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REIT Replay: Educated deals

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REIT Replay: Educated deals

Real estate investment trusts and the broader markets continued to slide Wednesday, Aug. 9, as Harvard Management shed almost $2 billion worth of real estate assets.

The MSCI US REIT Index (RMZ) lost 0.32% to close at 1,153.13, and the SNL US REIT Equity Index fell 0.21% to end the day at 313.03. The Dow Jones Industrial Average declined 0.17%, closing at 22,048.70, while the S&P 500 closed 0.04% lower at 2,474.02.

Harvard Management Co. Inc. sold close to $2 billion of real estate assets to private equity firm Landmark Partners LLC and a Carlyle Group LP subsidiary in two separate deals, Secondaries Investor reported.

Healthcare Realty Trust Inc. said Tuesday that it agreed to purchase 15 medical office buildings in Atlanta for $612.5 million. The company also priced a public offering of 7,250,000 common shares for roughly $215.1 million in net proceeds to partly fund the Atlanta portfolio purchase.

Healthcare Realty shares slipped 3.20% to end the day at $31.78.

Also on Tuesday, VEREIT Inc. said its operating partnership priced a $600 million offering of 3.950% senior notes due 2027, with roughly $504.6 million of the net proceeds to go toward the repayment of borrowings under its $500 million term loan.

Shares of VEREIT dropped 1.16%, closing at $8.49.

Allied Properties REIT said Tuesday that it launched a C$270 million bought-deal offering of 6,925,000 units. The company granted the underwriters a 30-day overallotment option to acquire up to 770,000 additional units.

Allied Properties shares slumped 4.35% to close at C$38.44.

Hyatt Hotels Corp. on Wednesday announced the pricing of a secondary offering of 8,654,050 class A shares by certain investment funds associated with Goldman Sachs Group Inc. The offering is set to close Aug. 14.

Shares of Hyatt Hotels fell 2.78%, closing at $57.30.

Egan-Jones Proxy Services joined fellow proxy advisory firm Glass Lewis & Co. LLC in recommending that Sabra Health Care REIT Inc. shareholders vote for the company's proposed common share issuance as part of its planned tie-up with Care Capital Properties Inc., according to a Tuesday release.

Sabra shares sank 3.48% to $22.19 and Care Capital shares lost 2.57%, closing at $24.28.

CBRE Group Inc. said Wednesday that it wrapped up its acquisition of a majority stake in Toronto-based investment management business Caledon Capital Management Inc.

CBRE shares added 0.16% to close at $36.88.

Wheeler Real Estate Investment Trust Inc. shareholder Stilwell Value LLC and its affiliates acquired additional Wheeler common shares and will seek to be represented on the REIT's board, according to a Tuesday filing.

Wheeler REIT shares shed 3.61% to close at $10.15.

National Health Investors Inc., Pennsylvania Real Estate Investment Trust and MedEquities Realty Trust Inc. offered their latest earnings projections for the full year 2017.

National Health shares rose 0.68% to $76.06; Pennsylvania REIT shares dropped 1.10% to $11.71; and MedEquities shares lost 1.68% to close at $11.71.

Columbia Property Trust Inc. said Tuesday that it gained approval of its board for a buyback program for up to $200 million worth of the company's common stock.

Shares of Columbia Property closed 1.03% lower at $21.21.

MetLife Inc. is set to acquire a preferred equity stake in the 25-floor office tower at 498 7th Ave. in New York City for up to $150 million in investment in a deal that would value the asset at approximately $700 million, The Real Deal reported Tuesday.

Caliber - The Wealth Development Co. said Tuesday that it opened a $100 million fund that will focus on "middle market" commercial real estate assets in the U.S.

On the macro front, the Mortgage Bankers Association said U.S. mortgage applications in the week ended Aug. 4 rose 3.0% on a seasonally adjusted basis.

Earnings call coverage

Pennsylvania REIT CEO: Tenants have pricing power, mall business at 'trough': On an earnings call, CEO Joe Coradino said the company, among the most heavily discounted mall landlords today, is considering selling joint-venture interests in its highest-quality assets to pay down debt or repurchase shares.

Investor interest in hospitals is strong, Medical Properties execs say: The real estate investment trust said it is considering selling acute care hospitals or taking on joint venture partners, and is seeing strong valuations despite healthcare policy uncertainty.

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