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REIT Replay: REITs, markets slide after Fed hikes interest rate


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REIT Replay: REITs, markets slide after Fed hikes interest rate

The broader markets closed in the red Wednesday, June 13, following the Federal Reserve's decision to raise its benchmark interest rate and line up a fourth rate hike for 2018. Real estate investment trusts also traded lower.

Student housing REIT Education Realty Trust Inc. is in exclusive talks to be bought out by Greystar Real Estate Partners LLC for roughly $3.1 billion, The Wall Street Journal reported, citing unnamed sources.

Education Realty shares rose 1.57% to close at $40.72.

Industrial REIT Rexford Industrial Realty Inc. paid $42 million to buy two single-tenant industrial properties in California.

Shares of Rexford Industrial gained 0.23% to finish at $31.14.

Shopping center REIT Cedar Realty Trust Inc. elected Sabrina Kanner to its board as an independent director, replacing Paul Kirk Jr. Kanner is executive vice president for design and construction of Brookfield Properties (USA II) LLC.

Cedar Realty shares dropped 2.84% to close at $4.45.

Office REIT NorthStar Realty Europe Corp. stockholders will vote on a charter amendment that would give stockholders the authority to amend the company's bylaws at the 2018 annual meeting of stockholders on Aug. 3.

NorthStar Realty shares slid 1.12% to close at $14.13.

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Data Dispatch: 14 US and Canadian real estate companies increase dividends in May: During May, 13 SNL-covered U.S. real estate companies and one Canadian company announced increases to their regular distributions.

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