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REIT Replay: Dow high is high

The Dow Jones Industrial Average closed at another new high, while real estate investment trusts and other indexes closed lower Wednesday, Nov. 29.

The MSCI US REIT Index (RMZ) rose 0.10% to 1,165.98, and the SNL US REIT Equity Index slipped 0.11% to 320.71. The Dow Jones Industrial Average ticked up 0.44% to 23,940.68, while the S&P 500 lost 0.04% to end the day at 2,626.07.

Rexford Industrial Realty Inc. picked up four, 100%-leased industrial properties in California for about $69.6 million, which the company funded with its line of credit and proceeds from the $30.6 million sale of two other in-state properties.

Rexford shares declined 0.99% to close at $31.15.

iStar Inc. and Safety Income & Growth Inc. tapped Deloitte & Touche LLP as their new independent registered public accounting firm for the fiscal year ending Dec. 31, 2018. Deloitte will replace PricewaterhouseCoopers LLP at both companies.

IStar shares jumped 1.05% to close at $11.54, while Safety Income shares edged 0.32% higher to close at $18.55.

Life Storage Inc.'s operating partnership is offering $450 million of 3.875% senior unsecured notes due Dec. 15, 2027, at a price of 99.523% of par value with a 3.875% coupon. The net proceeds will be used primarily to repay bank term notes and associated swap breakage fees payable.

Life Storage shares climbed 1.04%, closing at $89.45.

Killam Apartment REIT reaped C$77.1 million in gross proceeds from its just-completed bought-deal offering of trust units. The net proceeds will be used in part to fund the company's pending acquisition in the Edmonton area.

Killam Apartment shares slid 0.99% to close at C$13.95.

True North Commercial REIT is paying roughly C$53.0 million, excluding closing costs, to acquire the four-building Bluefrog business campus in Halifax, Nova Scotia, in a deal set to close on or about Dec. 19.

True North shares inched up 0.45%, closing at C$6.71.

Uniti Group Inc.'s BB- long-term issuer default rating was affirmed by Fitch Ratings, as the rating agency expects fixed long-term lease payments from key tenant Windstream Holdings Inc. to help drive "very stable" cash flow at the company. Fitch kept its stable outlook on the company.

Uniti Group shares added 2.27%, ending the day at $16.20.

In macro news, the latest data from the National Association of Realtors showed that pending U.S. home sales rose 3.5% to 109.3 on the National Association of Realtors Pending Home Sales Index in October from a downwardly revised level of 105.6 in September.

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