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REIT Replay: Debt drive

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


REIT Replay: Debt drive

Real estate investment trusts and the broader markets declined Tuesday, Aug. 8, as several companies detailed their latest debt offering plans.

The MSCI US REIT Index (RMZ) fell 0.45% to close at 1,156.84, and the SNL US REIT Equity Index shed 0.56% to end the day at 313.71. The Dow Jones Industrial Average lost 0.15%, closing at 22,085.34, while the S&P 500 closed 0.24% lower at 2,474.92.

VEREIT Inc. said Tuesday that its operating partnership is offering $500.0 million worth of senior notes due 2027, with net proceeds expected to come to approximately $494.3 million.

VEREIT shares ticked up 0.35% to end the day at $8.59.

DDR Corp. on Monday announced the pricing of its $350 million public offering of 3.900% senior unsecured notes due 2024. The company expects to close the offering by Aug. 16.

Shares of DDR slid 1.28%, closing at $10.01.

Kimco Realty Corp. said Tuesday that its cash purchase offer for its outstanding 4.30% series E medium-term notes due 2018 received valid tenders worth approximately $211 million before its expiration. The company expects settlement to take place Aug. 10.

Kimco Realty shares added 0.05%, closing at $20.47.

Marriott International Inc. announced its latest financial results, while Sotherly Hotels Inc., Bluerock Residential Growth REIT Inc. and Easterly Government Properties Inc. outlined their respective earnings projections.

Marriott shares declined 2.09% to $103.95; Sotherly shares fell 2.16% to $6.34; Bluerock shares declined 2.08% to $10.34; and Easterly Government shares slipped 1.05%, closing at $19.88.

Vacation group Beneficium agreed to sell DAE Global Pty. Ltd., which is the operator of a timeshare exchange company, and a software company to Wyndham Worldwide Corp.'s RCI, according to a Tuesday release.

Shares of Wyndham nosedived 2.39% to close at $100.87.

Parkway Inc. said Monday that it will hold a special stockholder meeting Sept. 25 to vote on its planned merger with affiliates of Canada Pension Plan Investment Board.

Parkway shares lifted 0.17%, closing at $23.05.

Simon Property Group Inc. said Tuesday that it launched a concierge bot on Facebook Inc.'s Messenger platform for shoppers at its North American malls, giving them access to information including store and restaurant details, hours of operation and special events.

Simon shares lost 1.37% to close at $164.09.

Community Healthcare Trust Inc.'s board declared a second-quarter cash dividend of 39.25 cents per common share, up from the prior payout of 39 cents apiece, the company said Monday.

Shares of Community Healthcare rose 1.26%, closing at $24.88.

New York REIT said Tuesday that it sold the office property at 50 Varick St. in Manhattan, N.Y., for a gross sales price of $135.0 million.

New York REIT shares shed 0.12%, closing at $8.54.

A Gaw Capital Partners-controlled fund is in advanced discussions to purchase the Standard Hotel in New York City for $340 million, the New York Post reported Tuesday.

Former Marriott executive Norman Jenkins joined Duke Realty Corp.'s board of directors, according to a Monday release.

Duke Realty shares increased 1.13% to close at $28.74.

Playa Hotels & Resorts NV said Monday that it promoted Brandon Buhler to chief accounting officer from corporate controller.

Playa Hotels shares closed 2.61% lower at $11.59.

Earnings call coverage

CoreCivic moving to significantly diversify business: On an earnings call, CoreCivic executives forecast robust growth of the company's residential re-entry business and "variable" growth in its real estate-only segment.

Marriott hopes Alibaba partnership will boost Chinese demand: A joint venture between the two sides to create a new Marriott booking platform aims to court Chinese travelers, a growing force in worldwide tourism.

Now featured on S&P Global Market Intelligence

Data Dispatch: US REIT capital raising up 33% YTD through July 31: Chart Watch: Year-to-date as of July 31, publicly traded U.S. equity real estate investment trusts raised $54.49 billion in capital, with $9.01 billion raised during the second half of July.

Data Dispatch: 94 North American real estate companies raise dividends YTD through Aug. 1: In the period from July 18 to Aug. 1, 10 publicly traded North American real estate companies increased their quarterly distributions, with Mexico's FibraHotel increasing its dividend by the greatest relative amount.

Research Roundup: Monday, North American real estate edition: A handful of downgrades and reiterations are featured in this roundup of recent research reports.

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