📊 Peace Hopes Revive Rally U.S. equity markets resumed their rally while benchmark interest rates retreated as hopes for an Iran peace deal sent oil prices lower, eased inflation fears, and revived risk appetite. Inflation data remained uncomfortably hot this week, with headline CPI and PPI accelerating on energy pressures, but cooler core CPI offered some relief ahead of the Fed interest rate decision. Small-caps, mid-caps, and value stocks outperformed, while REITs extended their year-to-date outperformance as Treasury yields retreated and REITweek optimism carried over. REIT dividend momentum continued, with Annaly Capital, Adams Mortgage, W.P. Carey, and Universal Health Realty raising payouts, bringing the 2026 total to 55 increases versus just six cuts. REIT M&A remained in focus as Blackstone reportedly pursued Canadian firm H&R REIT, while Braemar Hotels sold off sharply after it concluded its strategic review with a decision to separate from external manager Ashford and pay the sizable termination fee. seekingalpha.com/article/491… @AllTheREITNews | @DailyREITBeat | @ReitAcademy | @bradthomas | #REITs #Dividends #Investing

Daily REITBeat - Late Edition 🟢 S&P 500: 0.5% 🟢 Equity REITs: 0.8% 🟢 Housing Index: 0.2% 🛢️ WTI Crude Oil: $84.45 (-3.7%) U.S. Treasury Yields 🟠 2-Year: 4.09% ( 2 bps) 🟠 10-Year: 4.48% ( 2 bps) 🟠 30-Year: 4.97% ( 1 bps) #REITs @DailyREITBeat

💰 What Can You Buy for a Trillion Dollars??? Seeing the headlines that Elon Musk became the world's first trillionaire today, I asked Google what can I buy for a trillion dollars? 1. With $1 trillion, you could acquire every single professional sports league—including the NFL, NBA, MLB, and NHL—multiple times over, buy roughly 2.5 million typical American homes, or purchase massive corporate giants like Coca-Cola and still have over $700 billion remaining. 2. You could purchase major companies like Toyota, Volkswagen, Ford, GM, and Starbucks, or easily acquire the entire Ivy League university system five times over. 3. You could buy every single house in the entire state of Hawaii. 4. You could build private space stations, establish settlements on Mars, or buy 465 of the world's largest cruise ships, such as Royal Caribbean's Icon of the Seas. 5. You could drop $300 billion on a corporation like Coca-Cola and still have enough money left over to buy a 12-pack of Coke for every single human on Earth. 6. If you spent $40 every single second, around the clock, it would take you 792.5 years to exhaust the funds.

🌏 The Death of the Traditional Shopping Mall? Not in Asia While Western retail spaces face ongoing challenges, Southeast Asian megamalls are undergoing a massive evolution. They are no longer just places to buy things—they have become the ultimate “third places,” serving as crucial social anchors between work and home. 📊 The Scale of the Boom: * Over the next two years, an incredible 48 new malls—spanning 14 million square feet—will open across major hubs like Bangkok, Ho Chi Minh City, Hanoi, and Singapore. * Real estate experts note that these mega-complexes act as catalysts for entire urban clusters, significantly accelerating nearby residential sales and office rental premiums. 🏗️ The New Definition of "Entertainment": * These ecosystems are expanding to include everything from 20,000-seat arenas and rooftop football pitches to craft beer cinemas and Korean-style saunas. * In dense, rapidly urbanizing cities, malls function as crucial public spaces and community gathering points where parks or open plazas are limited. * Air-conditioned, integrated malls offer essential climate-controlled relief in tropical urban environments experiencing rising global temperatures. 🛍️ How Retailers Are Adapting: * Success in modern retail isn't about the sale anymore—it’s about the experience. Brands are shifting from simple commercial layouts to vibrant community destinations. * Instead of fighting digital shopping, these malls serve as fulfillment, return, and experiential hubs that blend online convenience with physical brand immersion. * Food and beverage options are no longer just food courts; they are highly curated culinary destinations driving a massive percentage of daily foot traffic. "It can take 15,000 steps — about 11 kilometers (7 miles) — to traverse IOI City Mall. The complex, resembling a giant flower bud with a leaflike roof, is the centerpiece of a resort project featuring hotels, offices and residential buildings that spans 319 hectares (788 acres) — almost the size of New York’s Central Park." bloomberg.com/news/features/…

