Real estate investment trusts continued to gain ground and the markets ended in the red Wednesday, March 7, as the resignation of President Donald Trump's top economic adviser Gary Cohn fueled fears of a trade war.
Shopping center REIT Wheeler Real Estate Investment Trust Inc. suspended the dividend on its common stock and operating partnership units for the remainder of 2018, with the move expected to generate cash savings of approximately $9.7 million for the year.
Wheeler REIT shares slid 17.91% to end the day at $4.08.
Orianna Health Systems, a tenant of healthcare REIT Omega Healthcare Investors Inc., filed for Chapter 11 bankruptcy protection. As part of the voluntary restructuring plan, 23 of the 42 facilities Orianna operates will be transferred to new operators. Omega Healthcare also reaffirmed its 2018 adjusted funds-from-operations guidance in the range of $2.96 to $3.06 per share.
Shares of Omega Healthcare added 0.92%, closing at $27.39.
An affiliate of HNA Tourism Group Co. Ltd. priced an upsized underwritten secondary offering of 34,479,524 shares of hotel REIT Park Hotels & Resorts Inc.'s common stock at $25.75 apiece. The offering, which was increased from the initial tally of 32,950,000 shares, is expected to close March 9.
Park Hotels shares rose 2.52%, closing at $26.81.
Spirit MTA REIT, a subsidiary of single-tenant net-lease REIT Spirit Realty Capital Inc., publicly filed with the SEC its plan to separate from the parent. Under the plan, Spirit Realty's assets that collateralize Master Trust 2014, virtually all properties that the company leases to Shopko Retail Shops Holding Corp. and its affiliates, and certain other assets will be spun off into Spirit MTA.
Spirit Realty shares closed 0.50% higher at $8.00.

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Real Estate Rundown: In acquiring HCR ManorCare, Quality Care Properties faces long turnaround: The real estate investment trust is taking over its top tenant, which since 2011 has used more than $500 million from profitable parts of its business to subsidize troubled skilled nursing operations, according to a bankruptcy filing.
Data Dispatch: US REITs trade at 15.3% median discount to NAV as of Feb. 28: Chart Watch: Regional mall real estate investment trusts traded at the greatest median discount to net asset value, while the self-storage REIT sector traded at the lowest discount as of February-end.
Market prices and index values are current as of the time of publication and are subject to change.
