David Auerbach ⭕️

📊 @principal Asset Management Spring 2025 U.S. Real Estate Sector Snapshot 🏢 Apartment 📈 Demand is rebounding; rental concessions are decreasing. 💰 Valuations have stabilized; investor interest remains strong. 🏨 Hotel 🛌 Occupancy rates are healthy but below pre-pandemic levels. ⚠️ Shorter booking windows reflect consumer uncertainty. 🏭 Industrial 📦 Demand has picked up, especially from e-commerce and 3PLs. 🏗️ New construction has slowed, aiding market balance. 🏢 Office 🏢 Signs of life in demand, but recovery is uneven. 📉 Valuations are still adjusting; investor caution persists. 🛍️ Retail 🛒 Strong performance, especially in value-oriented stores. 🏬 Limited new supply supports healthy occupancy rates. 🏠 Single-Family Rental 🏡 Solid demand driven by affordability compared to home purchases. 📉 Rental growth has slowed in some metros due to increased supply. 💾 Data Centers 💻 Vacancy rates under 2%; rental growth nearing 30% year-over-year. 🏗️ High development costs limit new supply. 🎓 Student Housing 📚 Preleasing near 90%; rent growth remains stable. 👥 Demographic shifts may impact future demand. 🧬 Life Sciences 🧪 Facing challenges due to reduced venture capital funding. 🏢 Occupancy pressured by rapid development and limited hiring. https://t.co/Uy9SEW3p7b

🏢 U.S. Office Real Estate: Is the Worst Behind Us? The U.S. office sector has faced more disruption than any other asset class in commercial real estate. But is it finally turning a corner? Here's a breakdown of where things stand—and what lies ahead. 🚨 Key Takeaways 🔻 Office: The hardest-hit sector Office properties have lagged in recovery due to: 📈 Higher interest rates (10-year Treasury yields up ~170bps post-GFC) 🏠 Structural shifts in workplace demand post-pandemic 🔄 Pandemic Fallout: A Demand Disconnect 🧩 Historically, office demand mirrored economic growth & hiring trends 📉 COVID disrupted that connection—WFH and hybrid models reshaped tenant behavior 📊 Net leasing (absorption) decoupled from office job growth 🏢 Older, outdated buildings face functional obsolescence or repurposing 🌅 Signs of Stabilization ✅ Occupancy is stabilizing as companies push return-to-office 📌 Vacancy rate remains high at ~19%, but hasn't worsened since early 2024 🏆 Class A office buildings (post-2010) outperform with just 15% vacancy and positive net leasing 🧱 Quality matters—modern, well-located spaces are proving resilient ⚠️ Headwinds Still Ahead 💸 Office values are down 38% since 2020 (biggest drop since the 1980s) 💥 ~$300B in office loans mature by 2027 (Mortgage Bankers Association) 📉 Effective rents under pressure from: * Tenant concessions (free rent, TI allowances) * High operating and capital costs 🧮 It can take 40–60% of a lease term just to break even on upfront investments 💡 What Should Investors Consider? 📌 Still under-allocated: Office = only 18% of ODCE index, down from pre-COVID 🔍 Opportunity = selectivity: 🏙️ Strong markets + high-quality assets = relative outperformers 💰 Core assets = stable yield plays 📉 Distressed markets = deep value for risk-tolerant capital 💼 Lending plays are emerging as banks retreat—debt capital scarcity = higher relative yields 📉 Challenges = Opportunities The sector faces undeniable uncertainty, but therein lies the opportunity. As the market stabilizes: ✅ Active, selective investing will be key ⚖️ Risk-adjusted returns could favor those willing to underwrite operational complexity 📍 Real value may lie in assets priced below replacement cost in targeted markets 🏁 Final Word: Office isn’t out of the woods—but it’s not dead either. With the right capital, strategy, and patience, the sector’s reset could yield outsized returns for forward-looking investors. https://t.co/OLCzcecoji

