Retail Advisor Outreach Program

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Today’s Newsletter (September 9th, 2025)

Futures in the green at the time of this writing as talking heads focus on the likelihood of interest rate cuts at the upcoming Federal Reserve meeting next week with the usual topics such as treasuries and commodities drawing attention along with today’s new Apple hardware event.

In REIT News

• Ladenburg Thalmann initiates BRX ($32), FRT ($115), KIM ($27), KRG ($30) and PECO ($40) with Buy ratings

• Ladenburg Thalmann initiates AKR ($10), CURB ($25), IVT ($31), REG ($76), SITC ($10) and UE ($23) with Neutral ratings

• Evercore ISI downgrades BXP to Inline from Outperform (raise price target by $1 to $76)

• Citi downgrades PK to Neutral from Buy (lower price target by $1 to $12)

• Yesterday, Morningstar downgraded PSA to Hold from Buy (maintain $318 price target)

• MRP priced $750 million of 6.25% senior notes due 2032 in a private offering and intends to use the net proceeds of the Offering, together with cash on hand, to repay the entire $500 million principal amount outstanding under the Company’s term loan credit agreement

• VNO completed the previously announced acquisition of the 623 Fifth Avenue office condominium, a 36-story, 382,500 rentable sf building situated above the flagship Saks Fifth Avenue department store, for $218 million noting that the building is currently 75% vacant and the Company intends to completely reposition and redevelop it into a premier, best-in-class, Class A boutique office building

• VTR announced the release of its 2024-2025 Corporate Sustainability Report which outlines the Company’s corporate sustainability initiatives that are designed to support growth and value creation as it capitalizes on accelerating demand for senior housing and enables exceptional environments that benefit a large and growing aging population

• Yesterday, Fitch Ratings affirmed CPT’s ratings, including its “Long-Term Issuer Default Rating and unsecured debt, at “A-“ with a stable outlook

• Yesterday, Fitch Ratings affirmed KIM and its operating partnership’s Long-Term Issuer Default Ratings at “A-“ and the senior unsecured debt issued by its operating partnership at “A-“ plus affirmed the preferred stock at “BBB” with a stable outlook

• Yesterday morning, TRNO announced that it acquired an industrial property located in South San Francisco, CA on September 5, 2025 for a purchase price of approximately $10.2 million noting that the property consists of one industrial distribution building containing approximately 32,000 sf on 1.1 acres which is 100% leased on a short-term basis until October 2025 and the estimated stabilized cap rate is 5.8%

• Yesterday morning, CBL announced that Element by Westin is now open at Mayfaire Town Center in Wilmington, NC as the 139-key hotel is a 49/51 JV between the Company and Vision Hospitality

• Yesterday morning, DEI announced that it has recently obtained new loans covering eight residential properties as the new secured, non-recourse, interest only loans total approximately $941 million, mature in September 2030 and bear interest at a fixed rate of 4.80% which replace four loans aggregating $550 million that were scheduled to mature June 1, 2027, and five loans aggregating $380 million that were scheduled to mature June 1, 2029 and the debt encumbering The Landmark Residences (formerly Barrington Plaza) has been repaid and the property has been added to the company's pool of unencumbered assets while the Company has no loan maturities in 2025 and is actively working to refinance its remaining 2026 loan maturities

• Yesterday morning, VICI released its 2024-2025 Corporate Responsibility Report which highlights its corporate responsibility initiatives, key developments, and progress over the past twelve months plus includes information in alignment with certain external frameworks, including the Sustainability Accounting Standards Board (SASB) – Real Estate Standard, the Task Force on Climate-related Financial Disclosures (TCFD) guidelines, the UN Sustainable Development Goals (UN SDGs), and for the first time, in reference to the Global Reporting Initiative (GRI) standards

• Yesterday morning, BXP announced that it declared a quarterly dividend of $.70/share (down from $.98/share) for the period July 1, 2025 to September 30, 2025, payable on October 31, 2025 to shareholders of record as of the close of business on September 30, 2025 noting that the dividend reset allows it to retain approximately $50 million in incremental cash each quarter which the Company intends to strategically reinvest in its development projects, including 343 Madison Avenue in New York, New York, as well as strengthen future earnings power and support longer-term growth

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Have a great day!

David Auerbach