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Today’s Newsletter (June 3rd, 2025)

Good Morning and Happy NAREIT!

Unfortunately life threw me a curveball this weekend and I had to cancel my NYC trip to attend NAREIT with investors and REIT management teams. For those in attendance, I hope you have a great conference and look forward to hearing your thoughts on outlooks, sentiment and commentary from various REIT management teams.

Check out my appearance on Bloomberg TV yesterday!! https://www.bloomberg.com/news/videos/2025-06-02/auerbach-on-hoya-capital-high-dividend-yield-etf-reit-video

Futures in the red at the time of this writing as talking heads focus on many of the same topics that have been in attention the past few weeks including global economic growth with trade tariffs looming and the impact on markets such as treasuries, commodities, crypto, and others.

In REIT News

• CSR announced that on May 30, 2025, it closed on the acquisition of its first community in Salt Lake City, UT, for $149 million plus has also signed an agreement to acquire a community in Fort Collins, CO, with closing anticipated in mid-June and the Company has commenced marketing for sale its entire five-community portfolio in the Saint Cloud, MN, region plus will soon commence marketing for sale several communities from its Minneapolis portfolio

• INVH provided an acquisitions update and announced that it has entered into its first agreement to launch a developer lending program commenting that during the second quarter to date, the Company partnered with several homebuilders to acquire over 300 newly built single-family homes located in key growth markets including Dallas, Denver, and Nashville which represented an investment of more than $100 million plus announced the launch of its developer lending program with a $32.7 million loan to a homebuilder for purposes of developing a 156-home community in Houston

• COLD announced a series of executive leadership appointments as part of the company’s ongoing strategy to enhance operational execution, deepen customer relationships, and unlock global growth opportunities where it has created a new executive role, President, and appointed Rob Chambers to the position who will oversee global operations for the company with increased P&L responsibility plus Bryan Verbarendse, currently Executive Vice President & Chief Operating Officer, Americas, succeeds Chambers as President, Americas, leading business development and operations across North and South America while Richard Winnall, currently President, International, will assume oversight of the Global Commercial Committee and Operations Committee in close partnership with President, Americas

• AVB announced that revenue for the two months ended May 31, 2025 increased 3.0% over the prior year period, which is approximately 35 basis points above what the Company’s expectation was for revenue growth for this two-month period when the Company published its outlook for full year 2025 revenue growth on February 5, 2025 noting that this outperformance is primarily attributable to better-than-expected occupancy and other rental revenue

• CURB announced year to date investment activity in connection with presentations at NAREIT’s REITweek Investor Conference commenting that “Through May 31st, Curbline has closed on the acquisition of 21 convenience shopping centers for $182.5 million with almost $500 million of additional assets under contract or awarded with executed letters of intent… We continue to expect the majority of the pipeline to close over the next few months and remain encouraged by the opportunity set and depth of the addressable market for convenience centers as Curbline continues to execute on its business plan of scaling the first public real estate company focused exclusively on convenience properties.”

• SAFE announced it has closed on a ground lease to facilitate the recapitalization of a stabilized, 336-unit multifamily property in the growing Florida Space Coast

• SMA announced it has officially entered the Montréal market with the opening of a new, state-of-the-art facility in Dorval, Québec which marks its first location in the province and a bold next step in the company’s Canadian expansion

• Yesterday morning, LINE announced the planned retirement of its Chief Financial Officer, Rob Crisci as the Company has started the process of identifying a successor for the position with the assistance of a leading executive search firm and noted that Crisci will continue as CFO until a successor is in place and will remain with the Company through a subsequent transition period

• Yesterday morning, DHC announced that it has closed two fixed rate mortgage financings totaling $94.3 million, secured by six senior housing communities managed by Five Star Senior Living, the operating division of AlerisLife Inc. noting that the financings consist of a $64.0 million five-year mortgage loan and a $30.3 million ten-year Fannie Mae mortgage loan where proceeds from these loans, together with cash on hand, will be used to repay the remaining $100.0 million of its 9.75% senior notes due June 2025

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Welcome your comments and feedback.

Have a great day!

David Auerbach