Real estate investment trusts and the broader markets slid further Tuesday, June 6, as NAREIT's REITWeek conference kicked off.
The MSCI US REIT Index (RMZ) fell 0.49% to 1,143.68, and the SNL US REIT Equity Index lost 0.45% to close at 311.94. The Dow Jones Industrial Average declined 0.23% to close at 21,136.23, while the S&P 500 closed 0.28% lower at 2,429.33.
Colony Starwood Homes said Monday that it is purchasing a portfolio of 3,106 single-family rental homes from Waypoint/GI Venture LLC for roughly $815 million in a deal set to close in the third quarter.
To help fund the transaction, Colony Starwood is offering 11.6 million common shares for approximately $406.0 million in gross proceeds. The offering, slated to close June 9, will also include 11,433,187 common shares offered by certain selling shareholders for roughly $400.2 million in gross proceeds.
Colony Starwood shares slid 1.19% to end the day at $34.83.
Chartwell Retirement Residences kicked off a C$200 million private debenture offering, mainly to fund its C$121.0 million cash acquisition of three retirement residences in Ontario. The company said Tuesday that it expects the offering to close by June 9.
Chartwell Retirement shares ticked down 0.12% to close at C$16.14.
Nexus REIT said Monday that it struck a deal to purchase a portfolio of Canadian assets for about C$147 million. To partially fund the transaction, set to close by July 4, the company launched a C$55 million bought-deal equity offering and a C$15 million private placement with RFA Capital Partners Inc., its largest unit holder.
Nexus REIT shares nosedived 4.55% to close at C$2.10.
A joint venture between ICG Properties and JBG Cos. is poised to sell the 135,000-square-foot property at 900 16th St. NW in Washington, D.C., to the Norwegian government's global pension fund and Oxford Properties for $160 million, GlobeSt.com reported Monday.
Easterly Government Properties Inc. closed its $212.5 million acquisition of the Department of Veterans Affairs' ambulatory care center in Loma Linda, Calif., from Walsh Investors LLC and an affiliated party, according to a Monday filing.
Easterly Government shares added 0.20%, closing at $20.54.
Farmland Partners Inc. issued its full-year 2017 adjusted funds from operations per-share guidance in a range of 33 cents to 37 cents, according to a Monday release.
Shares of Farmland Partners sank 4.56% to close at $9.41.
Mary Hogan Preusse, who serves on the boards of Digital Realty Trust Inc., VEREIT Inc. and Kimco Realty Corp., joined Host Hotels & Resorts Inc.'s board as a member, the company said Monday.
Host Hotels shares fell 0.11% to close at $17.85.
Colony NorthStar Inc., which so far has received 12 bids for asset manager The Townsend Group, is close to finalizing the winning bidder, PERE News reported Tuesday.
Shares of Colony NorthStar dropped 1.27%, closing at $13.98.
On the macro front, Green Street Advisors said its Commercial Property Price Index fell by 0.5% in May, adding that the index has risen just 1.0% over the past 12 months, as higher cap rates have offset growing rental income.
CoreLogic's home price index showed that U.S. home prices increased 6.9% on an annual basis in April and posted a monthly increase of 1.6%.
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Data Dispatch: 23 REITs announce new ATM programs through June 1: A total of 30 U.S. real estate investment trusts raised $860.9 million through at-the-market offerings in the first quarter, a decrease of 41.9% from the fourth quarter of 2016.
Data Dispatch: NAV monitor: US REITs trading at 3.7% median discount to NAV as of June 2: Chart Watch: Nine out of the top 10 companies trading at the greatest discounts to net asset value were from the retail sector.
Real Estate Rundown: Despite a dearth of offers, FelCor Lodging repeatedly rebuffed one buyer: A filing details how FelCor Lodging Trust fled from Ashford Hospitality Trust's persistent buyout overtures, eventually completing a deal with RLJ Lodging Trust instead.
Market prices and index values are current as of the time of publication and are subject to change.