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REIT Replay: Mixed performance

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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: Mixed performance

Broader markets were mixed Friday, July 15, while REITs closedessentially flat.

The MSCI US REIT Index (RMZ) fell 0.01% to 1,245.01, and theSNL US REIT Equity Index added 0.01% to finish at 332.89. The Dow Jones IndustrialAverage inched up 0.05% to close at 18,516.55, while the S&P 500 lost 0.09%to end the day at 2,161.74.

Apollo Global ManagementLLC-affiliated funds announced after the close July 14 that they a $30.25-per-share cashtender offer for Diamond Resorts InternationalInc.'s outstanding shares. If all conditions of the deal are met, the company will becomea wholly owned subsidiary of the Apollo funds.

Shares of Diamond Resorts added 0.07% to end the day at $30.14.

Several companies raised dividends. Education Realty Trust Inc. boosted its quarterly cash dividend by 1 cent to 38 centsper common share, and National RetailProperties Inc. increasedits quarterly cash dividend by 2 cents to 45.5 cents per common share. alsoraised its quarterly by 2 cents to 60 cents percommon share.

Education Realty shares ticked down 0.09% to $46.40, and NationalRetail shares lost 0.89% to $51.00. Omega shares climbed 2.46% to $33.69.

In executive moves, CousinsProperties Inc. said after market close Thursday that it Colin Connolly to serveas its COO. Connolly most recently was the company's executive vicepresident and chief investment officer.

Cousins Properties shares rose 0.82% to $11.04.

In Canada, DreamGlobal REIT launcheda bought-deal offering of 9,450,000 units at a price of C$9.00 apiece.The company aims to use the roughly C$85.1 million in proceeds primarily to helpfund its planned purchase of two office properties in Germany for C$151.5 millionand to redeem its 5.5% convertible debentures totaling about C$161 million. Theoffering is slated to close on or about Aug. 5.

Dream Global shares fell 2.79% to C$9.06.

Canaccord Genuity analyst Ryan Meliker downgraded to "hold"from "buy," while maintaining his price target on the company's stockat $25.

Meliker said in a Friday note that he no longer sees sufficientupside for the stock, given the company's heavy exposure to markets that are likelyto underperform in the ensuing quarters. He added that a potential sale of RLJ Lodgingappears less likely than he previously thought when former CEO Thomas BaltimoreJr. left the company tolead Hilton Worldwide Holdings Inc.'splanned hotel REIT.

"While a transaction is still possible, we no longer haveconfidence that RLJ will be up for sale any time soon," he said.

RLJ Lodging shares edged 0.35% higher, closing out the week at$22.68.

Now featured on S&PGlobal Market Intelligence:

The Week in USReal Estate: HCP, DDR announce management shakeups; Mathrani joins Host Hotel'sboard: The July 15 weekly news roundup in the North American real estatespace also features a pending merger edging closer to completion and another M&Adeal facing a potential spoiler.

Real Estate Rundown:Nontraded REIT fundraising slows to a crawl: During the first half of2016, sponsors raised less than half what they raised in the first half of 2015.

Best of SNL: RealEstate, editors' picks: Our real estate editors' picks for the beststories of the week ending July 15.

Best of SNL: RealEstate, most read: The 10 most read real estate articles for the weekending July 15.

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