🚨 Carolina Herrera Expands Footprint at Empire State Realty Trust's 501 Seventh Avenue ✨ Luxury fashion house Carolina Herrera, a symbol of timeless elegance, is doubling down on its presence in Manhattan’s iconic Garment District. 📍 Location: 501 Seventh Avenue, Midtown Manhattan 📐 New Office Size: Now occupying 34,000 sq. ft. 🏢 Landlord: Empire State Realty Trust $ESRT 🔁 Renewal + Expansion Highlights: * Renewed its existing lease * Expanded by an additional 4,298 sq. ft. on top of its current 29,702 sq. ft. * Original lease dates back to 2012 💬 Emilie Rubinfeld, President of Carolina Herrera: “We remain deeply committed to the New York Fashion District and continue to play a vital role in the fashion ecosystem that the neighborhood nurtures.” 🛍️ Flagship Store: 954 Madison Avenue, Upper East Side 👥 Tenant Neighbors: Allied Universal, Chipotle, Chop & Go, A Cut Above 💼 Thomas Durels, EVP of Real Estate at ESRT: “ESRT stands out above the rest with unparalleled service, prime locations, and modern amenities.” 📊 FYI: Midtown office rents averaged $78.58/sq. ft. in Q1 2025 (Newmark) https://t.co/hWJ9mdX5eb

🚨 BlackRock Trims Stake in Empire State Realty Trust 🏙️ 🔻 Reduced Holdings * BlackRock sold nearly 2 million shares of $ESRT Empire State Realty Trust in the past two weeks. * Despite the sale, it still holds 15 million shares, or 8.9% of the company. * Down from 10.1% as of early April. 📝 Disclosure & Context * The stake reduction was revealed in a regulatory filing. * BlackRock declined to comment. * Empire State Realty noted share movements may relate to index rebalancing — it's part of major indices like the MSCI U.S. Equity Real Estate Index. 🏢 What’s Behind the Move? One potential factor: performance of the Empire State Building’s observatory — a major revenue generator. 💰 Observatory Financials * Tickets: $44 (86th floor) / $79 (102nd floor) * 2023 earnings: $100M on $136M revenue * Profit margin: 75% * But... visitor numbers are slipping 🌍 Tourism Takes a Hit * Q1 visitors down 2.9% March: * European arrivals to U.S. down 14% * Canadian arrivals down 7% 📉 Stock Performance * Empire State Realty down 10% this month * Down 33% YTD * Analyst John Kim called it “an inauspicious sign” for the iconic tower. 🏨 Wider Market Trends Other tourist-focused REITs are also struggling: * $HST Host Hotels & Resorts (Marriott Marquis): -24% YTD * Ark Restaurants (Bryant Park Grill): -24% YTD * $SLG SL Green Realty Corp. (Summit at 1 Vanderbilt): -26% YTD 📆 What’s Next? Empire State Realty is expected to report quarterly earnings on April 29 — all eyes on performance and guidance. https://t.co/jDMUvzrmgC

📢 Acadia Realty Trust Expands in Williamsburg 🏙️ Retail momentum in Williamsburg, Brooklyn is holding strong — and $AKR Acadia Realty Trust is leading the charge. 🛍️ Latest Acquisition: 📍 95 North Sixth Street 💰 Sold for $21M by City Urban Realty 🗓️ Deal closed April 9, hit records last Friday (per PincusCo) 📐 Property Details: 🏢 4,153 SF of retail space ➕ 3,350 SF of air rights 🛏️ Includes 2 residential units 📈 Total buildable space: 7,500 SF 🛒 Located midblock on North Sixth Street, between Berry & Wythe 💼 Acadia’s Williamsburg Strategy: 🛍️ October 2024: Acquired 3 retail properties (11,180 SF) in North Brooklyn 🏙️ Part of a broader wave of investment activity in the submarket 🏢 Williamsburg Market Highlights: 🏢 April: Rivington Co. buys 185 Marcy Ave (81,348 SF) for $28.7M 🏢 January: Pacific Urban snaps up 88 Richardson St. for $127.5M 🏘️ March: DL Development & Argos Development buy 314 Scholes St. (Mixed-use) 📊 Why Williamsburg? “Developers want to build a project — it doesn’t matter what asset class — in Williamsburg because they believe in the fundamentals of the submarket.” — Ethan Stanton, JLL 📍 Williamsburg continues to prove itself as a resilient, high-demand destination for both retail and mixed-use development. https://t.co/lP7gTFissu

