Various Initiatives and Website Links

Hoya Capital: www.hoyacapital.com 

4800 Partners (REIT IR/Marketing/PR/Story Telling): www.4800partners.com 

All the REIT Jobs Website: www.allthereitjobs.com

B-A-N-D Visual Storytelling: www.b-a-n-d.com/reit

REIT TV: www.reittv.com

Today’s Newsletter (April 2nd, 2026)

Futures in the red at the time of this writing as talking heads discuss President Trump’s comments regarding more “extremely hard” attacks in Iran over the next 2-3 weeks as oil, treasuries and commodities once again are on the move.

In REIT News

• Mizuho initiates CTRE with an Outperform rating ($42 price target)

• B. Riley upgrades SVC to Buy from Neutral (lower price target by $.50 to $2)

• PSA priced $500 million of 5.00% senior notes due 2035 on behalf of its operating partnership and intends to use the net proceeds to repay amounts under its $1.5 billion revolving credit facility and for general corporate purposes, including to make investments in self-storage facilities (such as acquisitions of facilities or interests in entities that own facilities, development, and mortgage loans secured by facilities), repayment of debt and the redemption of outstanding securities

• CUZ closed on a new five-year, $1.2 billion unsecured credit facility which replaces its existing facility, which was scheduled to mature in April 2027, and increases its borrowing capacity by $200 million plus amended its existing $400 million and $100 million unsecured term loans by adding two six-month extension options to each

• AAT amended and restated its existing credit agreement to, among other things, (1) increase the revolving line of credit from $400 million to $500 million, (2) extend the maturity date of the restated $500 million revolving line of credit to April 1, 2030 (with two, six-month extension options) and (3) extend the maturity date of the $100 million term loan included as part of the credit agreement to April 1, 2030 (with one, twelve-month extension option)

• REXR disposed of five properties year to date for an aggregate sales price of $127.4 million, including three transactions not previously disclosed: 1) 29010 Avenue Paine, Valencia, in the Los Angeles–Greater San Fernando Valley submarket for $31.0 million ($310/sf); 2) 13700-13738 Slover Avenue, Fontana, in the Inland Empire–West submarket for $14.5 million ($79/sf) and 3) 600-708 Vermont Avenue, Anaheim, in the Orange County–North submarket for $40.7 million ($77/sf) plus repurchased 5,534,357 shares of its common stock year to date for $200 million at a weighted average price of $36.14/share

• FCPT announced that Michael Friedland has been appointed to the Company’s Board of Directors effective April 1, 2026 plus acquired a Left Lane Auto property located in a strong retail corridor in Alabama for $3.1 million noting that the property is newly constructed and corporate operated under a long term, triple net lease with 15 years of term remaining which priced at a 7.1% cap rate on rent as of the closing date and exclusive of transaction costs and acquired a Chili's property located in a strong, highly trafficked retail corridor in Illinois for $2.3 million noting that the property is corporate-operated under a triple net lease with approximately six years of term remaining and priced at a 6.8% cap rate including rent credits received at closing and exclusive of transaction costs

• GNL announced that Sue Perrotty and Governor Edward Rendell have decided to retire from the Company’s Board of Directors effective immediately following the 2026 Annual Meeting of Stockholders and will not stand for re-election at the Annual Meeting

• UMH announced update on 1Q’26 operating results where occupancy gains and rent increases achieved throughout 2025 and to date in 2026 have increased April 2026 rental and related charges by approximately 10% over April 2025

• Yesterday morning, S&P affirmed O’s “A-“ issuer credit rating and issue-level rating on its unsecured notes plus its “BBB” issue-level rating on its preferred stock with a stable outlook

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Welcome your comments and feedback.

Have a great day!

David Auerbach

David Auerbach boasts over two decades of experience in the securities industry, specializing as an institutional trader with a focus on Real Estate Investment Trusts (REITs), Equity and Preferred stocks, MLPs, ETFs, and Closed End Funds.

Based in Dallas, TX throughout his entire career, David currently serves as the Chief Investment Officer for Hoya Capital, managing the Hoya Housing 100 ETF (Ticker: HOMZ) and The High Yield Dividend ETF (Ticker: RIET). Additionally, he acts as a consultant with 4800 Partners focusing on corporate access in the REIT industry.

Previously, David held the position of Managing Director at Armada ETF Advisors, the sub-advisor for the Residential REIT ETF (Ticker: HAUS) and The Private Real Estate Strategy via Liquid REITs ETF (Ticker: REAI).

David's industry journey includes roles at World Equity Group, Esposito Securities, and Green Street Advisors where he got his start in the REIT industry. At Esposito Securities, he played a crucial role in building the REIT/Real Estate platform and worked extensively with institutional investors, Equity REITs, and ETF issuers.

Throughout his career, David has been quoted by reputable publications such as Bloomberg, WSJ, Financial Times, Barron’s, Commercial Observer, Bisnow, CoStar, REIT.com, and GlobeSt.com. He has also made notable appearances as a featured guest on networks like Yahoo Finance, Schwab Network, and Bloomberg.

David holds a BBA in Finance from the University of Texas at Austin (May 1999) and an MBA in Finance from Southern Methodist University (May 2005). He maintains FINRA Series 7, 24, 55, and 63 registrations.

In his leisure time, David is an avid traveler, often found crisscrossing the country in pursuit of attending as many Phish concerts as possible.