The broader markets and real estate investment trusts pulled back Tuesday, Dec. 19, as the Republican tax bill will have to go back to the House for a re-vote due to a procedural issue.
The MSCI US REIT Index (RMZ) fell 2.13% to 1,156.63. The Dow Jones Industrial Average slipped 0.15% to 24,754.75, while the S&P 500 ticked down 0.32% to end the day at 2,681.47.
HNA Group Co. Ltd. is planning to sell about $6 billion of commercial properties in New York, San Francisco and other major cities worldwide. The Chinese conglomerate is targeting about 20 properties for disposal, according to The Wall Street Journal, citing unnamed sources.
QTS Realty Trust Inc. expanded its unsecured credit facility to $1.52 billion from $1.2 billion. The facility also contains a $400 million accordion feature that could further increase the borrowing capacity up to $1.92 billion.
QTS Realty shares slid 2.80% to close at $54.10.
Prologis Inc. disposed of four logistics assets in Northern Italy for an undisclosed sum. The assets were sold to the Carlyle Group LP, which also acquired a fifth logistics asset in the region from another seller.
Prologis shares dipped 3.77%, closing at $63.38.
City Office REIT Inc. priced an upsized common stock offering for gross proceeds of $63.0 million. The offering is set to close Dec. 21, and the net proceeds are allocated for repaying outstanding amounts under the company's secured credit facility and for general corporate purposes.
City Office REIT shares declined 2.51% to close at $12.82.
CyrusOne Inc. is expanding into the Atlanta area with the proposed development of a 44-acre data center campus in Douglasville, Ga. The project is scheduled to break ground in the first quarter of 2018.
CyrusOne shares slipped 2.22% to close at $58.03.
Duke Realty Corp.'s four-story office building in Pembroke Pines, Fla., changed hands for $42 million, according to the South Florida Business Journal.
Duke Realty shares decreased 2.08% to close at $27.27.
First Industrial Realty Trust Inc. commenced construction on an estimated $49.0 million distribution center project spanning 738,720 square feet in central Pennsylvania.
First Industrial Realty shares ticked down 3.09%, closing at $31.33.
Gladstone Land Corp. increased its existing credit facility to $275 million from $200 million, and picked up an organic almond orchard in California in a sale-leaseback deal.
Gladstone Land shares edged 0.23% lower, ending the day at $12.98.
In macro news, the U.S. Census Bureau and the Department of Housing and Urban Development reported that U.S. privately owned housing starts jumped 3.3% to a seasonally adjusted annual rate of 1,297,000 in November from a revised October estimate of 1,256,000.
Market prices and index values are current as of the time of publication and are subject to change.
