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REIT Replay: Markets pull back; REITs remain steady

The Dow Jones Industrial Average and the S&P 500 lost momentum Tuesday, March 27, amid further declines in technology and financial stocks, and real estate investment trusts held their ground.

Diversified commercial real estate company Brookfield Property Partners LP struck a cash-and-equity deal to acquire the remaining stake it and its affiliates do not already own in regional mall REIT GGP Inc. The deal, slated to close early in the third quarter, includes a $9.25 billion cash consideration and roughly 39% of equity in Brookfield Property or the new BPY U.S. REIT.

GGP shares plunged 5.33% to close at $20.08.

Citing what it said is QTS Realty Trust Inc.'s underperformance relative to its peers, activist investor Land & Buildings Investment Management LLC intends to withhold its votes for CEO and Chairman Chad Williams and compensation committee chair William Grabe at the data center REIT's May 3 annual meeting.

QTS Realty shares slipped 0.85%, closing at $34.83.

Pennsylvania Real Estate Investment Trust said Ronald Rubin will not seek re-election as a trustee at the regional mall landlord's May 31 annual shareholder meeting, citing personal reasons.

Pennsylvania REIT shares declined 1.67% to close at $9.44.

Industrial Lifestyle Properties Real Estate Investment Trust, a new open-ended cannabis-focused REIT formed by Target Capital Inc., is planning to go public before or concurrently with its first cannabis property acquisition. Target Capital, which does business as CBi2 Capital, is providing C$1.0 million of seed capital to the trust.

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Tepid reception to Brookfield-GGP deal pricing: Analysts deemed Brookfield Property's proposed takeover price low and weighed the possibility that GGP shareholders would reject it, as mall real estate investment trust stocks traded lower.

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