The broader markets and real estate investment trusts lost ground Wednesday, Nov. 22, ahead of the Thanksgiving holiday as the latest Federal Reserve meeting minutes signaled a possible interest-rate hike "in the near term" because of a strengthening economy.
The MSCI US REIT Index (RMZ) fell 0.24% to 1,173.40, and the SNL US REIT Equity Index ticked down 0.26% to 322.62. The Dow Jones Industrial Average slipped 0.27% to 23,526.18, while the S&P 500 lost 0.07% to end the day at 2,597.08.
Industrial Logistics Properties Trust, a Select Income REIT unit established to own and lease industrial and logistics properties across the U.S., plans to go public and to seek REIT status, starting with the 2017 taxable year.
Select Income REIT shares increased 0.78% to close at $25.77.
Steadfast Income REIT Inc. reaped about $104.4 million in net proceeds in the first closing of its joint venture deal with Blackstone Group LP's Blackstone Real Estate Income Trust Inc. unit. Steadfast Income injected 12 Texas and Tennessee apartment communities into the venture through its subsidiaries.
Kimco Realty Corp. is investing about $108 million to build an open-air shopping center at the site of the former Owings Mills Mall in Baltimore County. Costco will anchor the 575,000-square-foot Kimco Signature Series ground-up development, which Kimco said is scheduled to be completed in early 2019.
Kimco shares ticked up 0.21%, closing at $18.78.
Douglas Emmett Inc. plans to sell up to $400.0 million in additional common shares under its at-the-market equity offering program. As of Sept. 30, the company has sold roughly $250.0 million under the program.
Douglas Emmett shares slid 0.85%, closing at $40.67.
Wyndham Worldwide Corp. secured a $400 million revolver due Nov. 20, 2018.
Wyndham shares slipped 0.57% to close at $109.64.
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Kennedy-Wilson Holdings Inc. paid $135 million to acquire the 343-unit Atlas apartment community in Issaquah, Wash. The company borrowed an $84.0 million loan and invested $52.0 million of equity for the acquisition.
Kennedy-Wilson shares climbed 0.26% to close at $19.45.
Realty Income Corp. received a ratings upgrade from Moody's, given the company's consistent track record of preserving its conservative balance sheet metrics. The ratings outlook is stable, as Moody's expects the REIT to sustain a disciplined approach to growth.
Realty Income shares dipped 0.44%, ending the day at $56.29.
In macro news, the Mortgage Bankers Association reported that U.S. mortgage applications inched up 0.1% week over week on a seasonally adjusted basis in the week ended Nov. 17.
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Market prices and index values are current as of the time of publication and are subject to change.