Where does @SpaceX IPO close today after pricing at $135/share

🚨 Braemar Hotels & Resorts Concludes Strategic Review 🚨 Following the conclusion of its extensive strategic review process, $BHR Braemar Hotels & Resorts has approved a management spin-out to become a fully self-managed REIT and remain a publicly traded company. 📈 Financial & Operational Impact * BHR will terminate its legacy advisory agreement with Ashford Inc. and hire its own management team directly, cutting corporate G&A by over $25 million per year. * Based on prevailing industry EBITDA multiples (ranging from 11x to 13x), these overhead savings imply substantial potential upside for equity value. * The go-forward strategy centers on a hyper-focused portfolio of 6 to 8 luxury properties across the U.S. and Caribbean. * The remaining high-performance luxury assets boast a gross asset value over $1 billion and generated $300M to $350M in trailing twelve-month revenue. * BHR will evaluate the sale of an additional 2 to 3 assets. These proceeds will specifically fund transition obligations (the Company Sale Fee and Master Agreement Termination Fee) to Ashford. 🔄 Total Board Reconstitution & Independence * BHR has retained Ferguson Partners to conduct an independent executive search for fresh, highly skilled board members. * All existing directors—including Chairman Monty Bennett—will step down upon termination of the advisory agreement. * The newly reconstituted board will feature a completely independent Chairperson. * President and CEO Richard Stockton will be the only current director continuing his directorship to ensure operational continuity. * To ensure absolute independence, no new board members will have any past or existing relationships with Ashford or the Bennett family. 🛠️ Third-Party Contract & Governance Overhauls * BHR is officially terminating its contractual relationships with Premier Project Management and Remington Lodging & Hospitality. * Canceling the Ashford Master Agreements gives BHR the full flexibility to utilize any third-party property or project management provider moving forward. * The company is executing a top-to-bottom review and revision of its Bylaws, Corporate Governance Guidelines, Code of Ethics, and Board Committee Charters. * Immaterial, short-term contracts with operational partners like Inspire, Pure, and RED Hospitality will be retained to prevent any disruption to the guest experience. d18rn0p25nwr6d.cloudfront.ne…

📰 The Daily REIT Beat Newsletter #REIT Headlines -- June 12th, 2026 📅 ⬆️ Citizens upgrades $EPR EPR Properties to Market Outperform from Market Perform and sets a $70 price target ⬇️ Citizens downgrades $BNL Broadstone Net Lease, Inc. to Market Perform from Market Outperform ⬇️ Yesterday, Morgan Stanley downgraded $DOC Healthpeak Properties, Inc. to Equalweight from Overweight and raised its price target by $2 to $22 ⬇️ Yesterday, Morgan Stanley downgraded $ARE Alexandria Real Estate Equities, Inc. to Underweight from Equalweight and maintained its $53 price target ⚖️ $BHR Braemar Hotels & Resorts announced a series of actions designed to simplify its corporate structure, reduce costs, enhance governance and position the Company for long-term profitability and value creation * Approved a management spin-out which will enable it to become a self-managed REIT 👋 $INN Summit Hotel Properties, Inc. announced that Executive Vice President and CFO William ("Trey") Conkling will depart the Company effective June 15, 2026 for personal reasons * Mr. Conkling's departure is not the result of any disagreement with the Company or any matter related to the Company's operations, policies or practices * Jon Stanner will assume the role of principal financial officer of the Company in addition to continuing as President and CEO 🏢 $VNO Vornado Realty Trust completed its previously announced acquisition of a 49% interest in Park Avenue Plaza at a gross valuation of $1.1 billion ($950/sf) * Fisher Brothers retains its current 51% ownership interest and continues to manage and lease the property ⚡ $BNL Broadstone Net Lease, Inc. added one additional build-to-suit development for Tesla, Inc, with an estimated total project investment of $39.8 million * Includes a new state of the art sales, service, and delivery (SSD) facility located in Las Vegas, NV sourced through an existing developer relationship * Expected to rent commence in the fourth quarter of 2027 🛞 $FCPT Four Corners Property Trust announced the acquisition of a Tires Plus property located in a strong retail corridor in Minnesota for $1.7 million * Property is corporate-operated under a triple net lease with approximately five years of term remaining * Priced at a 6.9% cap rate on rent as of the closing date and exclusive of transaction costs 🤝 $SAFE Safehold Inc. formed a joint venture with a Brookfield affiliate on a portfolio of ground leases * Assets contributed by Safehold are diversified across the United States and generate current annualized cash ground rent of approximately $14 million * Brookfield will purchase a non-controlling 49% interest in the venture at a gross valuation of approximately $348 million * Safehold will retain a series of call options beginning after year 7 to repurchase Brookfield's interest 🏢 Yesterday morning, $HPP Hudson Pacific Properties announced a new 502,082 sf, 23-year lease with the City and County of San Francisco at 1455 Market Street bringing occupancy at the approximately 1 million sf tower to 89% Sign up for The Daily REITBeat Newsletter at the-daily-reitbeat.beehiiv.c…

