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REIT Replay: REITs, markets end week in positive territory

Real estate investment trusts and the broader markets rallied Friday, Feb. 23, after a choppy holiday-shortened week.

Regional mall landlord GGP Inc. increased its stakes in three joint venture properties in New York City. The company now owns 99.9% of 218 West 57th St., 90.23% of 530 Fifth Ave. and 97.03% of 685 Fifth Ave.

GGP shares added 1.13% to close at $21.52.

W. P. Carey Inc. posted NAREIT-defined funds from operations attributable to the company for the 2017 fourth quarter of $1.18 per share, reflecting a 12.8% increase in the aggregate. The net lease-focused REIT also offered its adjusted FFO-per-share outlook for 2018.

NAREIT is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.

W. P. Carey shares edged 1.10% higher to close at $60.67.

Hotel REIT Ryman Hospitality Properties Inc. raised its quarterly cash dividend to 85 cents per share from 80 cents per share and provided its FFO-per-share guidance for 2018.

Ryman Hospitality shares jumped 4.41% to close at $71.75.

Diversified REIT Forest City Realty Trust Inc. expects to end its strategic review before March 21, the same extended deadline it set for the submission of nominees for election to its board.

Forest City shares inched up 0.91% to close at $22.11.

Jefferies analysts Jonathan Petersen and Omotayo Okusanya downgraded QTS Realty Trust Inc. to "hold" from "buy," and lowered their price target on the company's stock to $36 from $66 per share.

The analysts said that although they do not disagree with the data center REIT's restructuring plan, they expressed concern over the company's 2020 forecasts. The pair said QTS might be too late to the party when it comes to its plan to refocus on hyperscale and hybrid colocation, given that it has not worked with major hyperscale customers in previous years. They also fear that QTS might not be able to secure as many hyperscale deals as it projected, given strong competition in that segment. "We would not expect the market to give management credit for 2020 guidance until QTS can show that it can consistently realize similar leasing volumes and growth potential as their peers," the analysts argued in a Feb. 23 note.

QTS Realty shares declined 2.91%, ending the day at $33.37.

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The Week in US Real Estate: Brookdale ends strategic review; QTS Realty starts restructuring effort: The Feb. 23 weekly news roundup in the North American real estate space also features large property transactions and more updates on the M&A, IPO and leasing fronts.

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