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REIT Replay: Close Cousins

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REIT Replay: Close Cousins

REITs gained ground, while the broader markets posted mixed results Thursday, Oct. 6, as Cousins Properties wrapped up its merger with Parkway Properties.

The MSCI US REIT Index (RMZ) rose 0.03% to 1,133.47, and the SNL US REIT Equity Index increased 0.10% to 303.91. The Dow Jones Industrial Average, however, fell 0.07% to close at 18,268.50, while the S&P 500 edged up 0.05% to end the day at 2,160.77.

Cousins Properties Inc. said Thursday that it completed its merger with Parkway Properties Inc. The merged entity is set to begin trading on the NYSE on Oct. 6 under the CUZ ticker, while the spinoff of the Houston-based assets of the combined entity into a new publicly traded REIT is expected to be completed Oct. 7.

Cousins Properties shares fell 1.96% to end the day at $9.99.

Hospital operator Ardent Health Services, in which Ventas Inc. holds a 9.9% equity stake, agreed to acquire LHP Hospital Group Inc. for undisclosed terms, according to a statement released Wednesday. To complete the transaction, Ventas committed to providing $700 million in secured debt financing to an Ardent subsidiary, with Ardent's majority owner, an Equity Group Investments affiliate, also injecting a "significant equity contribution" into the hospital operator. Ventas also owns substantially all of Ardent's real estate, including 10 of its 14 hospitals and associated medical facilities.

Shares of Ventas went down 0.65% to close at $66.99.

H&R Real Estate Investment Trust said Thursday that it agreed to off-load a 50% nonmanaging interest in the TransCanada Pipeline Tower in Calgary, Alberta, to Healthcare of Ontario Pension Plan unit HOOPP Realty Inc. for roughly C$257.4 million, in a deal expected to be completed in November.

H&R REIT shares rose 1.86%, closing at C$21.95.

Tanger Factory Outlet Centers Inc.'s operating partnership, Tanger Properties LP, priced an underwritten public offering of an additional $100 million of its 3.125% senior notes due 2026 for estimated net proceeds of approximately $97.8 million. The new notes were priced at 98.962% of the principal amount to yield 3.248% to maturity. Net proceeds of the offering, which is set to close Oct. 13, will be used to repay borrowings under the company's unsecured lines of credit and for general corporate purposes.

Shares of Tanger Factory edged up 0.68% to close at $36.82.

Equity Residential is planning to offer $500 million of 2.850% notes due Nov. 1, 2026, at a price to the public of 99.341% for estimated net proceeds of $492.4 million, which it plans to use for working capital and general corporate purposes. The underwriters expect to deliver the notes by Oct. 12.

Equity Residential shares dropped 0.08% to end the day at $61.36.

Bluerock Residential Growth REIT Inc. priced a public offering of 2.7 million shares of its 7.125% series D cumulative preferred stock, with a per-share liquidation preference of $25.00, for net proceeds of roughly $65.0 million. The company said in a Thursday release that it has granted the underwriters a 30-day option to buy up to 405,000 additional shares to cover overallotments. Net proceeds of the offering, which is expected to close Oct. 13, will likely go toward the financing of future multifamily acquisitions and investments and for other general corporate and working capital purposes, including possible capital improvements at the company's properties.

Bluerock Residential shares increased 0.50%, closing at $12.08.

Retail Properties of America Inc. in a Wednesday filing announced a $200.0 million private placement, consisting of $100.0 million aggregate principal amount each of its 4.08% series A senior notes due Sept. 30, 2026, and its 4.24% series B senior notes due Dec. 28, 2028. The company closed the series A notes issuance Sept. 30, while the series B notes sale is expected to close Dec. 28. Net proceeds will go toward the repayment or refinancing of the company's outstanding debt and for general corporate purposes.

Retail Properties of America shares dropped 0.56%, closing at $16.02.

Wheeler Real Estate Investment Trust Inc. said it appointed John Sweet to its board of directors, expanding the board to nine members. Sweet, whose appointment was effective Oct. 5, is the co-founder and chief investment officer of Physicians Realty Trust. He will also serve on the board's finance and investment committees.

Wheeler REIT shares were up 1.76%, closing at $1.73, while Physicians Realty shares rose 0.05% to close at $19.63.

Now featured on S&P Global Market Intelligence

Hires and Fires: Real Estate moves through Oct. 5, 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.

The Property Ledger: Penn National Gaming set to launch new San Diego facility: The Oct. 6 edition of the North American property news roundup also features Agree Realty's new development projects, and Duke Realty's expansion plans at a North Carolina facility.

Data Dispatch: US REITs outperform S&P 500 YTD through Q3: In the third quarter, the broader REIT sector posted a negative total return, though industrial REIT performance remained strong, beating the S&P 500 with a 5.1% total return.

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