🚨 Benesch Friedlander Coplan & Aronoff LLP Signs Lease with $PGRE Paramount Group 🏙️ Benesch Friedlander Coplan & Aronoff LLP — better known as Benesch — is making a major move within New York City’s legal and commercial real estate scene. ⚖️ Benesch has signed a 90,000 SF lease at 1301 Avenue of the Americas 🏢 They're relocating from 1155 Avenue of the Americas — just 8 blocks north 🌇 New space includes the 34th, 39th, and 40th floors of the iconic Midtown tower 📊 Asking rents in the building were $84/SF as of January 2024 (per previous reporting) 🏢 About the Building – 1301 AoA: Built in the 1960s, 45 stories tall Home to top-tier tenants: ⚖️ Dorsey & Whitney – 41,000 SF signed in March 2024 💼 Virtus Investment Partners – 41,191 SF (Aug 2024) 🏦 Citizens Bank – 74,000 SF (March 2024) https://t.co/pg7qgih6ah

📊 #REIT Funds Poised for a Comeback Real estate investment trusts (REITs) are re-entering the spotlight as financial advisors seek steady, income-generating allocations in client portfolios. But navigating the space requires a sharp eye — not all REITs are created equal. 🧭 The Role of Real Estate in Portfolios * “Real estate is a core allocation in most portfolios,” says Ben Sayer, Head of Alternatives at MAI Capital. * But success depends on identifying where value exists — and where risks remain. 🔍 Where Are the Opportunities? * Certain sectors (like data centers ⚡) present value. * Others are “priced to perfection,” requiring high rent growth to justify valuations. 📌 Key Metrics to Evaluate REITs Before investing, advisors should assess: * Acquisition cap rate * Rent growth assumptions * Lease structures * Operating expenses * Exit cap rate assumptions 📉 Interest Rates Create a Tailwind * After years of rising rates, the environment is improving. * “The worst of rate hikes is behind us,” says Steve Kolano, CIO at Integrated Partners. * REITs now offer attractive income potential with less downside risk from further rate increases. ⚠️ Watch out for potential inflation shocks from tariffs that could push rates higher again. 🏛️ Public vs. Private REITs Public REITs (e.g., ETFs, mutual funds): * Fully liquid, transparent, and suitable for all investor types. Private REITs: * Less volatile (due to infrequent pricing) but offer lower liquidity and require higher minimums. * “The reduced volatility can benefit private wealth portfolios,” says Brent Jenkins of Clarion Partners. 🚀 Recovery in Motion * “We’re in the midst of a recovery for real estate,” says Evan Serton of Cohen & Steers. * Their flagship REIT fund is up 4.2% YTD, outperforming the S&P 500’s -1.7% decline. * Public REITs are trading at historic discounts relative to stocks. 🧱 Sector Breakdown: Where's the Action? 📈 High-performing sectors: * Data centers & cell towers — tech-driven and in demand * Commercial real estate debt — newer vintages show promise ⚠️ Caution zones: * Office space remains challenged, though some investors see early recovery signs * Funds overweight in tech-related REITs may be overextended 🔄 New Real Estate Cycle Emerging * Liquidity is returning, and debt markets are stabilizing. * “We’re seeing healthy supply and demand fundamentals again,” says Jenkins. * Contrarian opportunities exist where capital has pulled back — like office or single-tenant HQs with high-credit tenants. https://t.co/tfD0mET946

