REITs and the broader markets lost ground Friday, Jan. 27, though the Dow Jones Industrial Average remained above the 20,000 mark.
The MSCI US REIT Index (RMZ) declined 1.04% to 1,143.96 and the SNL US REIT Equity Index shed 0.98% to end the day at 305.44. The Dow Jones Industrial Average ticked down 0.04% to 20,093.78, while the S&P 500 lost 0.09% to close at 2,294.69.
Harvard Management Co. Inc., which manages Harvard University's $35.7 billion endowment fund, is spinning off its real estate investment team, CoStar Group reported Friday. The report noted that the team is expected to be spun off and serve as an external investment manager to Harvard Management by the end of calendar year 2017.
Welltower Inc. said Thursday that it lifted its 2016 fourth-quarter cash dividend to 87 cents per share from 86 cents per share.
Welltower shares slid 0.30% to close at $65.94.
SL Green Realty Corp. and project partner Wharton Properties obtained a $235 million loan from Aareal Capital Corp. to refinance the 65,000-square-foot 724 5th Ave. in New York, The Real Deal reported Friday, citing loan documents. According to the report, the loan supersedes a $235 million loan from Goldman Sachs in 2014.
SL Green shares fell 0.38% to end the day at $109.60.
Forest City Realty Trust Inc. said Friday that it unloaded the Illinois Science & Technology Park in Skokie for $77.0 million, with the transaction expected to generate roughly $16 million in net proceeds. The buyer was an affiliate of American Landmark Properties.
Forest City Realty shares went down 1.68%, closing at $21.67.
Preferred Apartment Communities Inc. said Thursday that a subsidiary of its operating partnership offloaded a fee-simple interest in the 364-unit Sandstone Creek Apartments multifamily community in Kansas City for $48.1 million.
Shares of Preferred Apartment dropped 1.92% to close at $13.79.
On the macro front, STR data showed that U.S. hotels recorded positive performance for the week ended Jan. 21, with revenue per available room growing 4.9% year over year to $68.87, and average daily rate increasing 4.6% to end the week at $122.34. Occupancy ticked up 0.3% to 56.3%.
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