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REIT Replay: Downward slide


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REIT Replay: Downward slide

REITs and the broader markets continued to fall Thursday, Dec. 22, as several companies took steps to put their respective proposed mergers to shareholder votes.

The MSCI US REIT Index (RMZ) fell 0.17% to 1,126.08, and the SNL US REIT Equity Index lost 0.19% to 301.25. The Dow Jones Industrial Average slipped 0.12% to 19,918.88, while the S&P 500 inched down 0.19% to end the day at 2,260.96.

Regency Centers Corp. and Equity One Inc. said in a Thursday joint filing that the companies will hold separate special shareholder meetings in 2017 to vote on their planned merger. At Regency's meeting, its shareholders will also vote on the company's plans to expand its authorized common shares and increase its board's size to 12 directors.

Regency Centers shares gained 0.46% to $67.33, and Equity One shares ticked up 0.47% to close at $29.97.

Farmland Partners Inc. and American Farmland Co. scheduled separate special meetings for Jan. 31, 2017, for their respective shareholders to vote on the companies' pending merger, according to a Thursday proxy filing.

Farmland Partners shares rose 0.64% to $11.02, and American Farmland shares increased 0.64% to $7.83.

American Hotel Income Properties REIT LP said Thursday that it closed a bought-deal offering of 11,281,500 limited partnership units for gross proceeds of approximately C$115.1 million. The offering included the full exercise of the overallotment option for about C$15.0 million in additional proceeds.

American Hotel Income Properties shares went up 0.49% to close at C$10.27.

Capital Senior Living Corp. announced in a Wednesday release that its president, COO and board member, Keith Johannessen, died Tuesday from cancer.

Capital Senior Living shares plunged 4.95%, closing at $16.14.

Choice Hotels International Inc. said in a Thursday filing that Gordon Smith, a company director, will not stand for re-election to the board at the company's 2017 annual shareholder meeting.

Shares of Choice Hotels International fell 1.15% to close at $56.05.

With no competing bids, representatives of the note holders that launched an auction of Vornado Realty Trust's Skyline office park in Fairfax County, Va., purchased the 2.6 million-square-foot property for $200 million.

Shares of Vornado stayed flat to close at $103.05.

On the macro front, the latest figures from STR showed that U.S. hotels logged positive performance for the week ended Dec. 17, with revenue per available room increasing 9.7% year over year to $60.31 and average daily rate rising 4.8% to end the week at $111.59. Occupancy went up 4.7% to 54.0%.

U.S. home prices in October rose 0.4% month over month on a seasonally adjusted basis, according to the Federal Housing Finance Agency's house price index.

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Data Dispatch: US REITs' capital-raising activity up 9.4% YOY through Dec. 15: During the first half of December, U.S. equity REITs raised approximately $1.77 billion through capital offerings.

Q&A: Hotel analyst mulls Airbnb, Expedia and how Hilton can be more like Pepsi: Robert W. Baird analyst David Loeb, who is leaving sell-side research after more than two decades, spoke with S&P Global Market Intelligence about the ways the lodging industry has changed, and the ways it still could.

Hires and Fires: Real Estate moves through Dec. 21, North America edition: This feature presents a weekly rundown of recent significant management and board changes and personnel moves in the North American real estate industry, including U.S. REITs and REOCs, homebuilders and gaming operators.

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