Tell Your REIT Story Visually…

Investor expectations are rising.

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Across the industry, buy-side and sell-side leaders are signaling the same shift:
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Reach out to me to learn about how BAND is changing the visual approach to REIT investor relations.

REIT TV

One streaming channel with 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.

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Today’s Newsletter (January 8th, 2026)

Futures in the red at the time of this writing as talking heads focus on technology stock drag along with President Trump’s comments yesterday regarding institutional ownership of single family rental properties. Eyes turn towards a big slate of economic data and the upcoming Davos conference which already seems like fireworks on the horizon.

On a personal note, today’s note is dedicated to Lenny who lost a 2-year battle to cancer yesterday. Love ya big guy!

In REIT News

• Baird upgrades TRNO to Outperform from Neutral (raise price target by $1 to $64)

• Baird downgrades PLD to Neutral from Outperform (raise price target by $2 to $130)

• Mizuho downgrades AMH to Neutral from Outperform (lower price target by $1 to $32)

• Mizuho downgrades INVH to Neutral from Outperform (lower price target by $3 to $27)

• BofA downgrades DLR to Neutral from Buy (lower price target by $40 to $170)

• Scotiabank downgrades EXR to Sector Perform from Sector Outperform (lower price target by $17 to $145)

• VNO priced $500 million of 5.75% senior unsecured notes due 2033 on behalf of its limited partnership and intends to use the net proceeds to repay all of its $400 million unsecured notes due 2026 and the remainder for general corporate purposes plus completed over $2 billion of refinancings including extending the maturity dates of its December 2027 Revolving Credit Facility and Term Loan to February 2031 as well as upsizing its 2029 revolving credit facility by $85 million to $1 billion and acquired 3 East 54th Street, a demolition-ready asset situated on 18,400 sf of land for $141 million

• SKT priced an upsized $220 million of 2.375% exchangeable senior notes due 2031 on behalf of its operating partnership and intends to use approximately $8 million of the net proceeds from the Offering to pay the cost of the capped call transactions plus use (i) approximately $20 million of the net proceeds from the Offering to repurchase approximately 0.6 million Common Shares concurrently with the pricing of the Offering in privately negotiated transactions effected with or through one of the initial purchasers or its affiliate, at a price per share equal to the last reported sale price of the Common Shares on the New York Stock Exchange on January 7, 2026, (ii) to repay all of the outstanding debt under the Operating Partnership’s unsecured lines of credit and the repayment in full of the Operating Partnership’s outstanding $350 million aggregate principal amount of 3.125% senior notes due 2026 at maturity on September 1, 2026, (iii) for general corporate purposes, including the redemption or repayment of indebtedness and the notes will be exchangeable at an initial exchange rate of 24.0662 of the Common Shares, per $1,000 principal amount of Notes (equivalent to an initial exchange price of approximately $41.55 per Common Share and an initial exchange premium of approximately 22.5% over the last reported sale price of $33.92 per Common Share on the New York Stock Exchange on January 7, 2026)

• MCB Real Estate sent a letter to WSR’s Board of Trustees) regarding its previously announced proposal to acquire all of the outstanding shares of the Company for $15.20 per share in cash with no financing contingency and noted that “We stand ready to consummate the proposed acquisition of Whitestone for $15.20 per share – and are willing to consider increasing our proposal price if Whitestone would grant due diligence and demonstrate that more value is warranted. MCB is committed to taking all actions necessary to maximize value for Whitestone shareholders.”

• CDP completed 557,000 sf of vacancy leasing in 2025, with a weighted-average lease term of roughly 7.5 years, which exceeded its initial target by nearly 40% as the 2025 vacancy leasing included 424,000 sf in the Defense/IT Portfolio, along with 125,000 sf of vacancy leasing in the Other segment, which is the highest level in the Other segment in over a decade plus during the fourth quarter of 2025, the Company completed 125,000 sf of vacancy leasing, which included 116,000 sf of leasing in the Defense/IT Portfolio

• HR announced the appointment of Daniel Gabbay as Executive Vice President and Chief Financial Officer as he will based at the Company’s Nashville headquarters and assume his new role on January 12, 2026 while Austen Helfrich, who has served as CFO since October 2024, will be departing to pursue new business opportunities

• GTY invested approximately $269 million in 2025 at a 7.9% initial cash yield ($135 million at a 7.9% initial cash yield in 4Q’25) plus settled approximately 2.1 million shares of common stock for net proceeds of approximately $59 million during 4Q’25 and sees 2026 Adjusted FFO guidance of $2.48-$2.50/share and Fitch Ratings assigned a "BBB-" rating to its proposed $250 million of 5.76% Series U senior notes due 2036 in a private placement transaction 

• TRNO announced its operating, investment and capital markets activity for the fourth quarter of 2025

• GNL announced the completion of its key strategic objectives in 2025, a year of significant transformation that strengthened the Company’s balance sheet, enhanced operational performance and strategically aligned its portfolio to support long-term growth and deliver sustained shareholder value

• PK issued its annual Corporate Responsibility Report which details its approach to responsible risk management, environmental stewardship and social commitment and highlights its corporate responsibility initiatives in 2024

Download today’s Daily REIT Beat here!

Welcome your comments and feedback.

Have a great day!

David Auerbach

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