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REIT Replay: Dow wow

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REIT Replay: Dow wow

The broader markets saw gains Wednesday, Jan. 25, as the Dow Jones Industrial Average closed above the 20,000 mark for the first time, while REITs edged down.

The MSCI US REIT Index (RMZ) fell 0.67% to 1,158.18 and the SNL US REIT Equity Index lost 0.54% to end the day at 308.87. The Dow Jones Industrial Average rose 0.78% to 20,068.51, while the S&P 500 gained 0.80% to close at 2,298.37.

Ashford Hospitality Prime Inc. said Tuesday that it is narrowing its strategy to focus on investments in the luxury segment and will pursue new acquisitions in this category. Starting with the first quarter, the company also aims to increase its expected quarterly cash dividend by 33% to 16 cents.

Ashford Prime shares dropped 0.48% to end the day at $14.51.

Paramount Group Inc. and Singapore's sovereign wealth fund GIC formed a 5/95 joint venture, which bought 60 Wall St. in downtown Manhattan, N.Y., for $1.04 billion. According to a Tuesday release, the 47-story, 1.6 million-square-foot class A office tower serves as the U.S. headquarters of Deutsche Bank.

Shares of Paramount Group inched up 0.47%, closing at $17.00.

Education Realty Trust Inc. said Wednesday that it expects its full-year 2017 core funds from operations to be in a range of $1.90 to $2.00 per share.

Education Realty shares lost 1.88% to close at $41.81.

In personnel news, Investors Real Estate Trust said Tuesday that Jeffrey Woodbury resigned as a trustee. Prior to resignation, Woodbury had been on a board-approved leave of absence.

Shares of Investors Real Estate Trust fell 0.86% to close at $6.88.

Universal Health Realty Income Trust said Tuesday that Miles Berger will retire from the company's board of trustees, effective June 8.

Universal Health Realty Income Trust shares ticked down 0.33%, closing at $65.46.

Nontraded REIT Behringer Harvard Opportunity REIT I said Tuesday that it adjourned its 2016 annual meeting until 10 a.m. CT on Jan. 30 to allow more time to solicit proxy votes for its charter amendment proposals meant to facilitate the company's asset liquidation, winding down, and final distribution to stockholders.

On Tuesday, IPE Real Estate reported that MetLife Inc.'s third-party investment management arm, MetLife Real Estate Investors, raised $800 million for its MetLife Commercial Mortgage Income Fund, which focuses on real-estate debt backed by existing core U.S. industrial, retail and apartment properties.

On the macro front, the Mortgage Bankers Association reported that mortgage applications for the week ended Jan. 20 rose 4% from a week ago on a seasonally adjusted basis.

Now featured on S&P Global Market Intelligence

Data Dispatch: Publicly traded US REITs raise $2.2B in first 15 days of 2017: Hospitality Properties Trust raised the most capital during the first half of January, raising $600 million through two senior debt offerings.

Data Dispatch: 12 US REITs flagged as candidates for dividend increases: From Jan. 1, 2015, through Dec. 30, 2016, 73 publicly traded U.S. REITs did not increase their common dividends. In this analysis, REITs with the lowest estimated AFFO payout ratios are identified as likely candidates for increases.

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