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REIT Replay: Earnings and gains

Real estate investment trusts and the broader markets posted notable gains Tuesday, Aug. 1, as earnings season got into full swing.

The MSCI US REIT Index (RMZ) rose 0.46% to close at 1,172.99, and the SNL US REIT Equity Index gained 0.40% to end the day at 318.00. The Dow Jones Industrial Average added 0.33%, closing at 21,963.92, while the S&P 500 closed 0.24% higher at 2,476.35.

Several companies announced their respective second-quarter financial results, including Simon Property Group Inc., HCP Inc., Vornado Realty Trust, Alexandria Real Estate Equities Inc. and SBA Communications Corp.

Simon shares rose 3.84% to $164.58; HCP shares fell 4.42% to $30.25; Vornado shares increased 0.20% to $79.51; Alexandria shares slid 0.20% to $121.01; and SBA shares declined 0.09% to close the day at $137.43.

Public Storage on Monday announced the pricing of its offering of 12.0 million depositary shares for gross proceeds of $300 million. The company plans to use the net proceeds to invest in self-storage facilities and in entities that own self-storage facilities and for general corporate purposes.

Public Storage shares slipped 1.33% to end the day at $202.83.

American Tower Corp. said Monday that it wrapped up the redemption of all its outstanding 4.500% senior unsecured notes due 2018 for a total redemption price of approximately $1.02 billion.

American Tower shares lost 0.26%, closing at $135.97.

Kimco Realty Corp. kicked off a public offering of two series of notes, primarily to finance the consideration payable in a newly launched cash tender offer for any and all of its outstanding 4.30% series E medium-term notes due 2018.

Shares of Kimco Realty gained 2.13%, closing at $20.61.

Welltower Inc. said Tuesday that it amended its existing equity distribution agreements to provide for the sale of up to approximately $784.1 million of its common shares in at-the-market offerings from time to time.

Welltower shares shed 1.46% to close at $72.32.

Also on Tuesday, UDR Inc. said it will issue and sell from time to time up to 20 million shares of its common stock via a new at-the-market sales agreement.

UDR shares ticked up 0.03%, closing at $39.10.

Healthcare Trust of America Inc. said Monday that the company and its operating partnership landed a new credit agreement providing for an up to $1.00 billion unsecured revolving credit facility and a $300.0 million term loan facility.

Healthcare Trust of America shares dipped 1.31% to close at $30.19.

Savanna Investment Management LLC agreed to acquire the 293,000-square-foot Berkeley Building in Manhattan, N.Y., from DekaBank Deutsche Girozentrale's investment arm, Deka Immobilien Investment GMBH, for $195 million, The Real Deal reported Monday.

Sterling Bay scored an 18-acre site in Chicago, near Goose Island, after submitting a $104.7 million bid for the property, the Chicago Tribune reported Monday.

Federal Realty Investment Trust's board of trustees declared a regular quarterly cash dividend of $1.00 per common share, up from a prior payout of 98 cents apiece, according to a Monday release.

Shares of Federal Realty closed 1.33% higher at $134.40.

Earnings call coverage

David Simon: 'We don't see the end of our business': On an earnings call, Simon Property's chairman and CEO described market conditions as "a little bit rocky" but said the company is dealing with tenant issues "head on."

Vornado exec sees financial services firms returning to NYC from Connecticut: On an earnings call, Chairman and CEO Steven Roth said Vornado is still internally debating its business plan for 666 Fifth Ave., a property Vornado co-owns with the family of President Donald Trump's son-in-law, Jared Kushner.

HCP chairman calls Welltower's Brinker lawsuit dismaying, 'inexplicable': Welltower alleges that its former chief investment officer, who plans to join competitor HCP in January 2018, breached his separation agreement.

Brookdale's possible sale hurt Q2 results, HCP execs say: The HCP properties that Brookdale manages performed worse than expected in the second quarter, and HCP is less optimistic than Brookdale about their prospects for improvement in 2017.

Now featured on S&P Global Market Intelligence

Research Roundup: Tuesday, North American real estate edition: An upgrade, a downgrade and a handful of reiterations are featured in this roundup of recent research reports.

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