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REIT Replay: Holiday wind-down

Real estate investment trusts, as well as the broader markets, closed higher in a sleepy post-holiday trading session Wednesday, Dec. 27.

The MSCI US REIT Index (RMZ) put on 0.35% to close at 1,156.42, and the SNL US REIT Equity Index gained 0.36% to 317.25. The Dow Jones Industrial Average rose 0.11% to close at 24,774.30, while the S&P 500 inched 0.08% higher to 2,682.62.

Summit Industrial Income REIT and Urbacon Ltd entered into a joint venture to develop, own and operate data centers across Canada, with Summit making a C$15 million investment in and assuming 50% of Urbacon's Data Centre One property in Richmond Hill, Ontario, among other transactions. In all, Summit invested or loaned C$45 million in its first foray into the data center space.

Summit units rose 0.28% to close at C$7.27 per unit.

NorthStar Healthcare Income Inc. and its operating partnership amended their dividend policy and advisory agreement with NSHC Advisors LLC and Colony NorthStar Inc. in response to operational and regulatory challenges facing the healthcare industry and NorthStar Healthcare.

The nontraded REIT's adviser agreed to forgo the acquisition fee from NorthStar Healthcare's acquisitions of real property or debt investments, as well as adjust its monthly asset management fee, among other changes.

Shares of Colony NorthStar gave up 0.34% to close at $11.64.

The underwriters of Newmark Group Inc. exercised the overallotment option in Newmark's initial public offering to acquire an additional 3 million shares at $14.00 per share, bringing the net proceeds from the 23 million-share IPO to approximately $298.3 million. Newmark provides commercial real estate services in the U.S.

Federal Realty Investment Trust closed a public offering of $175 million of 3.25% senior unsecured notes due 2027. The company plans to use the proceeds to redeem all its outstanding 5.90% notes due 2020 and for general corporate purposes.

Federal Realty shares ended the day 0.96% higher, at $133.29.

Pending home sales in the U.S. remained at their highest level since June in November, according to the National Association of Realtors' Pending Home Sales Index, which rose 0.2% from the October reading and 0.8% from the November 2016 reading.

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