Real estate investment trusts declined and the broader markets logged gains Monday, May 14, as trade tensions between the U.S. and China eased.
Diversified REIT H&R Real Estate Investment Trust agreed to sell the majority of its retail properties in the U.S., involving 63 assets, for US$633 million, with closing expected to take place in June.
H&R REIT shares dropped 1.48% to end the day at C$20.59.
Omega Healthcare Investors Inc. received court approval to start transitioning 23 of the 42 Omega facilities operated by its bankrupt tenant, Orianna, to new operators. The healthcare REIT also got the nod to solicit competing proposals for the sale or restructuring of the remaining 19 facilities.
Separately, Omega and operator Signature Healthcare entered into an out-of-court restructuring agreement, in which the latter separated its portfolio of properties with Omega into the holding company Agemo.
Shares of Omega Healthcare slid 0.07%, closing at $28.73.
Proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC recommended that stockholders of Pure Multi-Family REIT LP vote for the Canadian company's seven incumbent directors and its proposed restricted unit plan, effectively rejecting K2 Principal Fund LP's director nominees.
Pure Multi-Family REIT shares fell 0.55% to close at $7.26.
Timber REIT PotlatchDeltic Corp. terminated Controller and Principal Accounting Officer Stephanie Brady on May 7, with the principal accounting officer duties transferred to Vice President and CFO Jerald Richards.
PotlatchDeltic shares closed 1.47% lower at $47.
Market prices and index values are current as of the time of publication and are subject to change.