Announcing the Launch of REIT TV!!

Our goal with REIT TV is to bring you 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.

Currently, we have over 725 videos in the hopper from the last year or so which represents just under 110 hours of video footage.

New content will be added daily and we are going to be launching a "LIVE" component as we grow the platform.

Please alert us to bugs or if you have suggestions and ideas on how to improve this.

We have a lot of kinks to work out and tags to add to the videos but wanted to start sharing this new channel that benefits the entire REIT industry.

Check out the channel at https://reittv.com/

Today’s Newsletter (November 4th, 2025)

Futures deep in the red at the time of this writing as talking heads focus on tech stocks strength declining following up earnings results out of Palantir as AI valuations are examined. Today also marks election day with several coast-to-coast races being watched closely including NYC mayoral election.

In REIT News

• BofA downgrades APLE to Neutral from Buy (lower price target by $4 to $11)

• BofA downgrades INN to Underperform from Neutral (lower price target by $1.25 to $4.50)

• Wolfe Research upgrades AIV to Outperform from Peer Perform ($10 price target)

• AHH, APLE, CSR, DHC, GOOD, IIPR, NNN, NSA, O, RHP, SBAC, SPG, UMH, VNO announced quarterly earnings while AHT, BHR, DEI, GMRE, INN, LTC, MAC, PSTL, SILA, SKT announce after the close of trading and CLDT, HPP, IRM, LINE announce tomorrow morning before the open

• EPR priced $550 million of 4.75% senior notes due 2030 and intends to use the net proceeds to repay the outstanding principal balance of its unsecured revolving credit facility and the remaining amount of net proceeds for general business purposes, which may include funding our ongoing pipeline of acquisition and build-to-suit projects

• MAA priced $400 million of 4.65% senior unsecured notes due 2033 and intends to use the net proceeds to repay all or a portion of the borrowings outstanding under its $750 million unsecured commercial paper program, and any remaining net proceeds will be used for general corporate purposes, which may include, without limitation, the repayment of other debt and the acquisition, development and redevelopment of apartment communities

• MCB Real Estate issued an open letter to all WSR shareholders regarding MCB's proposal to acquire all of the outstanding shares of the Company for $15.20 per share in cash, with no financing contingency and absent engagement, MCB is considering all available options to ensure that the Board acts in the best interests of shareholders

• NSA entered into a new joint venture with an affiliate of Investment Real Estate Management, LLC, one of its former participating regional operators, which manages self storage properties under the “Moove In” brand as the JV is anticipated to have total buying power of approximately $350 million, through a combination of equity to be contributed by the partners and debt to be obtained by the joint venture and the Company has committed to providing 75% of the equity capital (up to $105 million) in exchange for preferred equity, with a 10% preferred return per annum as well as an opportunity for additional returns, which it expects to realize as the joint venture exits its investments in future years

• SITC announced the sale of Parker Pavilions (Parker, CO) for approximately $8.4 million, prior to closing costs, prorations and other closing adjustments where a portion of net proceeds was used to repay approximately $6.1 million of mortgage debt

• Fitch Ratings assigned SBAC a first-time Long Term Issuer Default Rating of “BBB-“ with a stable outlook

• Yesterday morning, LTC announced a new Senior Housing Operating Portfolio (“SHOP”) acquisition in Georgia for $23 million noting that the 88-unit assisted living and memory care community was built in 2017 and currently stabilized at 90% occupancy which is expected to deliver a year-one yield of approximately 7% and The Arbor Company, a new company operating partner, has managed the community since its inception

• Yesterday morning, TRNO announced that it executed a lease for 226,000 sf in Newark, CA with an Original Design Manufacturer of cloud computing hardware noting that the lease commenced November 1, 2025 and will expire May 2036 and to facilitate the new lease, the company terminated effective October 31, 2025 the in-place lease that was to expire June 2030 and received a negotiated early termination payment from the prior tenant of approximately $13.5 million

• Yesterday morning, SPG closed on the acquisition of the remaining 12% interest in The Taubman Realty Group Limited Partnership which it did not own in exchange for 5.06 million limited partnership units in Simon Property Group L.P.

• Yesterday morning, Fitch Ratings affirmed HST’s “BBB” issuer default rating plus affirmed its limited partnership’s senior unsecured notes, term loans and revolving credit facility at “BBB” with a stable outlook

• Yesterday morning, Moody’s affirmed WY’s “Baa2” senior unsecured ratings and “(P)Baa2” senior unsecured shelf rating with a stable outlook

Download today’s Daily REIT Beat here!

Welcome your comments and feedback.

Have a great day!

David Auerbach