2243 GMT [Dow Jones]--Arena REIT loses a bull in Jefferies after one of its tenants, childcare operator Edge Early Learning, failed to pay rent in August. Analyst Andrew Dodds says it raises questions around tenant health and visibility over the remainder of Arena REIT's portfolio. "Cost of living and regulatory pressures are seeing childcare occupancy rates and operator profitability ratios fall," Jefferies says. Arena REIT's share price fell by 22% on Monday after disclosing Edge Early Learning's difficulties. It means the stock is now trading at a 30% discount to net tangible assets. Despite this, Jefferies thinks "concerns around contagion risk across the sector will likely weigh on the share price in the near term." It downgrades Arena REIT to hold, from buy, and cuts its price target by 24% to A$2.74/share.