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REIT Replay: Anticipation


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REIT Replay: Anticipation

REITs regained ground and the broader markets closed mixed Monday, Dec. 12, amid expectations for an interest rate hike as the Fed was set to hold its final policy meeting of 2016.

The MSCI US REIT Index (RMZ) rose 0.64% to 1,147.91, and the SNL US REIT Equity Index added 0.66% to close at 306.54. The Dow Jones Industrial Average ticked up 0.20% to 19,796.43, while the S&P 500 lost 0.11% to end the day at 2,256.96.

SL Green Realty Corp. reportedly pitched to J.P. Morgan Chase a "complicated deal" that would see the company's One Vanderbilt office tower development swapped for the bank's two headquarters buildings in Midtown Manhattan, N.Y.

J.P. Morgan has been weighing the idea, but has not yet started the negotiations, The Wall Street Journal reported Saturday, citing people with knowledge of the matter.

SL Green shares climbed 2.09% to close at $112.89.

A settlement has been reached over shareholder lawsuits related to the proposed tri-party merger of NorthStar Asset Management, Colony Capital Inc. and NorthStar Realty Finance Corp.

NorthStar Asset Management and Colony Capital agreed to disclose standalone revenue estimates as part of the settlement with their respective shareholders. NorthStar Asset Management shareholders had alleged the company was merging with two weaker companies and that they were not receiving a premium for their shares, while Colony Capital shareholders accused the company of disclosing incomplete and misleading information about the three parties' financial projections in its July 29 proxy filing.

NorthStar Realty Finance shares slipped 0.52%, closing at $15.39.

In other M&A news, CBRE Group Inc. announced Monday that it bought out Skye Group for undisclosed financial terms. The acquired business, which serves retail real estate clients across North America, will do business as CBRE I Skye.

CBRE shares slid 1.34% to close at $32.35.

In financing news, Communications Sales & Leasing Inc. on Monday unveiled an offering of roughly $400 million of senior notes due 2024. The company, which is co-issuing the notes with CSL Capital LLC, will apply the net proceeds primarily toward repaying outstanding amounts under its revolving credit facility.

Communications Sales & Leasing shares edged 1.45% lower to $25.11.

Bluerock Residential Growth REIT Inc. disclosed Monday that its 98%-owned joint venture closed on a roughly $76.0 million acquisition of the City Walk Apartments in Roswell, Ga. Aside from capital contributions from the partners, the transaction was funded with a roughly $51 million senior loan.

Bluerock Residential shares ticked down 0.30% to close at $13.18.

In a filing after markets closed Friday, New York REIT said it further delayed the shareholder vote on its liquidation and dissolution plan. The vote will now take place at a January 2017 shareholder meeting.

New York REIT shares inched up 0.61%, closing at $9.91.

Also on Friday, Altisource Residential Corp. announced changes to its board, including the resignation of Robert Fitzpatrick as a director and the corresponding appointment of Rochelle Dobbs of R Dobbs Partners LLC to fill the vacancy.

Altisource Residential shares gave up 3.07% to end the day at $11.67.

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Data Dispatch: Rate hike expectations, postelection bond rout spur demand for MSRs: The carrying yield of aggregate mortgage servicing assets among the top 10 U.S. bank holding companies rose to $31.63 billion for the three-month period ended Sept. 30, up slightly from the second quarter.

Research Roundup: Monday, North American real estate edition: An upgrade, an initiation and a downgrade are featured in this roundup of recent research reports.

The Property Ledger: Whitestone REIT sheds 14 assets in $84M deal; Condor sells W.Va. hotel: The Dec. 12 edition of the North American property news roundup also features Reven Housing's portfolio acquisition, Strategic Realty's retail divestment and a Sterling Real Estate Trust parking ramp sale.

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