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REIT Replay: REITs, markets end in the red amid global trade-war concerns

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REIT Replay: REITs, markets end in the red amid global trade-war concerns

The broader markets posted notable losses, and real estate investment trusts also closed lower Thursday, May 31, as the decision by the U.S. to impose tariffs on steel and aluminum imports from the European Union, Canada and Mexico drew promises of retaliation by trade partners and raised fresh concerns of a global trade war.

Diversified REIT Colony NorthStar Inc. ended talks to buy a majority stake in Abraaj Group Ltd.'s fund management unit after its due diligence raised concerns regarding the embattled United Arab Emirates-based buyout firm, Bloomberg reported.

Separately, Colony NorthStar and several other investors completed the acquisition of 57.8% of the capital of AccorInvest SAS from French hotel company AccorHotels for a total of €4.6 billion.

Colony NorthStar shares fell 1.01% to end the day at $5.89.

Taubman Centers Inc. shareholders elected activist shareholder Land & Buildings Investment Management LLC founder and Chief Investment Officer Jonathan Litt, along with Taubman's own director nominees Mayree Clark and Michael Embler, to the regional mall landlord's board. The shareholders, however, did not approve Land & Buildings' proposal to eliminate Taubman's dual-class voting share structure at the company's annual meeting.

Shares of Taubman Centers declined 0.29%, closing at $54.59.

Shurgard Self Storage Europe Sarl, an affiliate of self-storage REIT Public Storage that develops self-storage properties in Europe, is exploring a possible IPO.

Public Storage shares dropped 0.18% to close at $211.84.

A unit of hospitality company Wyndham Worldwide Corp. acquired La Quinta Holdings Inc.'s hotel franchise and management business in a $1.95 billion deal after CorePoint Lodging Inc. completed its spinoff from La Quinta into a stand-alone, publicly traded REIT.

Retail Properties of America Inc. appointed Shane Garrison president and COO, while Steven Grimes stepped down as the shopping center REIT's president, but will stay on as CEO.

Retail Properties of America shares closed 1.41% higher at $12.26.

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Data Dispatch: US REITs underperforming broader market in current rising-rate environment: REITs outperformed the S&P 500 in four of the six previous rising interest rate periods since 2000 but have failed to do so in the current one, according to an analysis by S&P Global Market Intelligence.

Data Dispatch: May state of the US housing market: Chart Watch: Data released in May showed monthly decreases in new- and existing-home sales in April, while single-unit housing starts remained mostly flat.

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