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REIT Replay: Maul of America

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REIT Replay: Maul of America

REITindexes and broader markets all closed in the red in July 7 trading, though REITsgot hit harder, dropping for their second straight day.

The MSCIUS REIT Index (RMZ) fell 1.08% to 1,221.75, and the SNL US REIT Equity fell 0.97%to 326.29. The Dow Jones Industrial Average fell 0.13% to 17,895.88, while the S&P500 fell 0.09% to 2,097.90.

The nationalvacancy rate for regional malls rosein the second quarter, while the vacancy rate for neighborhood and community shoppingcenters fell, Reis Inc. said.

The shoppingcenter vacancy rate fell 10 basis points to 9.9%, while the mall vacancy rate roseby 10 basis points to 7.9%.

ReisSenior Economist Ryan Severino said shopping centers, which lagged in the recovery,are now performing steadily. Among regional malls, meanwhile, a clear divide nowexists between class A properties and their lower-quality counterparts.

"Manytraditional mall tenants are struggling, forcing landlords to resort to signingleases with nontraditional tenants," Severino said. "And for many traditionaltenants, the outlook is not good."

The riftbetween winners and losers in the retail market "will widen out over time,"he added.

completedthe acquisition of itsheadquarters, at 11601 Wilshire Blvd. in West Los Angeles, for $311.0 million.

The companyfinanced the purchase with roughly $80.0 million in net proceeds from the sale ofOne Bay Plaza and the repayment of the Broadway Trade Center note, $150.0 millionfrom a private placement of 3.98% senior guaranteed notes, and a draw under itsunsecured revolving credit facility.

HudsonPacific shares fell 1.53% to $29.03.

Elsewherein property transactions, Jones LangLaSalle Income Property Trust Inc. acquired Pioneer Tower, a 17-story office building in Portland,Ore., for roughly $122 million.

The property,which is in the city's central business district, is 95% leased.

priced its public offeringof 6.5 million common shares at $101.00 apiece in connection with forward sale agreements.

Net proceedswill be used to finance the $725 million purchase of a Boston-area science and technologycampus. The offering is expected to close on or about July 12; the underwritershave the option to purchase up to 975,000 additional shares within 30 days.

AlexandriaReal Estate shares fell 3.85% to $101.27.

said its offering of 12,046,250 common shares, plus an underwriters' option to buyan additional 1,571,250 shares, netted$237.7 million.

The companypriced the offering at $20.75 per share. The net proceeds will go toward repayingdebt outstanding on the company's revolving line of credit, among other purposes.

NationalStorage later disclosedthat it entered into a $100 million term loan facility that will mature June 29,2023. The facility may be boosted to $200 million, subject to the full exerciseof an expansion option.

NationalStorage Affiliates shares fell 0.71% to $22.25.

Agree RealtyCorp., meanwhile, agreedto take on $100 million of unsecured, fixed-rate debt in the form of a $40 millionterm loan and $60 million of senior notes.

The seven-year term loan matures July 1, 2023, and comeswith an up to $75 million accordion option. The company expects the term loan'sinterest rate to be fixed at 3.05%, based upon current leverage levels. The 12-yearsenior notes mature July 2028 and were priced at a fixed interest rate of 4.42%.

Agree Realty shares fell 0.10% to $48.82.

made a deal to increasepotential borrowings under a seven-year term loan to $250.0 million from $100.0million.

The loan'saccordion feature was also boosted to $400.0 million from $200.0 million. The interestrate range for the loan was changed to 1.35% to 1.90% from 1.80% to 2.35%.

PennsylvaniaREIT shares rose 0.97% to $21.95.

saidit is planning an offeringof senior unsecured notes due 2046, though it did not disclose the size.

The companysaid net proceeds would go toward paying down the balance under its revolving creditfacility and for general corporate purposes.

FederalRealty Investment Trust shares fell 1.27% to $166.30.

Now featured

: Suspensions of trading in more than halfa dozen U.K. real estate funds have brought long-standing concerns about liquiditymismatches into focus.

The Property Ledger:Prologis wraps up 16 US, European projects; Gramercy buys 4 assets for $60.4M:The July 7 North American property news roundup also features Gramercy PropertyTrust's European real estate investment fund's acquisition of five car dealershipsin the Netherlands.

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