🔹 Veris Residential Eyes Full Ownership of Jersey City Tower 🔹 📍 $VRE Veris Residential Inc. is nearing a deal to acquire the remaining stake in a high-profile waterfront apartment building. 🏢 Property: Jersey City Urby at 200 Greene St. 💰 Valuation: ~$430 million 📉 Stake in Play: Veris is set to acquire the remaining ~25% stake from Urby 🌆 Why it matters: 🚆 The tower is located just an 8-minute walk to a train station into NYC 🧘‍♂️ Features premium amenities: pool, dog park, yoga studio 📈 Rents in Jersey City are on the rise, with 2-bedrooms averaging $2,200/month — ~10% above the national average 🔒 All parties have declined or not yet commented, reflecting the confidential nature of the deal. https://t.co/tUTnB25qzX

🏗️ Have Multifamily Permits and Starts Hit a Turning Point? As multifamily completions reach their peak across many U.S. markets, new data hints at a possible bottoming out in the construction pipeline. 📊 According to the latest U.S. Census Bureau and HUD data, multifamily permits and starts may be turning a corner after months of decline. While one or two data points don't confirm a trend, the shift is worth noting for those watching the multifamily development cycle. 🔄 Signs of a Possible Inflection Point: 📈 Multifamily Permits (SAAR) * Up 10.1% month-over-month in March * Annualized rate: 445,000 units (flat vs. last year) 📊 Multifamily Starts (SAAR) * Unchanged from February at 371,000 units * Up 47.8% year-over-year (vs. March 2024’s low) 📉 Units Under Construction (SAAR) * Down 20.7% year-over-year * But only 1.2% down month-over-month → a slower rate of decline 📉 Completions Cooling Off Multifamily completions (SAAR): ⬇️ 8.2% month-over-month to 503,000 units ⬇️ 4.4% year-over-year @RealPage 1Q 2025 data aligns closely: 🏘️ 576,720 completions vs. Census Bureau’s 587,300 🏡 Single-Family Snapshot: * Permits: ⬇️ 2% MoM, ⬇️ 0.6% YoY * Starts: ⬇️ 14.2% MoM, ⬇️ 9.7% YoY * Completions: ⬆️ 0.9% MoM, ⬆️ 9.6% YoY 🌍 Regional Shifts in Multifamily Activity: 🧭 Permitting (YoY): 📉 Northeast: –52.9% 📉 West: –16.1% 📈 Midwest: +28% 📈 South: +18.8% 🚧 Starts (YoY): 🚀 Northeast: +159.6% 🚀 Midwest: +484.1% 📈 South: +26.5% ⬇️ West: –41.1% https://t.co/vAnbrYBsgT

🔎 Where Can You Still Rent for Under $1,000? In today’s rental market, affordability is becoming increasingly rare—but a few submarkets across the U.S. are still offering average rents below $1,000/month. 📊 According to @RealPage Market Analytics, out of 706 submarkets within the 50 largest apartment markets in the country, only eight had average effective asking rents under $1,000 as of March 2025. 💲 Top Submarkets with the Lowest Average Rents: 🏘️ Euclid (Cleveland, OH) – $839/month (Lowest in the nation) 🏘️ Northeast St. Louis County, MO – $907/month 🏘️ South Memphis, TN – $938/month 🏘️ West Memphis, TN – $949/month 🏘️ North Memphis, TN – $969/month 🏘️ Sharpstown/Fondren Southwest (Houston, TX) – $982/month 🏘️ West San Antonio, TX – $983/month 🏘️ North Central Houston, TX – $997/month 💡 Key Insights: * These low-rent submarkets are primarily located in the South and Midwest, aligning with broader affordability trends. * Out of the 50 largest markets, 11 markets still had average rents below $1,400/month. * Meanwhile, on the high end, New York City dominates, with Lower East Side rents averaging $6,213/month 😲 https://t.co/fsDZs2mJ2V

