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REIT Replay: Flat Tuesday


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Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends

REIT Replay: Flat Tuesday

REITs remained almost unchanged and the broader markets closed just north of flat Tuesday, April 4, as U.S. President Donald Trump promised a "major haircut" to Dodd-Frank Act regulations.

The MSCI US REIT Index (RMZ) closed flat at 1,149.85, and the SNL US REIT Equity Index ticked 0.01% down to close at 310.82. The Dow Jones Industrial Average closed 0.19% higher at 20,689.24, while the S&P 500 rose 0.06% to close at 2,360.16.

DDR Corp. on Monday outlined a restructuring plan that will result in the elimination of 65 jobs, a one-off charge of $7.2 million to its earnings, and an annual reduction in general and administrative expenses of about $6 million.

DDR shares slipped 2.04% to end the day at $12.48.

Essex Property Trust Inc. said Monday that its Essex Portfolio LP unit priced an offering of $350 million of senior unsecured notes due 2027 at 99.423% of par value, with a yield to maturity of 3.694%.

Essex Property shares closed 0.04% higher at $230.97.

A joint venture between Beacon Capital Partners LLC and MetLife Inc. is close to selling the 32-story building at 85 Broad St. in Manhattan, N.Y., to Ivanhoe Cambridge for roughly $650 million, Bloomberg News reported Tuesday.

Jonathan Stanner, former CEO of Strategic Hotels & Resorts Inc., will join Summit Hotel Properties Inc. as executive vice president and chief investment officer, effective April 17, according to a Tuesday release.

Shares of Summit Hotel added 0.06% to close at $15.61.

Northview Apartment REIT said Monday that it intends to appoint Scott Thon as the new chairman of the board of trustees, subject to his re-election to the board, succeeding Douglas Mitchell.

Northview Apartment shares gained 1.14%, closing at C$22.13.

Lexington Realty Trust said Monday that it tapped Deloitte & Touche LLP to replace KPMG LLP as the company's independent registered public accounting firm for the year ending Dec. 31.

Lexington Realty shares went up 1.50% to close at $10.15.

On the macro front, CoreLogic's home price index showed that U.S. home prices, including distressed sales, went up 7% in February on a yearly basis and were up 1% compared to January.

Following a strong year of fundraising in 2016, closed-end private real estate fundraising slowed in the first quarter, with 38 real estate funds, globally commanding $15 billion, reaching a final close during the quarter, according to research firm Preqin. By comparison, 82 funds raised $26 billion in the 2016 first quarter.

Reis reported that the neighborhood and community shopping center vacancy rate in the U.S. was unchanged at 9.9% in the first quarter, compared to both the corresponding year-ago period and the previous quarter, despite reported store closures among major brands.

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Data Dispatch: US REITs underperform S&P 500 in first quarter of 2017: Healthcare REITs topped the chart posting a 6.9% total return during the quarter. Retail REITs dropped, with a negative 4.7% return.

Data Dispatch: NAV monitor: US REITs trading at 4.5% median discount to NAV: Five healthcare REITs were among the top 10 REITs trading at premiums to net asset value, while the same number of regional mall REITs were among the top 10 REITs trading at discounts to NAV.

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