🏢 Office REITs Q3 Preview: Focus on interest rate headwinds, leasing CapEx, debt maturities and paydown ‣ Office REITs kicking off Q3 results, with SL Green (SLG) and Brandywine (BDN) AMC today, with Kilroy Realty (KRC) AMC tomorrow. • Sentiment slightly more bullish versus the sector, with buy-rated consensus 58% (RE Sector 54%), as commentary highlights strengthening fundamentals, flagging Q3 national and metro statistics including occupancy, rent growth, leasing volume, and absorption. • Interest rate headwinds the big area of focus, with recent backup in yields leading to some downgrades, broad target cuts, across the group. Commentary on refinancings, deleveraging, as well as development/construction debt facilities, and impacts to disposition plans, yields. • Leasing CapEx, concessions, also flagged as attention turns to FFO growth versus SSNOI, with tenant incentives having hindered inflections, accelerations, in the bottom-line metric. AI jobs impact also highlighted in terms of additional color around tenant commentary, demand/sizing of space. • Bullish also flagging valuation relative to current (improved) demand backdrop; B/S in better shape, with capital access, terms, more favorable, both in terms of potential equity partners, JV stakes, as well as debt funding. • Bearish seeing rate backup as adding to NT headwinds, pressuring sentiment, and pushing out a sustained recovery in positively trending earnings growth seen as needed in order for a real step-up in market sentiment and pivot towards more constructive views. $SLG $BDN $KRC #OfficeReits# #REITS# #CommercialRealEstaste# #Earnings# #CapEx# #FFO# #SSNOI# #AI# #Leasing# #FinTwit# #REITInvesting# #RealEstate# Gain immediate access to earnings insights with #StreetAccount#: