Real estate investment trusts and the broader markets stretched their losses Wednesday, Dec. 6, as the S&P 500 saw its longest streak of declines since March.
The MSCI US REIT Index (RMZ) fell 0.13% to 1,152.46, and the SNL US REIT Equity Index ticked down 0.03% to close at 316.44. The Dow Jones Industrial Average shed 0.16%, closing at 24,140.91, while the S&P 500 closed 0.01% lower at 2,629.27.
Simon Property Group Inc. won a legal battle with Starbucks Corp. after an Indiana judge granted a preliminary injunction to stop the latter from shuttering its Teavana stores at 77 of the landlord's properties, The Wall Street Journal reported Tuesday.
Simon Property shares ticked up 0.01% to end the day at $162.76.
On Tuesday, American Tower Corp., Equinix Inc. and Duke Realty Corp. priced their latest debt offerings.
American Tower priced a $1.40 billion offering for roughly $1.38 billion in net proceeds, while Equinix priced a €1.0 billion senior notes offering for net proceeds of approximately €986.7 million. Duke Realty's operating partnership priced a $300 million public offering of its 3.375% senior unsecured notes due 2027.
Shares of American Tower rose 0.74% to $141.80; Equinix shares increased 1.04% to $450.24; and Duke Realty shares added 0.07%, closing at $27.38.
SL Green Realty Corp. and partner Jeff Sutton secured a $195 million loan from United Overseas Bank Ltd. for the 15,000-square-foot Times Square retail asset at 1552 Broadway in Manhattan, N.Y., The Real Deal reported Tuesday.
SL Green shares fell 0.21% to close at $102.39.
Marriott International Inc. said Tuesday that it signed multiyear agreements with JPMorgan Chase & Co. and American Express Co. for its U.S.-issued, co-brand credit cards associated with its loyalty programs.
Marriott shares lost 0.18%, closing at $127.30.
Mid-America Apartment Communities Inc., Agree Realty Corp. and One Liberty Properties Inc. raised their respective dividends.
Mid-America lifted its common dividend rate for fiscal year 2018 by 6% to $3.69 per common share. Agree Realty increased its quarterly cash dividend 3.0% to 52.0 cents per common share, while One Liberty hiked its quarterly payout 4.7% to 45 cents per common share.
Mid-America Apartment shares rose 0.91% to $102.33; Agree Realty shares increased 0.16% to $48.87; and One Liberty Properties shares declined 0.08% to close at $26.45.
Ramco-Gershenson Properties Trust said Tuesday that it retained an international executive search firm to help find a successor for CEO Dennis Gershenson.
Shares of Ramco-Gershenson slid 0.07% to close at $14.35.
Macerich Co. said Tuesday that Thomas Leanse will retire as the company's chief legal officer Feb. 28, 2018.
Macerich shares closed 0.61% lower at $64.84.
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Market prices and index values are current as of the time of publication and are subject to change.