”) M. Gathright and Donald (“Don”) A. Miller, CFA, to the Board of Trustees, effective immediately noting that these appointments reflect shareholder feedback received over the last several months and conclude an exhaustive search by Whitestone’s Nominating and Governance Committee in combination with pre-eminent executive search firm Spencer Stuart and in connection with these two appointments and as previously announced, Nandita V. Berry and David F. Taylor will step down from the Board effective immediately as the Board will continue to comprise six trustees, five of whom are independent

• On Friday, EQC completed the sales of Bridgepoint Square, a 440,000 sf office property, and 206 E 9th Street, a 176,000 sf office property, both located in Austin, TX, for a total sales price of $64.5 million

• On Friday, FCPT announced the acquisition of a Miller's Ale House property located in a strong retail corridor in Georgia for $3.8 million noting that the property is corporate-operated under a long term, net lease with approximately 11 years of term remaining and priced at a 7.2% cap rate on rent as of the closing date exclusive of transaction costs

• On Friday, Moody’s affirmed the “Ba3” corporate family rating of RLJ’s operating subsidiary and company senior unsecured debt ratings while its Speculative Grade Liquidity rating was upgraded to “SGL-2” from “SGL-3” with a stable outlook

• On Friday, PACS Group, Inc. announced that independently operated subsidiaries of the company have acquired the operations of 8 skilled nursing facilities in PA where 4 of the facilities are being leased from an affiliate of CTRE and subsidiaries of PACS Group acquired the real estate of the remaining four facilities

• On Friday, Century Casinos, Inc. announced that it opened its new land-based casino and hotel in Caruthersville, MO and the $51.9 million of development costs has been funded through VICI which owns the real estate improvements associated with the Caruthersville project, which becomes a part of the Company's triple net master lease agreement with subsidiaries of VICI

Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen