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Welltower, Weyerhaeuser log Q2 results; Equity Residential signs $416M sale

Commercial real estate

* Welltower Inc.'s funds from operations attributable to common stockholders for the second quarter amounted to $1.00 per share, compared with the S&P Capital IQ consensus FFO estimate of 99 cents per share. The healthcare real estate investment trust's FFO per share for the period fell 5.7% year over year from $1.06.

* Weyerhaeuser Co.s second-quarter net earnings came to 42 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 43 cents per share. Year-ago EPS were 3 cents.

* Ventas Inc.'s second-quarter normalized FFO amounted to $1.08 per share, up year over year from $1.06.

* Iron Mountain Inc. reported second-quarter revenues of $1.06 billion, up from $950 million in the year-ago period.

* Equity Residential signed a deal to sell the 503-unit 101 West End Ave. in New York City to a joint venture between Dermot Co. and Dutch pension fund PGGM for $416 million, The Real Deal reported, citing unnamed sources. The deal for the 630,000-square-foot apartment building is expected to close later in the third quarter, the publication added.

* KKR & Co. bought the recently revamped 1330 Broadway office tower in Oakland, Calif., for roughly $173.3 million from TMG Partners, the San Francisco Business Times reported, citing a source familiar with the property. TMG paid $80 million for the 315,000-square-foot building in 2015 and spent over $30 million on improvements.

* MetLife Investment Management is buying a creative office building at 89 A St. in Needham, Mass., from Normandy Real Estate Partners and Westbrook Partners for $96.5 million, the Boston Business Journal reported. The 247,542-square-foot property serves as the headquarters of vacuum cleaner and kitchen appliance maker SharkNinja.

* United Properties plans to develop a 30-story tower in downtown Minneapolis offering 791,000 square feet of office space above two levels of retail and three levels of underground parking, changing direction from what was a planned hotel and luxury apartment development, the Minneapolis / St. Paul Business Journal reported.

RBC Wealth Management would lease 359,000 square feet in the project, the publication added, citing plans set to go before the Minneapolis Planning Commission Committee of the Whole.

* Law firm Cravath Swaine & Moore LLP is considering alternatives for its current headquarters at the Worldwide Plaza in Midtown Manhattan, N.Y., Bloomberg News reported, citing people with knowledge of its plans. The 2.1 million-square-foot, 50-story property is owned by New York REIT Inc. and a partnership between SL Green Realty Corp. and RXR Realty LLC.

New York REIT is in the process of liquidating, and Worldwide Plaza is its sole remaining property that is not under contract, the news outlet noted. Cravath Swaine & Moore, the second-largest tenant in the building with roughly 600,000 square feet, may choose to remain in the property and renew early, the news outlet noted, citing the sources, adding that the law firm's lease expires in 2024.

* Citing Real Capital Analytics, The Real Deal reported that apartment sales in New York City's outer boroughs totaled roughly $1.7 billion from April through June, compared to roughly $739 million in Manhattan, marking the largest gap between Manhattan and the outer boroughs since the start of 2013.

The report noted that outer-borough apartment sales have been higher than in Manhattan in only three other quarters since the beginning of 2013.

* Los Angeles saw $10 billion worth of apartment building sales from June 2017 to June 2018, with the average per-unit sale price for the period reaching a record $275,000, The Real Deal reported, citing CoStar. The fourth quarter of 2017 saw $3 billion in sales, the report noted.

After the bell

* Data center REIT Digital Realty Trust Inc.'s second-quarter funds from operations rose to $353.1 million, or $1.64 per share, from $236.0 million, or $1.44 per share, in the year-ago period.


* Blackstone Group LP is the buyer of Tricon Capital Group Inc.'s 14-community manufactured-housing investment vertical, Tricon Lifestyle Communities, Bloomberg News reported, citing people with knowledge of the matter.

Canada-based Tricon completed the portfolio sale earlier in July for approximately US$172 million, generating about US$84 million in net proceeds from the transaction. The deal marks Blackstone's entry into the manufactured housing sector, the news outlet added.

* Bloomberg News reported that the U.S. housing market could be headed for the biggest slowdown in years, especially in some of the hottest markets like Seattle; Silicon Valley; and Austin, Texas. Citing various recent reports, the news outlet pointed out that existing home sales dropped for the third consecutive month in June, while new home purchases were at their slowest rate in eight months and inventory began to increase.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng increased 0.08% to 28,804.28, while the Nikkei 225 rose 0.56% to 22,712.75.

In Europe, around midday, the FTSE 100 was up 0.58% to 7,707.50, while the Euronext 100 was up 0.24% to 1,078.64.

On the macro front

The GDP report, the consumer sentiment report and the Baker-Hughes Rig Count report are due out today.

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