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REIT Replay: REITs slide further; markets bounce back

Real estate investment trusts continued to lose ground, and the broader markets reversed their Tuesday losses Wednesday, May 16, as investors shook off concerns over rising bond yields.

Regional mall REIT Simon Property Group Inc. plans to invest more than $4.0 billion in certain of its properties, including the King of Prussia mall in Philadelphia; the Sawgrass Mills property in Sunrise, Fla.; and the Denver Premium Outlets property in Thornton, Colo.

Shares of Simon Property rose 1.05% to close the day at $154.31.

Elliott Management Corp. divested a 4.8% interest in regional mall landlord Taubman Centers Inc., while Daniel Loeb's Third Point LLC exited its stake in Taubman peer Macerich Co. during the first quarter.

Shares of Taubman increased 0.32% to $52.95, and Macerich shares added 0.65%, closing at $54.46.

Single-tenant REIT Agree Realty Corp.'s board increased the company's quarterly cash dividend 3.8% to 54 cents per share.

Agree Realty shares added 0.14% to close at $50.

Jefferies LLC analyst Omotayo Okusanya upgraded Omega Healthcare Investors Inc. to "hold" from "underperform" and increased the per-share price target on the healthcare REIT's stock to $27 from $21, citing the company's improving outlook.

The analyst noted that Omega Healthcare's dividend "seems safe" as the majority of the tenant credit issues at the company have been addressed by its management.

Omega Healthcare shares closed 1.17% higher at $28.60.

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As healthcare tenants struggle, REITs shake things up: Welltower Inc.'s purchase of more than 300 skilled nursing properties, in a deal that also involves the health system ProMedica, is one of a series of deals in which owners of senior care properties are seeking to manage underperforming assets.

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