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REIT Replay: Broader markets plunge on higher interest rate fears; REITs decline

The Dow Jones Industrial Average lost more than 650 points and the S&P 500 also tumbled on investor worries over higher interest rates and inflation Friday, Feb. 2, while real estate investment trusts closed in the red.

Diversified REIT VEREIT Inc. completed its disposal of Cole Capital to an affiliate of CIM Group for up to $200 million. In connection, a slew of leadership changes were executed at several Cole Capital-sponsored REITs.

VEREIT shares fell 0.14% to close the day at $7.09.

Timber-focused REIT Weyerhaeuser Co. logged net earnings attributable to common shareholders of $271 million, or 36 cents per share, for the fourth quarter of 2017, down from net earnings of $551 million, or 73 cents per common share, in the year-ago period.

Weyerhaeuser shares plunged 3.98% to end the day at $35.68.

KBS Strategic Opportunity REIT Inc. struck a deal to buy the 428,627-square-foot City Tower office building in Orange, Calif., from DOF II City Tower LLC for roughly $147.3 million, plus closing costs.

The diversified REIT will fund the deal using proceeds from the sale of an 11-property portfolio and a mortgage loan.

Residential REIT Invitation Homes Inc. declared a quarterly cash dividend of 11 cents per share, an increase over its previous quarterly payout of 8 cents per share.

Invitation shares added 0.09% to close at $22.07.

Healthcare-focused REIT Community Healthcare Trust Inc. boosted its cash dividend for the fourth quarter of 2017 to 39.75 cents per common share, from 39.50 cents per share the previous quarter.

Community Healthcare shares closed 0.69% lower at $26.09.

Shopping center REIT Kite Realty Group Trust unveiled its guidance for NAREIT-defined FFO for the full year 2018 in a range of $1.98 to $2.04 per share.

NAREIT is the U.S.-based trade association for REITs and publicly traded real estate companies.

Kite Realty shares shed 6.07% to close at $15.47.

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Data Dispatch: US REITs trade at 7.6% median discount to NAV as of Jan. 31: Regional mall real estate investment trusts traded at the greatest median discount to net asset value, while the industrial REIT sector traded at the largest premium as of January-end.

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