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REIT Replay: A promising start

REITs and the broader markets started the week on a positive note Monday, Oct. 10, as a New York City-focused company unveiled plans to list on the NYSE.

The MSCI US REIT Index (RMZ) rose 0.66% to 1,138.81, and the SNL US REIT Equity Index increased 0.64% to 304.88. The Dow Jones Industrial Average gained 0.49% to close at 18,329.04, while the S&P 500 was up 0.46% to end the day at 2,163.66.

Clipper Realty Inc., which owns multifamily and commercial assets in the New York City metropolitan area, filed for an IPO, saying it intends to trade on the NYSE under the CLPR ticker. The company plans to use the proceeds of the offering to repay up to $100 million outstanding under a mezzanine note. The company also plans to fund roughly $31 million of certain capital improvements to reposition and modernize its properties and finance the acquisition of multifamily or commercial properties in the New York metropolitan area.

Hudson Pacific Properties Inc. and Canada Pension Plan Investment Board acquired the 285,680-square-foot Hill7 class A office building in Seattle for roughly $180 million. According to a statement released Monday, Hudson Pacific will own a 55% stake in the 11-story property, with CPPIB accounting for the rest.

Hudson Pacific shares rose 1.77% to the end the day at $32.83.

New York REIT shareholder Bulldog Investors LLC said the company should schedule the stockholder vote on its full slate of directors at the same time as the vote on its liquidation plan. In a Friday letter to New York REIT Chairman Randolph Read, Phillip Goldstein, who co-owns Bulldog Investors with Andrew Dakos and Steven Samuels, said his group was disappointed that a settlement was not reached between the company and activist shareholder WW Investors LLC with respect to the board's decision to liquidate, adding that the company should give the shareholders a chance "to determine the fate of their investment," if a settlement is no longer possible.

Shares of New York REIT fell 0.11%, closing at $9.06.

On Monday, Ashford Hospitality Trust Inc. said it refinanced four mortgage loans with a roughly $415 million total outstanding balance with a new $450 million loan and also wrapped up the sale of two hotels in Palm Desert, Calif., for $36 million. The new loan carries a two-year initial term and four one-year extension options. The interest-only loan bears a floating interest rate of the LIBOR plus 4.55%. The sold properties, meanwhile, include the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert.

Shares of Ashford Hospitality climbed 1.89% to close at $5.92.

KBS Real Estate Investment Trust Inc., which previously unveiled its plan to liquidate and dissolve in order to maximize stockholder value via asset dispositions, debt payments and distribution of the net proceeds to shareholders, said in a Friday filing that it will put its liquidation plan to a vote at its annual shareholder meeting, which will be held at a date to be determined.

On the macro front, the latest figures from STR showed that the hotel industry in Rio de Janeiro recorded a "substantially larger" impact as host of the 2016 Summer Olympics as compared to London and Beijing in 2012 and 2008, respectively. On a yearly basis, Rio de Janeiro logged 199.2% and 278.6% surges in ADR and RevPAR, respectively, in August, while occupancy rose 26.6% to 76.0%.

In comparison, Beijing in 2008 saw a 184.2% increase in RevPAR, chiefly due to a 250.1% hike in ADR as occupancy actually fell 18.8%. Meanwhile, during the 2012 Olympics, RevPAR in London rose 44.4% owing solely to a boost in ADR, as the market's occupancy was almost flat.

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