Junior #REIT analyst opportunity for someone based in NYC or LA. Do you have 2-6 years experience? Good with NAV calculations? Send me a message and your resume for a potential introduction. https://t.co/5RkfiyIvr9

🎙 Insights from Michael Knott, Head of U.S. #REIT Research at @GreenStreet_CRE (A Long Post...) In a comprehensive interview with @HoyaCapital, Michael Knott, CFA, Head of U.S. REIT Research at Green Street dove deep into REIT valuation, economic outlooks, and sector-level performance trends. 📊 NAV Methodology & Valuation Strategy 🧰 NAV (Net Asset Value) is a cornerstone of Green Street’s valuation framework. 🏛️ Applied across 85+ U.S. REITs, plus growing coverage in Europe & Canada. 🏷️ NAV = mark-to-market assets (real estate, etc.) minus mark-to-market liabilities. 🔍 Used to evaluate cap rates, NOI, and broader market sentiment. 📈 Historically, REITs trade near NAV parity — but notable periods of premiums & discounts signal turning points. 🔄 Green Street views NAV premiums/discounts as valuable signals for private market pricing as well. 📉 REIT Market vs. Broader Indices 📅 Since April 2, REITs are down ~5% in enterprise value. ⚖️ REIT equity underperformed the S&P 500 during that time. 📈 Interest rate volatility (4.0% ➡️ 4.3% on 10-year Treasuries) continues to weigh on pricing. ⚠️ Real rates have increased, negatively impacting all real assets. 🧮 Updated GDP & employment outlooks reflect concern over delayed decision-making and stalled growth. 🛃 Tariffs & Economic Uncertainty 🌀 Tariffs are a proxy for broader economic fears, especially related to: 📉 GDP slowdown 📉 Reduced employment growth 🏗️ Rising construction costs (labor, steel, materials) 🔄 Green Street’s second tariff report prompted a downward revision in forecasts. 🗨️ Expect further hesitation from investors and management teams until policy clarity improves. 🏗️ Sector Deep Dives: Premiums & Discounts 📈 Senior Housing: Explosive demand from the 80+ age demographic. 🧓 NOI CAGR projected in double digits. 🏥 Welltower cited as a virtuous cycle of premium NAV, equity issuance, and acquisition power. 🩺 Skilled Nursing: High private market cap rates make it attractive despite regulatory risk. 🧊 Cold Storage, 🧪 Life Sciences, 🏨 Lodging: Trading at deep NAV discounts due to sector-specific pressures. 🏡 Manufactured Housing (MH): Still strong — low supply and favorable capex profile. 📦 Self-Storage: NOI growth outlook down due to reduced moving activity and rate sensitivity. 📉 Real Estate vs. Bonds 💹 IRR spreads between real estate and corporate bonds (Baa) have narrowed. 📉 Real estate IRRs only ~100 bps above Baa — historical norm is ~180–190 bps. 🛑 This signals potential overvaluation and caution for private investors. 📉 REIT Sensitivity to Interest Rates 📊 Green Street shows growing beta correlation between REIT sectors and 10-year yields. 🗼 Tower REITs now behaving more like bonds due to tempered growth expectations. 🏨 Lodging less sensitive — tied more closely to economic activity than interest rates. 📌 REIT Earnings & Guidance Trends 🗣️ REIT executives are increasingly expressing uncertainty in guidance. 🔮 Scenario-based outlooks (e.g., United Airlines) might be a future REIT trend. 🧾 Most REITs haven’t adjusted FFO or dividend guidance — but that could change with worsening data. 🚫 Uncertainty may cause decision-making delays, impacting hiring, development, and M&A. 📉 Green Street’s CPPI & NOI Outlook 🧭 CPPI index shows property values down ~18% from peak. 📈 Despite valuation drops, fundamentals still expected to grow for many sectors. 📉 NOI outlook trimmed for 2025–2026 in light of economic softening. 🏘️ Key takeaway: Rising replacement costs likely reduce new supply, which supports NOI growth over time. 📈 Public vs. Private Sector IRRs 📉 Public REITs currently offer higher IRRs in several sectors due to NAV discounts. 📉 Private market IRRs projected to be slightly lower due to cap rate compression and flat growth assumptions. 🏢 Green Street emphasizes unlevered IRR comparison for clean benchmarking. 📋 Top vs. Bottom REIT Sectors (Green Street Outlook) ✅ Sectors with strongest expected returns (top of the list): Manufactured Housing Strip Centers Senior Housing Data Centers 🚫 Sectors with lower outlook: Life Sciences Office Cold Storage Malls 🏢 Governance, ESG & Strategic Analysis 🏛️ Green Street continues to evaluate corporate governance & comp annually. 📘 ESG/DEI insights are part of strategic research, but not yet part of governance scoring. 🏅 Transparency, capital allocation discipline, and balance sheet health remain key differentiators. 🧠 Final Thoughts from Michael Knott 📌 In the short term, REITs are a macro bet on interest rates and the economy. 📈 Long-term, REITs provide efficient access to diversified, income-producing real estate. 🌍 REITs will continue to attract global capital — but confidence in U.S. markets must remain strong. 💭 “Uncertainty is the word of the day — but hard work, intellectual curiosity, and thoughtful analysis still pay dividends.” If you are interested in seeing the full interview, send me a message!

