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2 IPOs advance; Colony NorthStar, sponsored REITs merger slated for votes

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2 IPOs advance; Colony NorthStar, sponsored REITs merger slated for votes

S&P Global Market Intelligence offers our top picks of U.S. real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

A tale of 2 IPOs

* NY Residential REIT LLC, which aims to acquire residential properties in Manhattan, N.Y., is offering up to $50.0 million of common shares in its IPO. The blind pool company is restarting its IPO under Regulation A+ and plans to gain real estate investment trust status, starting with the 2018 taxable year.

* Commercial real estate services firm Newmark Group Inc., which is being spun off from BGC Partners Inc., is targeting roughly $575.0 million in net proceeds from its IPO. The company is offering 30 million class A common shares in the IPO and set the price range at between $19 and $22 per share.

On the ballot

* The proposed merger of Colony NorthStar Inc.'s select portfolio of assets and liabilities with two of its sponsored nontraded REITs to form Colony NorthStar Credit Real Estate Inc. is heading toward shareholder votes. Shareholders of NorthStar Real Estate Income Inc. and NorthStar Real Estate Income II Inc. will vote on the transaction Jan. 18, 2018.

Divvy it up

* New York REIT disclosed a cash liquidating distribution of $1.00 per share, which it will fund with net proceeds from recent property sales. The payout will be made Dec. 27.

* Mid-America Apartment Communities Inc. is paying a quarterly dividend of 92.25 cents per share, or $3.69 per share on an annualized basis for fiscal year 2018, reflecting a 6% higher common dividend rate.

* Brandywine Realty Trust increased its quarterly cash dividend by 12.5% to 18 cents per common share and operating partnership unit, while Douglas Emmett Inc. is paying a 9% higher quarterly cash dividend of 25 cents per common share.

* One Liberty Properties Inc. lifted its quarterly dividend by 4.7% to 45 cents per common share, and Agree Realty Corp. increased its quarterly cash dividend by 3.0% to 52.0 cents per common share.

* CoreSite Realty Corp. increased its fourth-quarter dividend to 98 cents per share, up 8.9% from the previous quarter, while Universal Health Realty Income Trust upped its quarterly dividend to 66.5 cents per share from 66 cents per share.

Legally speaking

* Simon Property Group Inc. won a court ruling in Indiana for its petition to seek preliminary injunction to prevent Starbucks Corp. from closing its Teavana stores at 77 of the mall REIT giant's properties, according to The Wall Street Journal.

* Brixmor Property Group Inc. is set to pay $28 million to settle a class-action lawsuit filed against it by the Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefit Funds. The settlement gained final approval from the U.S. District Court for the Southern District of New York.

* Quality Care Properties Inc. gave top tenant HCR ManorCare Inc. until Jan. 15, 2018, to respond to the company's receivership complaint. The further extension enables both parties to advance negotiations regarding Quality Care's petition to appoint an independent receiver for its skilled nursing and assisted living/memory care facilities leased by HCR ManorCare.

New York minutes

* SL Green Realty Corp. and partner Jeff Sutton refinanced the 15,000-square-foot Times Square retail asset at 1552 Broadway in Manhattan, N.Y., with a $195 million loan, The Real Deal reported, citing unnamed sources. Separately, the loan on SL Green's Industry City complex in Brooklyn, N.Y., was upsized by $244 million to $647 million to help fund the next phase of development at the property, according to the Commercial Observer.

SL Green also issued its initial 2018 funds-from-operations-per-share guidance and affirmed full-year FFO guidance for 2017.

* New York City office REIT Vornado Realty Trust plans to redeem all of its outstanding series G and series I preferred shares Jan. 4, 2018, using cash and proceeds from its $300 million offering of series M preferred shares.

SNL Image
Life Time at Biltmore Fashion Park project in Phoenix
Source: Macerich Co.

Laying the groundwork

* Related Cos. is looking to set up a fund that will invest in businesses that develop and operate airports, ports, toll roads and other types of infrastructure. The real estate developer tapped former Obama administration officials Anthony Foxx and Andrew Right to lead the fund, which will be called Related Infrastructure, according to The Wall Street Journal.

* Macerich Co. is partnering with the healthy living-focused Life Time brand to develop an athletic, wellness and entertainment destination at Biltmore Fashion Park in Phoenix. The Life Time at Biltmore Fashion Park project will comprise 80,000 square feet and will be the sixth Life Time club in Arizona.

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