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Essential IR Insights Newsletter - February 2023

REIT Replay: Tax the halls

The broader markets extended their gains and real estate investment trusts stood their ground Monday, Dec. 18, as U.S. House and Senate Republicans expressed confidence that their tax reform plan will be finalized before Christmas.

The MSCI US REIT Index (RMZ) rose 0.64% to 1,183.80. The Dow Jones Industrial Average jumped 0.57% to 24,792.20, while the S&P 500 gained 0.54% to end the day at 2,690.16.

Cominar Real Estate Investment Trust agreed to sell its entire noncore portfolio of 97 assets to Slate Acquisitions Inc. for C$1.14 billion in gross proceeds. The transaction, slated to close by the end of March 2018, is part of the company's effort to concentrate on core markets in Quebec and Ottawa while also trimming its debt.

Cominar REIT shares ticked up 0.07% to close at C$14.16.

Killam Apartment REIT boosted its credit facility by C$40 million and acquired C$60.7 million worth of properties. The expanded credit line, mortgage proceeds from the acquired assets, and cash on hand positions the company to have a buying capacity of more than C$300 million going into 2018.

Killam Apartment shares inched up 0.07% to close at C$14.16.

As part of its ongoing liquidation, New York REIT is divesting the seven-story Interior Design Building in Manhattan, N.Y., to JMC Holdings for roughly $47 million, according to Crain's New York Business.

New York REIT shares popped 0.26%, closing at $3.91.

Boston Properties Inc. raised its quarterly dividend by 6.7% to a fourth-quarter dividend of 80 cents per common share, which will be paid out Jan. 30, 2018.

Shares of Boston Properties increased 1.40% to close at $131.22.

Global Net Lease launched a 7.25% series A preferred stock offering at a price to the public of $25.00 per share, for roughly $24.2 million in estimated net proceeds. The offering is anticipated to close Dec. 19.

Global Net Lease shares declined 1.03%, closing at $21.20.

Terreno Realty Corp. paid roughly $37.6 million to buy an 11.1-acre, two-building industrial property in Gardena, Calif.

Fitch Ratings affirmed the ratings on Terreno and its operating partnership, driven in part by the company's transparent industrial property-focused business model. The company's rating outlook is stable, which Fitch attributed to its expectation that Terreno's credit metrics will stay consistent with the BBB- rating in the next two years.

Terreno shares climbed 0.35% to close at $37.35.

Eagle Canyon Capital LLC agreed to acquire the Fairmont Hotel in San Jose, Calif., which contains 805 rooms across two buildings, in a roughly $250 million deal.

Black Creek Diversified Property Fund Inc. boosted its monthly dividend to 3.125 cents per share, which is payable in January, February and March 2018.

MVP REIT II Inc. and MVP REIT Inc. wrapped up their merger, with the merged entity assuming the new name The Parking REIT Inc. Parking REIT enlarged its board to eight members from five as part of the transaction.

Market prices and index values are current as of the time of publication and are subject to change.