Real estate investment trusts continued to gain ground, and the broader markets slipped Monday, March 12, as investors continued to worry that U.S. President Donald Trump's implementation of tariffs on steel and aluminum imports could trigger a trade war.
An HNA Tourism Group Co. Ltd. affiliate completed an underwritten offering of 39,651,453 common shares of hotel REIT Park Hotels & Resorts Inc. Park Hotels, which repurchased 14.0 million common shares from the subsidiary of Chinese conglomerate HNA Group Co. Ltd., updated its full-year 2018 guidance, saying it now expects adjusted funds from operations per share in a range of $2.74 to $2.90.
Park Hotels shares closed flat at $27.00.
Proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC recommended that Pure Industrial Real Estate Trust unit holders approve a Blackstone Group LP affiliate's offer to acquire the Canadian REIT in a C$3.8 billion all-cash deal, at a special meeting scheduled for March 23.
Shares of Pure Industrial rose 0.25%, closing at C$8.07.
Hotel REIT DiamondRock Hospitality Co. appointed Jay Johnson executive vice president and CFO, and promoted Chief Accounting Officer Briony Quinn to senior vice president and treasurer. Johnson most recently was senior vice president and treasurer at lodging REIT Host Hotels & Resorts Inc.
DiamondRock Hospitality shares fell 0.19%, closing at $10.67.
UDR Inc. appointed Tracy Hofmeister as its principal accounting officer. Hofmeister had been serving as the multifamily residential REIT's interim principal accounting officer since July 2017.
UDR shares closed 0.23% higher at $35.32.

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