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REIT Replay: Bumper Friday

Real estate investment trusts saw healthy gains and the broader markets posted mixed results Friday, June 9, as a data center real estate investment trust merger and an industrial REIT IPO led the headlines.

The MSCI US REIT Index (RMZ) rose 0.68% to end the day at 1,157.04, and the SNL US REIT Equity Index added 0.65% to close at 314.69. The Dow Jones Industrial Average closed 0.42% higher at 21,271.97, while the S&P 500 shed 0.08% to close at 2,431.77.

Digital Realty Trust Inc. and DuPont Fabros Technology Inc. agreed to merge in a roughly $7.6 billion all-stock deal set to close in the second half. According to a Digital Realty conference call, the companies had been considering a combination for several years prior to the announcement.

Digital Realty shares sank 2.94% to $113.32, and DuPont shares soared 9.83% to end the day at $60.80.

Plymouth Industrial REIT Inc. on Thursday announced the pricing of its IPO of 2.9 million common shares for expected gross proceeds of approximately $55.1 million. The company granted the underwriters a 30-day overallotment option to acquire up to 435,000 additional shares. The offering is expected to close June 14.

Shares of Plymouth Industrial dropped 3.21%, closing at $18.39.

CBRE Group Inc. agreed to buy a majority stake in Toronto-based Caledon Capital Management Inc., which specializes in private infrastructure and private equity investments, and manages about US$7 billion of assets for institutional investors.

CBRE Group shares added 0.98% to close at $34.94.

Following concerns of alleged human rights abuses across the private prison sector, New York City Pension Funds is fully divesting from the industry and has sold approximately $48 million of stock and bonds from GEO Group Inc., CoreCivic Inc. and G4S Plc, according to a Thursday release.

GEO Group shares jumped 4.95% to $33.30, and CoreCivic shares spiked 5.86% to close at $31.62.

Blackstone Group LP sold a 171,000-square-foot building at 9665 Wilshire Ave. in Los Angeles to a joint venture between Douglas Emmett Inc. and sovereign wealth fund Qatar Investment Authority for roughly $188 million, The Real Deal reported Thursday.

Douglas Emmett shares went down 0.83% to close at $38.08.

InterContinental Hotels Group Plc and Brack Capital Real Estate are aiming to bag more than $176 million from the sale of Hotel Indigo on Manhattan, N.Y.'s Lower East Side, The Real Deal reported Thursday.

According to two separate Thursday reports by The Real Deal, a Blackstone affiliate could rake in approximately $175 million from the sale of the 589-room Hilton Fort Lauderdale Marina waterfront hotel in Florida, while DekaBank Deutsche Girozentrale's investment arm is seeking to sell the 293,000-square-foot Berkeley Building in Manhattan for roughly US$200 million.

The Teachers' Retirement System of Louisiana is on the lookout for managers to invest an estimated $360 million in REITs, giving prospective investment managers until July 3 to express interest, IPE Real Estate reported Thursday.

Innovative Industrial Properties Inc. said Thursday that it named Catherine Hastings as its new CFO, succeeding Robert Sistek, who resigned as CFO and executive vice president of investments.

Shares of Innovative Industrial slipped 2.18% to close at $17.50.

Also on Thursday, Omega Healthcare Investors Inc. announced the retirements of Chairman Bernard Korman and director Harold Kloosterman. The company appointed Craig Callen as the new chairman.

Omega Healthcare shares rose 1.15%, closing at $31.67.

Now featured on S&P Global Market Intelligence

The Week in US Real Estate: Quality Care could acquire troubled tenant; Plymouth hits the public market: The June 9 weekly news roundup in the North American real estate space also features a possible bidding war over Forestar Group and a mandatory buyout in the healthcare REIT sector.

Conference Chatter: Retail bears stalk mall REIT management at REITWeek: Investors and analysts barraged regional mall management teams at REITWeek, probing for clarity on the future of the business.

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