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REIT Replay: Breaking barriers

Real estate investment trusts retreated and the broader markets extended their gains Wednesday, Oct. 18, as the Dow Jones Industrial Average closed above 23,000 for the first time.

The MSCI US REIT Index (RMZ) fell 0.08% to 1,171.47, and the SNL US REIT Equity Index slipped 0.15% to close at 318.36. The DJIA rose 0.70%, closing at 23,157.60, while the S&P 500 closed 0.07% higher at 2,561.26.

Vornado Realty Trust said Tuesday that its operating partnership extended one of its two $1.25 billion unsecured revolving credit facilities to January 2022, with two six-month extension options.

Vornado shares shed 1.64% to end the day at $77.00.

Hospitality Properties Trust on Tuesday priced a $400 million public offering of 3.950% unsecured senior notes due 2028.

Shares of Hospitality Properties added 0.86%, closing at $29.27.

A Marriott International Inc. subsidiary sold the 1,372-room Sheraton Centre Toronto Hotel in downtown Toronto for approximately C$335 million, according to a Wednesday filing.

Marriott shares gained 0.63% to close at $115.77.

Apartment Investment and Management Co., or AIMCO, said Wednesday that the company and its four units filed a motion for a preliminary injunction in a U.S. court, with a view to stopping Airbnb Inc.'s brokering of short-term leases at four of AIMCO's properties in Southern California.

Shares of AIMCO ticked down 0.11% to close at $44.19.

Athens Group, Dalian Wanda Group Co. Ltd.'s partner in the $1.2 billion One Beverly Hills mixed-use development project in California, exited the project, Bloomberg News reported Tuesday, noting that the Chinese company plans to proceed with the project alone.

Zeller Realty Group sold a 35-story office tower at 401 N. Michigan Ave. in Chicago to a venture of Walton Street Capital LLC for $360 million, the Chicago Tribune reported Tuesday.

Summit Real Estate Group LLC plans to raise $200 million for its third real estate fund, set to be launched by 2017-end, PERE News reported Tuesday.

Landmark Infrastructure Partners LP's board increased the company's quarterly cash distribution 5.9% to 35.75 cents per common unit.

Landmark Infrastructure shares closed flat at $17.65.

Global Healthcare REIT Inc. said Wednesday that it appointed Gateway Cos. COO Josh Mandell to its board as a director.

Global Healthcare shares soared 9.76%, closing at 45 cents.

Evercore ISI analysts Sheila McGrath and Nathan Crossett in a Wednesday note initiated Iron Mountain Inc. at "outperform" and assigned a per-share price target on the company's stock of $46, saying they view the company as a "unique way to play the growth in data globally in a REIT format."

Iron Mountain shares closed 1.70% higher at $40.79.

On the macro front, the Mortgage Bankers Association said U.S. mortgage applications in the week ended Oct. 13 increased 3.6% on a seasonally adjusted basis.

Statistics from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development showed that privately owned housing starts in the U.S. in September were at a seasonally adjusted annual rate of 1,127,000, 4.7% lower than August's revised estimate of 1,183,000, but 6.1% higher year over year.

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Real Estate Rundown: Sale of hotel-supplies business likely to benefit Marriott in indirect ways: The hotel operator said it will derive no immediate financial benefit from the sale of Avendra LLC, in which it holds a 55% stake, but analysts said $650 million in proceeds are sure to help somehow.

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