The Dow Jones Industrial Average and the S&P 500 pushed slightly higher Tuesday, March 6, as investors digested signs of opposition to President Donald Trump's tariff plans. Real estate investment trusts also squeezed out gains.
City Office REIT Inc. director Jeffrey Kohn resigned, effective March 2. Kohn claimed in his resignation letter that the other directors opted against his board nomination for another term in part because he inquired about the potential sale of units he owned in the office REIT.
City Office REIT shares added 1.58% to close at $10.92.
Manufactured home REIT Sun Communities Inc., as expected, declared an increased dividend of 71 cents per share for the first quarter, which will be doled out April 16.
Shares of Sun Communities inched up 0.21% to close at $87.19.
Sotherly Hotels Inc., through a unit of its operating partnership, wrapped up its $79.7 million purchase of the 318-room Hyatt Centric Arlington hotel in Virginia. The lodging REIT partially funded the acquisition with a new $57.0 million first and second mortgage from Fifth Third Bank.
Sotherly Hotels shares slid 0.17% to close at $6.04.
PS Business Parks Inc. sold a five-building office business park in Orange County, Calif., bringing in roughly $41.7 million in net proceeds for the diversified REIT.
PS Business Parks shares gained 0.58% to close at $113.15.
Mack-Cali Realty Corp., a northeast U.S. office- and multifamily-focused REIT, received a corporate credit rating downgrade to BB and a negative outlook from S&P Global Ratings. The negative outlook was driven in part by expectations for higher vacancy rates in 2018 and 2019 in the company's New Jersey office portfolio.
Mack-Cali shares climbed 0.30%, ending the day at $16.99.

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