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REIT Replay: Trump up

REITs and the broader markets gained ground Friday, Jan. 20, as Donald Trump was inaugurated as the 45th U.S. president.

The MSCI US REIT Index (RMZ) edged up 0.75% to close at 1,156.04 and the SNL US REIT Equity Index gained 0.69% to end the day at 307.79. The Dow Jones Industrial Average rose 0.48% to 19,827.25, while the S&P 500 gained 0.34% to end the day at 2,271.31.

Marriott International Inc. tapped Boston Properties Inc. and the Bernstein Cos. to develop its new $600 million headquarters in downtown Bethesda, Md., with the developers proposing to reconfigure Bethesda Center at 7550 Wisconsin Ave. for the project, the Washington Business Journal reported Friday.

Marriott shares slid 0.18% to $84.38, while Boston Properties shares went up 0.62% to end the day at $129.25.

Carter Validus Mission Critical REIT II registered a best-efforts primary offering of up to $2.25 billion of common shares and up to $100 million of shares pursuant to its distribution reinvestment plan, with net proceeds earmarked for acquisition of investments and to pay transaction-related fees.

Iron Mountain Information Management LLC, part of Iron Mountain Inc., struck a deal to acquire an affiliate of Kane Co., which recently filed for Chapter 7 bankruptcy liquidation. According to a Friday report by the Washington Business Journal, Iron Mountain agreed to pay $415,000 for Kane Office Archives LLC.

Shares of Iron Mountain rose 2.24%, closing at $34.68.

NorthWest Healthcare Properties REIT promoted its interim CFO Shailen Chande to CFO and its president of the Canada region, and Peter Riggin to the newly created position of COO. According to a Thursday release, NorthWest trustee Bernard Crotty assumed the president role, replacing Vincent Cozzi, who stepped down as the company's president and chief investment officer, citing personal reasons.

Shares of NorthWest Healthcare ticked up 0.29% to close at C$10.37.

Paramount Group Inc. said Thursday that it completed a $975 million refinancing of its One Market Plaza in San Francisco through a new seven-year interest-only loan bearing interest at a 4.03% fixed rate.

Paramount Group shares increased 0.73%, closing at $16.55.

Macerich Co. sold its Cascade Mall in Burlington, Wash., and Northgate Mall in San Rafael, Calif., to Merlone Geier Partners for $170 million, according to a Thursday statement.

Macerich shares gained 0.98% to close at $69.88.

Rockwood Capital closed its 10th fund at $1.1 billion, IPE Real Estate reported Thursday. Rockwood Capital Real Estate Partners Fund X reportedly aims to target U.S. office, residential, retail and hotel assets.

On the macro front, STR data showed that U.S. hotels logged mostly positive performance for the week ended Jan. 14, with average daily rate increasing 2.8% year over year to $122.29, and revenue per available room growing 1.9% to end the week at $69.24. Occupancy fell 0.9% to 56.6%.

Now featured on S&P Global Market Intelligence

The Week in US Real Estate: Buy a Milestone; divide and rule: The Jan. 20 weekly news roundup in the North American real estate space features a number of M&A deals either starting, closing or nearing completion; a potential spinoff on the verge; and a company name change.

Real Estate, most read: The 10 most read real estate articles for the week ending Jan. 20.

Real Estate, editors' picks: Our real estate editors' picks for the best stories of the week ending Jan. 20.

Conference Chatter: Thank foreign capital for real estate's long, vigorous run: The flood of foreign money seeking safe haven in the U.S. has been an essential, rather than incidental, factor in the length and strength of the current real estate cycle, attendees at a conference in California said.

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