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REIT Replay: REITs post gains; broader markets close mostly flat

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REIT Replay: REITs post gains; broader markets close mostly flat

The broader markets traded cautiously Tuesday, June 12, as investors shifted their focus from a summit between U.S. President Donald Trump and North Korea's leader Kim Jong Un to the start of a series of central-bank meetings, with the Federal Reserve expected to raise interest rates.

Quality Care Properties Inc. received a proposal during the "go-shop" period of its merger agreement with fellow healthcare real estate investment trust Welltower Inc. that could prove superior to Welltower's existing $20.75-per-share all-cash offer.

Shares of Quality Care Properties ticked up 2.45% to close at $21.74, while Welltower gained 0.02% to finish the day at $58.31.

Activist hedge fund HG Vora Capital Management LLC backed hotel REIT Pebblebrook Hotel Trust's revised buyout offer for peer LaSalle Hotel Properties. HG Vora, which owns 10.0 million shares of LaSalle's common stock, said the offer is better than the all-cash offer made by an affiliate of Blackstone Group LP.

Pebblebrook Hotel shares remained flat to close at $39.98. LaSalle Hotel shares gained 0.65% to close at $35.50.

Diversified REIT iStar Inc. completed the redevelopment and sale of the Westgate Entertainment District in Glendale, Ariz., to YAM Properties LLC for $133 million.

IStar shares fell 0.28% to close at $10.85.

A nonbinding proposal put forth by the California Public Employees' Retirement System calling for majority election of directors in uncontested elections received shareholder approval at healthcare REIT New Senior Investment Group's June 11 annual meeting.

New Senior Investment shares slid 0.27% to finish at $7.45.

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