✅ REIT Dividend Growth Continues REIT dividend growth momentum continued with a pair of REITs announcing dividend increases over the past 24 hours. The latest hikes bring the total number of REIT dividend increases to 54 so far in 2026, compared to just 6 dividend cuts or reductions. Annaly Capital (NLY) — the largest residential mortgage REIT — rallied roughly 3% today after announcing a 7.1% increase in its quarterly dividend to $0.75/share, representing a dividend yield of 14.0%. The move is a notable positive signal for the residential mREIT space, where investors have remained highly focused on dividend sustainability following several years of elevated rate volatility, book value pressure, and challenging mortgage spread dynamics. Elsewhere, Universal Health Realty (UHT) — a small-cap, medical office-focused healthcare REIT — raised its quarterly dividend by 1% to $0.75/share, representing a dividend yield of approximately 7.45%. While modest in magnitude, the increase extends UHT’s long-running dividend track record and adds to the broader evidence that dividend growth remains intact across a wide range of REIT property sectors. Dividend sustainability — and increasingly, dividend growth — was also a major theme in REITweek discussions last week, reinforcing the view that REIT balance sheets and cash flow trends remain in better shape than public market valuations imply. Sector-wide REIT dividend payout ratios remained below 75% of FFO in Q1, leaving meaningful retained cash flow even after distributions. Dividend coverage ratios have also improved in recent years as FFO growth has outpaced dividend growth, giving REITs more flexibility to sustain and selectively raise dividends despite elevated interest rates. @AllTheREITNews | @DailyREITBeat | @ReitAcademy | @bradthomas | #REITs #Dividends #Investing $NLY $UHT

🏢 Resilient Operations, Low Leverage: The Q1 2026 REIT Performance Breakdown Assessing today’s U.S. economy can feel contradictory. If you focus on geopolitical shocks, higher fuel prices, and waning consumer confidence, the outlook seems pessimistic. But if you look at strengthening GDP growth, solid monthly job gains, and limited recession fears, things look bright. Despite this "economic confusion," the latest data from @REITs_Nareit's REIT Industry Tracker proves that public equity REITs continue to deliver solid operational performance while maintaining highly disciplined balance sheets. 📈 Strong Operational Performance (Q1 2026) * As of Q1 2026, REIT year-over-year Net Operating Income (NOI) growth hit 5.6%, while Same-Store NOI (SS NOI) growth reached 3.8%—both measures successfully outpaced inflation. * This isn't just driven by a few massive players. More than 75% of all REITs posted positive YoY NOI growth. * Nearly 65% of REITs secured YoY SS NOI gains, proving fundamental strength across asset classes. * Achieving these numbers in a volatile macro environment is a direct testament to top-tier asset selection and operational management expertise. 🛡️ Well-Structured & Disciplined Balance Sheets * Comparing Q1 2026 data to late 2021 (before the 10-year Treasury yield surged), REITs have proven to be excellent stewards of capital by keeping leverage levels consistently low. * A disciplined emphasis on fixed-rate debt has successfully insulated the sector from the prolonged sting of elevated interest rates. * By locking in longer terms to maturity, management teams have pushed out their refinancing walls, buying time for the macro environment to stabilize. * Public REITs have maintained strong access to public unsecured debt markets. This has lowered their overall cost of capital and provided massive operational flexibility to address property needs. 🔮 The Bottom Line: While macro uncertainty isn't going away anytime soon, REITs continue to provide reliability and dependability for investors. With fortress balance sheets and resilient operations, the sector is well-positioned to pounce on new real estate opportunities as they emerge later this year. reit.com/news/blog/market-co…