🎰 Edward Pitoniak’s Winning Hand in Vegas and Beyond📍 From the ski slopes of Whistler to the neon lights of Las Vegas, Ed Pitoniak, CEO of $VICI Properties Inc., has built a powerhouse REIT on the back of bold moves, smart storytelling, and deep hospitality insights. 🔹 Quick Snapshot: 🎤 Former journalist turned real estate titan 🏢 CEO of Vici Properties, the largest U.S. REIT focused on gaming and experiential real estate 🎲 Oversees a $45B+ portfolio including iconic Las Vegas properties like Caesars Palace, MGM Grand, and Mandalay Bay 💼 Led Vici from IPO to the S&P 500 in under 5 years — the fastest REIT to ever do so 🧠 The Secret? Storytelling Meets Strategy * Started as an editorial assistant at Cosmopolitan ➡️ Became editor-in-chief at Ski Magazine * Brought narrative thinking into boardrooms: “Every investor pitch is about breaking through the noise with a signal.” * Turned a niche real estate category into a magnet for institutional capital 🏗️ From Bankruptcy to Billion-Dollar Empire 📆 Vici was born out of Caesars Entertainment’s 2015 bankruptcy * Pitoniak stepped in with no gaming experience — just a sharp editorial mind and deep REIT knowledge * Transformed underappreciated assets into a top-performing REIT with: 🏟️ 100+ properties across the U.S. and Canada 🏌️‍♂️ Golf courses, bowling alleys, hotels, racetracks, and casinos 📈 A net income margin of 69.9% — highest of any S&P 500 company (per Barron's) 🤝 A New Playbook for Real Estate Focus on experience-driven spaces: From day clubs in Vegas to the $2.3B Sphere venue (Vici owns the land!) 🚀 Diversifying into: 🐺 Great Wolf Lodge resorts (with Blackstone) 🧘‍♀️ Canyon Ranch wellness resorts 🌴 One Beverly Hills luxury development (strategic partner, $300M mezz loan) 🏀 The St. James sports & wellness complexes (with Eldridge) 💡 Leadership Philosophy: “Great operators constantly ask how rich the guest experience is — not just per dollar, but per moment and per square foot.” 🛡️ Stable Through Volatility * Vici’s net-lease model protects it from tenant performance volatility * Gaming real estate has proven recession-resistant * During the 2008 crisis, Las Vegas Strip occupancy never dropped below 86% * Outperforming both S&P 500 and S&P REIT Index YTD 👥 Team Size? Just 26. ✅ Lean. ✅ Focused. ✅ High-performing. 📢 “I died and went to business model heaven.” — Ed Pitoniak https://t.co/GeNGWgQWZ3

