REITs and the broader markets saw modest gains Friday, Dec. 23, as market activity calmed down before the holidays.
The MSCI US REIT Index (RMZ) rose 0.27% to 1,129.14, and the SNL US REIT Equity Index increased 0.23% to 301.93. The Dow Jones Industrial Average ticked up 0.07% to 19,933.81, while the S&P 500 rose 0.13% to end the day at 2,263.79.
Global Net Lease on Thursday announced the completion of its $3.1 billion acquisition of ARC Global Trust II Inc. The combined entity will continue to trade under the GNL ticker.
Global Net Lease shares edged up 0.39% to end the day at $7.66.
Gino Romagnoli, former executive vice president of Temple Hotels Inc., will join Lanesborough Real Estate Investment Trust as its new CEO, effective Jan. 1, 2017. He replaces Arni Thorsteinson, who will continue to serve as the company's vice chairman and trustee, according to a Friday release.
Lanesborough REIT shares surged 7.69% to close at 7 Canadian cents.
In property news, HCP Inc. bought 10 medical office buildings encompassing 756,183 square feet across five states from Community Health Systems Inc. in a sale and leaseback transaction worth $163 million, according to a Thursday statement.
HCP shares gained 0.27% to close at $29.26.
Vornado Realty Trust and Aurora Capital Associates obtained a $90 million five-year, floating-rate construction loan for their 164,000-square-foot Meatpacking District mixed-use project at 61 9th Ave. in New York from Helaba and CIT Group, according to a Friday report. The project, which will house the largest Starbucks Coffee store in the world, is set to be completed in late 2017.
Shares of Vornado slid 0.17%, closing at $102.87.
Canadian Apartment Properties Real Estate Investment Trust said Thursday that it entered into an agreement to buy an eight-property, 99.1%-occupied housing portfolio in the Netherlands for €64.9 million, noting that the acquisition represents a going-in capitalization rate of just under 5.0%.
CAPREIT shares went up 0.13% to close at C$30.96.
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Market prices and index values are current as of the time of publication and are subject to change.