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REIT Replay: Gloomy Thursday

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REIT Replay: Gloomy Thursday

REITs and the broader markets retreated Thursday, Jan. 19, as a multifamily REIT agreed to be acquired by a private equity firm for roughly $2.85 billion.

The MSCI US REIT Index (RMZ) fell 1.03% to close at 1,147.47 and the SNL US REIT Equity Index dropped 1.06% to end the day at 305.67. The Dow Jones Industrial Average declined 0.37% to 19,732.40, while the S&P 500 ticked down 0.36% to end the day at 2,263.69.

Milestone Apartments Real Estate Investment Trust agreed to be acquired by Starwood Capital Group for US$16.15 per trust unit in cash, representing a transaction value of roughly US$2.85 billion, according to a Thursday release.

Milestone Apartments shares soared 9.87% to end the day at C$21.60.

Pennsylvania Real Estate Investment Trust on Wednesday priced an underwritten public offering of 6.0 million of its 7.20% series C preferred stock for about $144.8 million in net proceeds. The offering, expected to close Jan. 27, carries a 30-day option for the underwriters to acquire up to 900,000 additional shares.

Shares of Pennsylvania REIT shed 1.43%, closing at $17.96.

Acadia Realty Trust said Wednesday that it completed $395 million of transactions during the fourth quarter of 2016, including the $141 million acquisition of a San Francisco urban retail property.

Acadia Realty shares fell 1.46% to close at $31.72.

Equity LifeStyle Properties Inc. said Wednesday that it entered into settlement agreements for three pending lawsuits involving three of its California properties, with its total contribution to the settlements estimated at roughly $2.4 million.

Equity LifeStyle shares slipped 0.29% to close at $72.71.

TIER REIT Inc. said Wednesday that it offloaded a majority stake in an entity that indirectly owns The Wanamaker Building in Philadelphia's Center City for roughly $114 million. The company separately said it sold the Buena Vista Plaza office building in Burbank, Calif., for $52.5 million.

TIER REIT shares went down 1.37% to close at $18.01.

Summit Hotel Properties Inc. said Wednesday that it appointed President and CEO Daniel Hansen to the additional role of board chairman, replacing Thomas Storey, who will stay on as a company director.

Summit Hotel shares declined 1.38%, closing at $15.69.

Vornado Realty Trust said Wednesday that its board of trustees increased its quarterly dividend to 71 cents per share from the previous distribution of 63 cents per share.

Shares of Vornado fell 0.93% to close at $105.21.

Plaza Retail REIT on Thursday declared a monthly distribution of 22.5 Canadian cents per unit for January, up from the prior payout of 21.7 cents per share.

Plaza Retail REIT shares slid 0.20% to close at C$5.06.

On the macro front, a new study from STR showed that Airbnb occupancy is highest in areas where hotels also have high occupancy, but has generally not hurt hotel operators' ability to hike their rates on the most crowded nights.

Now featured on S&P Global Market Intelligence

Conference Chatter: Comprehensive tax reform could be 'really bad' for real estate, observer says: At a private real estate conference in California, an industry observer delivered a warning to a generally upbeat crowd about the possibility of tax reform on Donald Trump's watch that could eliminate long-standing provisions favorable to real estate.

Hires and Fires: Real Estate moves through Jan. 18, North America edition: This feature presents a weekly rundown of recent significant management and board changes and personnel moves in the North American real estate industry, including U.S. REITs and REOCs, homebuilders and gaming operators.

The Property Ledger: Carter Validus Mission Critical REIT II buys Mass. asset; Lennar nabs NC land: The Jan. 19 edition of the North American property roundup also features Slate Retail REIT's US$13.7 million deal to acquire a North Carolina property and Kimco Realty's leases at a Pennsylvania center.

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