#REIT Earnings Calendar This Week April 21st - April 25th, 2025 https://t.co/3FkDZimEFv

🚀 Workday grows its presence at the Empire State Building 📍 💼 Workday, a leading AI-powered work platform, has renewed and expanded its lease with @ESRTsocial $ESRT Empire State Realty Trust, securing additional office space in the legendary Empire State Building. 🔹 New Lease Highlights: 📐 Added 12,338 sq. ft. of space 📊 Now occupies a total of 39,069 sq. ft. 🏢 Located in Midtown Manhattan near Penn Station & Grand Central 🏙️ About the Empire State Building: 🧱 Nearly 2M sq. ft. of leasable office space 💡 LEED Platinum-certified for sustainability 🏢 More than 95% leased (per NY Post) 🧘‍♂️ Features include: * Tenant-only fitness center * Basketball/tennis court * The Empire Lounge * Conference center & dining options 👥 Tenant Roster Includes: LinkedIn, AT&T, Shutterstock, Expedia, Morgan & Morgan, and more 📈 ESRT’s Leasing Momentum: 📅 October 2024: Hecker Fink LLP expanded to 53,779 sq. ft. 🧠 Summer 2024: Consulting firm Kearney leased 27,866 sq. ft. 🏢 Nearby at One Grand Central Place: Gerson Lehrman Group renewed 77,382 sq. ft. https://t.co/E7amcxwyrO

📰 #REIT Headlines – April 21st, 2025 📅 🎯 Lucid Capital Markets initiates $MDV Modiv Industrial with a Buy rating and sets a $17.50 price target ⬆️ Raymond James upgrades $CSR Centerspace to Outperform from Market Perform and sets a $66 price target ⬇️ Wolfe Research downgrades $PLD Prologis to Peer Perform from Outperform 🔔 $ELS Equity LifeStyle Properties, Inc. reports earnings after market close today. 🧑‍💼 $LTC Properties, Inc. appoints David Boitano as Executive Vice President and Chief Investment Officer following Clint Malin promotion to Co-CEO in Dec 2024 🏙️ On Thursday, $ESRT Empire State Realty Trust announced new leases in NYC: 📍 501 Seventh Avenue: 34K sf expansion & renewal with Carolina Herrera, Ltd. (subsidiary of Puig Brands) 📍 Empire State Building: Renewal + 12,338 sf expansion with Workday, Inc. totaling 39,069 sf 🏦 On Thursday, $SMA SmartStop Self Storage achieved Security Interest Termination Conditions 💸 Credit Facility & 2032 Notes now fully unsecured ⬇️ Credit spread reduced by 25 bps; unused fees down 5 bps 🔻 Company also reduced Revolving Commitments by $100M, bringing total to $600M. 🥩 On Thursday, $FCPT Four Corners Property Trust acquired Outback Steakhouse in Oklahoma for $1.6M 📈 Priced at a 6.8% cap rate, ~4 years term remaining. 🇬🇧 On Thursday, $CTRE CareTrust REIT announced update on Care REIT transaction update and reloaded its US investment pipeline 🤝 Cash offer for Care REIT by CR United Bidco Ltd at 108 pence/share 📌 Offer declared full, fair, and final, with certain exception clauses 🏗️ US pipeline reloaded to $500M in skilled nursing & senior housing https://t.co/Qjq1VVE11w

RT @HoyaCapital: 🔥 Powell On The Hot Seat Real Estate Weekly Outlook: https://t.co/Qy6KFC03ly US equity markets steadied this past week w…

RT @HoyaCapital: Following solid results yesterday from sector stalwart Prologis (PLD), a pair of industrial REITs reported similarly decen…

RT @HoyaCapital: Powell Pressure • REITs Rebound • Logistics Earnings REIT Daily Recap: https://t.co/WTsMxuJOb0 US equity markets reboun…