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REIT Replay: Steady growth

REITs and the S&P 500 posted gains, while the Dow Jones Industrial Average declined Wednesday, Jan. 18.

The MSCI US REIT Index (RMZ) and the SNL US REIT Equity Index rose 0.14% to 1,159.40 and 308.94, respectively. The Dow Jones Industrial Average fell 0.11% to 19,804.72, while the S&P 500 gained 0.18% to end the day at 2,271.89.

Hyatt Hotels Corp. said Wednesday that it acquired wellness resort and spa company Miraval Group from a KSL Capital Partners LLC affiliate. Under the terms of the deal, Hyatt agreed to an initial investment of $215 million for the Miraval brand and the company's resorts in Tucson, Ariz., and Austin, Texas.

Hyatt Hotels shares edged up 0.17% to end the day at $54.44.

On Wednesday, reports emerged that New York REIT is looking to off-load its 49% interest in the 1.8 million-square-foot 1 Worldwide Plaza in Midtown Manhattan, N.Y., with insiders saying the 50-story building could sell for $1.8 billion.

Shares of New York REIT went up 0.10% to close at $9.87.

La Quinta Holdings Inc. plans to spin off its real estate assets from its franchise management business, giving rise to two standalone companies.

La Quinta shares rose 1.40% to close at $14.45.

Crown Castle International Corp. said Tuesday that it wrapped up its $1.5 billion purchase of FPL FiberNet Holdings LLC and certain other units of NextEra Energy Inc.

Crown Castle International shares slid 0.18%, closing at $87.20.

Fibra Terrafina said Wednesday that CFO Angel Manuel Bernal Robles is leaving the company to pursue personal interests, effective at the end of January. Enrique Lavin will serve as the company's CFO on an interim basis.

Separately, the company said it closed the purchase of 51 industrial properties in Mexico in two transactions worth US$422 million, according to a Tuesday statement.

Terrafina shares slumped 3.19% to close at 25.18 Mexican pesos.

H&R Real Estate Investment Trust said Tuesday that it closed on the sale of its 50% nonmanaging stake in two shopping centers in Canada for a total purchase price of C$211.6 million.

H&R REIT shares gained 0.81% to close at C$22.38.

General Growth Properties Inc. said Tuesday that it will officially change its name to GGP Inc., effective Jan. 27.

General Growth Properties shares rose 0.68%, closing at $25.10.

Regency Centers Corp.'s operating partnership on Tuesday announced the pricing of an offering of $350 million of 3.6% senior unsecured notes due 2027 and another offering of $300 million of 4.4% notes due 2047.

Regency Centers shares increased 0.43% to close at $70.01.

Automotive Properties REIT said Tuesday that it struck a deal with a syndicate of underwriters to sell 3.7 million units in a bought-deal offering for approximately C$40 million in gross proceeds. The offering, set to close by Feb. 7, carries a 30-day overallotment option for the underwriters to acquire up to 555,000 additional units.

Shares of Automotive Properties REIT dipped 2.67%, closing at C$10.92.

Realty Income Corp. said Tuesday that its board declared a monthly cash dividend of 21.05 cents per common share, up from the prior payout of 20.25 cents apiece.

Realty Income shares declined 0.58% to close at $59.78.

Alexander's Inc.'s board declared a quarterly dividend of $4.25 per share, up from the prior payout of $4.00 per share, according to a Wednesday release.

Shares of Alexander's gained 0.17%, closing at $438.74.

On the macro front, the Mortgage Bankers Association reported that mortgage applications for the week ended Jan. 13 ticked up 0.8% from a week prior on a seasonally adjusted basis.

The National Association of Home Builders/Wells Fargo Housing Market Index fell to 67 in January from the downwardly revised reading of 69 for December 2016.

According to an analysis by JLL, global commercial real estate deals are expected to rebound to the $700 billion mark in 2017, up from $650 billion in 2016 and returning to levels last recorded in 2014 and 2015.

A survey by INREV, ANREV and PREA showed that global real estate is expected to attract more than €52.6 billion in 2017, with almost 50% of that investment capital coming from European investors.

Now featured on S&P Global Market Intelligence

The Property Ledger: Pennsylvania REIT sheds 2 malls; Urban Edge nabs leasehold interest in NY asset: The Jan. 18 edition of the North American property news roundup also features lease transactions of Seritage Growth, Allied Properties and RioCan, among others.

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