Good Morning!

Dow futures up around 25 points at the time of this writing as talking heads focus on Bank of America earnings among other earnings releases, Israel/Iran conflict and upcoming retail sales economic report.

Thank You!!!
A special thank you to NAREIT for covering the launch of the REIT Jobs website, AllTheREITJobs.com!

Here was the story that was published last week: https://www.reit.com/news/articles/new-reit-jobs-website-seeks-to-consolidate-industry-opportunities

Want to chat about sponsorship for All The REIT Jobs? Send me a message!

In REIT News

• STRW entered into a Purchase and Sale Agreement with an unaffiliated seller with respect to eight Healthcare Facilities totaling 1,111 licensed beds located in Missouri where the purchase price for the facilities is $87,500,000 payable at the closing as the Facilities are currently leased under a master lease agreement to a group of third- party tenants and the Company anticipates closing the acquisition before year-end; however, they can give no assurance that the closing will occur within this timeframe, or at all

• DEA acquired a 104,136 sf facility 100% leased to Northrop Grumman Systems Corporation, a multinational aerospace and defense company, located in Aurora, CO noting that the property is located immediately west of Buckley SFB

• MPW announced that the independent members of the Board of directors released a letter to shareholders regarding the findings of an independent, forensic investigation into short-seller allegations, including with respect to transactions between the Company and Steward Healthcare where the Board’s Audit Committee engaged Wachtell, Lipton, Rosen & Katz to conduct this investigation, which was completed in February 2023

• ELS reported its preliminary assessment of the impact of Hurricane Milton on its Florida properties commenting that they are in the process of estimating costs associated with cleanup and restoration efforts and believes that they have adequate insurance, subject to deductibles, including business interruption coverage and do not believe that Hurricane Milton will significantly impact their results of operations or financial condition on a consolidated basis

• MAA announced that the Company sustained only minor damage to its communities located in Florida, Georgia, Tennessee and the Carolinas as a result of Hurricanes Helene and Milton where all communities remain operational with only a limited number of apartment units taken off-line due to the storms

• SILA announced that their employees are safe and its corporate office and their Florida and Georgia properties in the paths of Hurricane Helene and Hurricane Milton are all fully operational where all of the Company’s affected properties suffered no material damage

• Yesterday, S&P lowered KRC’s issuer credit rating and its issue-level rating on the unsecured debt to “BBB-“ from “BBB” with a stable outlook

• Yesterday morning, S&P lowered HIW’s issuer credit and issue-level ratings to “BBB-“ from “BBB” with a stable outlook

• Yesterday morning, S&P affirmed all of BXP’s ratings, including the “BBB” issuer credit rating and “A-2” short-term rating on the commercial paper program plus the “BBB” issue-level rating on its senior unsecured notes with a negative outlook

Download today’s Daily REIT Beat here!

Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen