REITs and the broader market indexes slumped, with the Dow Jones Industrial Average suffering a 111-point setback on its march to 20,000 on Wednesday, Dec. 28.
The SNL US REIT Equity Index shed 0.90% to close at 299.69, while the MSCI US REIT Index (RMZ) slipped 0.89% to end the day at 1,120.94. The Dow Jones Industrial Average fell 0.56% to close at 19,833.68, and the S&P 500 slid 0.84%, closing at 2,249.92.
Vornado Realty Trust said in a Tuesday filing that it added Mandakini Puri to its board of trustees, increasing the number of board members to 10. Puri is an independent consultant and also sits on the board of Validus Holdings Ltd.
Separately, the company said it will recognize a noncash gain of about $486 million in the fourth quarter from the sale of its Skyline office park in Fairfax County, Va.
Darren Robb joined Hilton Worldwide Holdings Inc.'s proposed real estate spinoff, Park Hotels & Resorts Inc., as senior vice president and chief accounting officer, effective Dec. 20, according to a Tuesday filing.
Separately, Hilton Worldwide said Tuesday that it struck a deal with BRG Group's Victory Hotel Joint Stock Co. to manage a 610-room, dual-branded hotel in Vietnam.
A Dividend Capital Diversified Property Fund Inc. unit amended its credit facility to boost the size of its term loan to $275 million from $150 million. The credit facility also includes a $400 million revolver. Bank of America NA is the administrative agent for the facility.
On the macro front, the National Association of Realtors' Pending Home Sales Index fell 2.5% to 107.3 in November from 110.0 in October and is 0.4% lower than its November 2015 level.
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Market prices and index values are current as of the time of publication and are subject to change.