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REIT Replay: Fuzzy future

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REIT Replay: Fuzzy future

The broader markets slipped Monday, Jan. 23, amid uncertainty surrounding newly inaugurated President Donald Trump's trade and tax policies. REITs, meanwhile, held steady.

The MSCI US REIT Index (RMZ) ­jumped 0.82% to 1,165.57 and the SNL US REIT Equity Index gained 0.79% to 310.21. The Dow Jones Industrial Average ticked down 0.14% to 19,799.85, while the S&P 500 lost 0.27% to close at 2,265.20.

Brookfield Property Partners LP said Monday it offered to buy the roughly 16.9% equity interest that it or its affiliates do not already own in Brookfield Canada Office Properties. Based on the cash bid of C$30.10 per unit, the offer for the roughly 15.8 million units amounts to about C$475.6 million. In a separate statement, Brookfield Canada Office said its newly formed special committee will review the offer.

Brookfield Property shares inched up 0.95% to close at C$28.67, and Brookfield Canada Office shares soared 18.31% to C$31.01.

Blackstone Group LP's single-family rental unit, Invitation Homes Inc., disclosed in a Monday filing that it will offer 77.0 million common shares in its IPO at a range of between $18 and $21 per share. Including the exercise of the underwriters' option to buy up to 11,550,000 additional shares, the IPO's maximum aggregate offering price is estimated to be roughly $1.86 billion.

The private equity giant is also reportedly looking to raise at least $5 billion for its new Asia-focused real estate fund, which it expects to launch over the next 12 to 16 months, according to a Monday report by Reuters.

HCP Inc. said Monday that it tapped Peter Scott as its executive vice president and CFO, succeeding Tom Herzog, who assumed the CEO post Jan. 1. Scott's appointment is effective Feb. 13.

HCP shares gained 0.86% to close at $30.33.

Condor Hospitality Trust Inc. agreed to pay about $73.8 million to buy four hotels under the Home2 Suites by Hilton brand. The company said Monday it expects to close the portfolio deal during the first quarter.

Condor shares fell 3.98%, closing at $1.93.

A team of Stifel analysts upgraded Piedmont Office Realty Trust Inc. to "hold" from "sell," citing the company's better-than-expected 2017 outlook for funds from operations and same-store net operating income. They raised their price target on the company's stock to $20.50 from $18 per share.

The analysts also attributed the upgrade to possible contraction in the valuation gap between the gateway city office REITs and low-barrier office REITs such as Piedmont. The team also pointed to the company's "relatively attractive" stock valuation, reasonable real estate valuation and its potential for a dividend hike.

Piedmont Office shares edged 1.63% higher to close at $21.79.

Realogy Holdings Corp. said Monday it closed the repricing of its existing roughly $1.1 billion term loan B under its senior secured credit facility and boosted its revolving credit facility's borrowing capacity to $1.05 billion from $815 million.

Realogy shares slipped 0.24%, closing at $25.41.

H&R Real Estate Investment Trust agreed to issue C$200 million of series N senior unsecured debentures due Jan. 30, 2024, in a bought-deal offering set to close on or about Jan. 30. The company also closed its C$150 million offering of series M senior unsecured debentures due July 23, 2019.

H&R REIT shares slid 0.53% to close at C$22.41.

iStar Inc. is looking to reprice and partially repay its existing $497 million senior secured credit facility with a proposed $450 million senior secured term loan facility.

iStar shares added 0.86%, ending the day at $11.72.

Now featured on S&P Global Market Intelligence

Conference Chatter: 'If you're not looking forward in this business today, you're going to lose': Private real estate players at a conference in California said 2017 will likely be as punishing to the retail industry as 2016 was.

The Property Ledger: Retail Properties of America rebrands Illinois towers; UMH buys 4 communities: The Jan. 23 edition of the North American property news roundup also features Choice Hotels' new Cambria hotel & suites project in Sonoma County, Calif.

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