💡 The Multifamily Supply Battle: Operators Lean on Concessions to Floor Net Effective Rents The multifamily leasing landscape remains hyper-competitive. According to the latest May 2026 data from @RealPage Market Analytics, apartment concession usage held steady at 16.9% nationwide—marking a 4-point increase year-over-year and keeping pace with the highest monthly activity levels seen since mid-2014. While the volume of units offering discounts remains elevated, the depth of those discounts saw a minor reprieve. 🔍 Key Market Metrics * 16.9% of stabilized units nationwide offered concessions in May, unchanged month-over-month. * The average U.S. discount decreased 0.1 point to 10.9% (roughly 6 weeks free on a 12-month lease). This represents the first monthly decline in average concession amounts since March 2024. * Concession usage remains near its highest overall levels since the post-Great Financial Crisis period (2010). 🏢 Performance by Asset Class * Class A (Luxury) saw a 0.3-point decline in concession usage to 13.7%, but maintained the highest average discount depth at 11.2%. * Class B concession usage landed at 15.4% with an average discount depth of 10.6%. * Class C continued to heavily rely on incentives to move units, leading all classes with 21.8% concession usage and an 11% average discount depth. 📍 Regional & Metro Highlights * The High-Supply South led the nation with a 22.1% concession usage rate (up 0.3 points MoM), driven by heavy construction pipelines. Both the South and West posted the deepest average discounts at ~11.5%. * The Northeast and West saw modest declines in concession usage, with the Northeast posting the sharpest drop (down 0.7 points to 11%). * Austin, Denver, and San Antonio remain the top three markets for concession usage, with discounts offered on roughly one-third of all stabilized units. * Fort Worth and Charlotte entered the top 10 list for highest concessions this month, while Jacksonville and Dallas dropped off. 💡 The Takeaway: Multifamily operators are still leaning heavily on concessions to manage supply pressures, but the slight dip in discount depth suggests a potential stabilizing floor for net effective rents as we move deeper into the peak summer leasing season. realpage.com/analytics/us-co…

