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REIT Replay: Keeping calm

REITs and the broader markets notched gains Tuesday, March 29,as Federal Reserve Chairwoman Janet Yellen expressedthat the recent global turmoil, although not inconsequential, has not "materially"affected the medium-term economic outlook.

The MSCI US REIT Index (RMZ) gained 1.97% to 1,155.21, and theSNL US REIT Equity Index added 0.55% to finish at 302.98. The Dow Jones IndustrialAverage increased 0.56% to close at 17,633.11, while the S&P 500 picked up 0.88%to end the day at 2,055.01.

Several REITs kicked off common stock offerings after marketsclosed March 28 to support acquisitions and general corporate functions.

Gaming and LeisureProperties Inc. said it will sell 19.0 million common shares in a publicoffering, including a2,850,000-share overallotment option granted to underwriters.

The gaming REIT will use the net proceeds to fund its of the bulk of 's realestate properties.

Gaming and Leisure shares gained 1.24% to $30.28 on March 29.

QTS Realty TrustInc. priceda public offering of 5.5 million class A common shares at $45.50 apiece for expectednet proceeds of about $240.0 million.

The offering, upsizedfrom 5.0 million shares, includes a 30-day option for underwriters to buy up to825,000 additional shares. The company said the net proceeds will go toward generalcorporate purposes.

QTS Realty shares inched up 0.06% to $46.65 on Tuesday.

Meanwhile, CityOffice REIT Inc. initiateda public offering of 8 million common shares and granted the underwriters a 30-dayoption to buy up to 1.2 million more shares.

The company said the net proceeds will be used to repay certaindebt and for general working capital purposes, including future acquisitions.

City Office shares tumbled 6.03% on Tuesday to $12.01.

Wyndham WorldwideCorp. beefed up its existing $1.5 billion credit facility with a new$325 million term loan obtainedfrom a group of lenders.

The company said in a filing after market close March 28 thatthe new term loan is due March 24, 2021, and may be expanded from time to time,subject to lender commitments.

Wyndham Worldwide shares ticked up 0.39% on March 29 to $74.94.

In executive moves, HCPInc. has tapped global executive search firm Spencer Stuart to finda successor for Timothy Schoen, who is steppingdown as the company's executive vice president and CFO.

The company said after market close March 28 that Schoen willbecome president of BioMed Realty Trust Inc., which was recently by private equity giant .

HCP shares added 2.36% to $32.94 on March 29.

Xenia Hotels &Resorts Inc. is bringing in HyattHotels Corp.'s formerinterim CFO to its seniormanagement team.

The company announced March 29 that Atish Shah will as its executive vice president,CFO and treasurer, succeeding Andrew Welch, who recently stepped down to pursue other business opportunities. Shahwill also take over Joseph Johnson's position as principal financial officer. Johnsonwill remain with Xenia as senior vice president and chief accounting officer, aswell as its principal accounting officer.

Xenia shares increased 1.66% to $15.27 on Tuesday.

A team of analysts at Robert W. Baird & Co. Inc. on March29 upgraded Ashford Hospitality PrimeInc. to "neutral" and raised their price target on the company'sstock to $11 from $10.

While the recent pullback in the debt markets and the recentlydisclosed higher-than-expected projected terminationfee may pose a roadblock to Ashford Hospitality Prime's plans for anoutright sale, the downside risks appear to be already priced into the company'sshares, the analysts said.

The analysts added that Ashford Hospitality Prime's board islikely to be prompted to pursue strategicalternatives, including a possible management buyout, should the REIT'sstock underperformance relative to its peers and its proxy battle with activist investor Sessa Capital persist.

Ashford Hospitality Prime shares leaped 11.14% on Tuesday to$11.47.

In recent board moves, the CEO of technology investment firmMKA Capital has been nominatedto serve as a director of CyrusOneInc.

The company said in a March 28 filing that Michael Klayko willstand for election to its board at the May 2 annual stockholder meeting.

CyrusOne shares picked up 1.87% on March 29 to $44.58.

On the macro front, S&P Dow Jones Indices reported March29 that the U.S. experienced continued growthin home prices during the year ending January 2016.

The S&P/Case-Shiller U.S. national home price index loggeda 5.4% year-over-year increase in January, with Portland, Ore.; Seattle; and SanFrancisco posting the biggest gains among the top 20 covered cities.

Now featured

The Property Ledger:Terreno picks up NJ land parcel; Slate Retail to reinvest Ala. property sale proceeds:The March 29 North American property news roundup also features Communications Sales& Leasing's wireless tower deal with Windstream Holdings.

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