A day after a record drop, the Dow Jones Industrial Average closed higher following a morning rout and late-afternoon surge Tuesday, Feb. 6. The S&P 500 and the MSCI US REIT Index (RMZ) also closed higher.
Regional mall landlord Macerich Co. is in late-stage negotiations to sell its Westside Pavilion mall in West Los Angeles to office-focused real estate investment trust Hudson Pacific Properties Inc. Macerich plans to remain as a partner in the asset after the sale, The Real Deal reported, citing unnamed sources.
Macerich shares declined 0.13% to close at $59.65, and Hudson Pacific shares slipped 1.14% to close at $29.39.
Liberty Property Trust picked up a 400,169-square-foot industrial building in Commerce, Calif., for $92.7 million and is on schedule to close its first industrial development project in Redlands, Calif., during the first quarter.
The industrial- and office-focused REIT logged NAREIT-defined funds from operations of 68 cents per share for the fourth quarter of 2017, reflecting a 65.3% year-over-year gain in the aggregate. It expects NAREIT-defined FFO per share for the full year 2018 to hit a range of $2.53 to $2.65.
NAREIT is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.
Liberty Property shares climbed 1.75% to close at $39.61.
Diversified REIT Armada Hoffler Properties Inc. provided full-year 2018 guidance for normalized FFO per share in the range of $1.00 to $1.05.
Armada Hoffler shares dropped 4.40%, ending the day at $12.82.
Lodging REIT Apple Hospitality REIT Inc. paid $63 million to acquire two Hilton Worldwide Holdings Inc.-branded hotels in Atlanta and Memphis, Tenn.
Apple Hospitality shares added 0.88% to close at $18.33.

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