📰 The Daily REIT Beat Newsletter #REIT Headlines -- June 11th, 2026 📅 💵  $KIM Kimco Realty Corporation priced an upsized $525 million of 3.50% exchangeable senior notes due 2031 in a private offering on behalf of its operating partnership * Initial exchange rate is 30.9028 shares of its common stock per $1,000 principal amount of notes which represents an initial exchange price of approximately $32.36/share * Intends to use up to approximately $104.7 million of the net proceeds from this offering to repurchase shares of its common stock * Remainder of the net proceeds to be used for general corporate purposes, including, but not limited to, the redemption or repayment of indebtedness and funding for suitable acquisition, investment and redevelopment opportunities 👩 $ILPT Industrial Logistics Properties Trust announced the execution of two significant new leases totaling more than 2.7 million sf across its U.S. mainland and Hawaii portfolios which fully address the two largest vacancies in its portfolio * Announced that its Board of Trustees increased its size from seven to eight members and elected Elena B. Poptodorova as an Independent Trustee with a term to expire at the Company’s 2027 annual meeting of shareholders * Appointed Ms. Poptodorova to serve on the Audit, Compensation and Nominating and Governance Committees 🏨 In an 8-K filing, $BHR Braemar Hotels & Resorts announced that it entered into an Agreement of Purchase and Sale for the sale of (i) The Ritz-Carlton Sarasota located in Sarasota, FL, (ii) the Hotel Yountville located in Yountville, CA, and (iii) the Bardessono Hotel and Spa located in Yountville, CA for a total purchase price of $437.5 million in cash * Sale is expected to close in approximately 20-35 days 💰 Yesterday morning, $IIPR Innovative Industrial Properties announced that its operating partnership upsized and priced $350 million of 6% exchangeable senior notes due 2029 in a private placement * Initial exchange rate for the notes will be 14.4113 shares of its common stock per $1,000 principal amount of notes and the initial exchange price will be approximately $69.39/share * Intends to use up to $70 million of the net proceeds to fund the repurchase of shares of common stock of the Company * Remaining net to be used for working capital and general corporate purposes, which may include repayment of indebtedness and funding investments that are consistent with its investment strategy 💵 Yesterday morning, $AKR Acadia Realty Trust priced an underwritten offering of 9,000,000 common shares of beneficial interest at a price to the public of $21.95/share in a forward offering raising gross proceeds of $197.55 million * Net proceeds to fund acquisition opportunities arising in its existing street portfolio markets and/or for other general corporate purposes, which may include the repayment of outstanding indebtedness, working capital and other general corporate purpose activities Sign up for The Daily REITBeat Newsletter at the-daily-reitbeat.beehiiv.c…

Daily REITBeat - Late Edition 🔴 S&P 500: -1.6% ⚪ Equity REITs: 0.0% 🔴 Housing Index: -1.2% 🛢️ WTI Crude Oil: $91.12 ( 3.3%) U.S. Treasury Yields 🔴 2-Year: 4.14% ( 2 bps) 🔴 10-Year: 4.55% ( 3 bps) 🔴 30-Year: 5.03% ( 3 bps) #REITs @DailyREITBeat

A reminder that @HoyaCapital is hosting Raj Rehan and Curtis Yee from @BlackRock for an informative REIT webinar tomorrow at 2:30pm eastern. BlackRock manages ~$291B of infrastructure and real estate assets, including ~$10B of listed real assets equity securities. What is the BlackRock REIT team thinking about when it comes to a rising interest rate environment, inflation, AI, Public/Private, and M&A? Tune in to find out. Interested in attending or want the replay link? Send me a message...

🎙️ Leadership, Growth & Retail Real Estate: Lessons from Brixmor Property Group CEO Brian Finnegan Recently, Matthews Mentality Podcast host @kylematthewsceo Kyle Matthews interviewed $BRX @Brixmor Property Group President & CEO Brian Finnegan. The discussion was packed with valuable lessons on leadership, career development, networking, and the evolution of retail real estate. ✅ Play the long game * Brian joined Brixmor's predecessor company in 2004 as a leasing representative and spent more than 20 years growing through multiple roles before becoming CEO. * Career success isn't always about changing companies—sometimes it's about maximizing every opportunity where you are. ✅ Relationships compound over time * Real estate remains a relationship business. * The person you're meeting at a networking event today could be leading a major company tomorrow. * Treat everyone with respect and invest in long-term relationships. ✅ Get comfortable being uncomfortable * Brian moved across six different cities throughout his career to pursue growth opportunities. * New markets, new experiences, and new challenges accelerated both his professional and personal development. ✅ Master the fundamentals * Cold calling, prospecting, networking, and proactive outreach never go out of style. * Success often comes from consistent execution rather than extraordinary talent. * As Brian noted, focus on the process and the results will follow. ✅ Open-air shopping centers are benefiting from: * Limited new supply * Strong retailer performance * Grocery-anchored traffic drivers * Successful omnichannel retail strategies * Brixmor has invested over $1.4 billion into its portfolio while continuing to drive growth and redevelopment opportunities. ✅ Become the expert * Whether you stay in one market or move around the country, develop expertise that makes you indispensable. * Companies value professionals who know their markets, customers, and business better than anyone else. "Are you doing everything you can to be the best at your job today?" youtube.com/watch?v=5x33pDlU…