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REIT Replay: New heights

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Climate Credit Analytics: Linking climate scenarios to financial impacts

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Real Estate News & Analysis: April Edition

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COVID-19 Impact & Recovery: Investment Banking

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COVID-19 Impact & Recovery: Academia


REIT Replay: New heights

REITs and the S&P 500 posted losses, while the Dow Jones Industrial Average gained ground Thursday, Jan. 26, closing comfortably above the 20,000 mark.

The MSCI US REIT Index (RMZ) fell 0.19% to 1,156.02 and the SNL US REIT Equity Index shed 0.13% to end the day at 308.46. The DJIA rose 0.16% to 20,100.91, while the S&P 500 slid 0.07% to close at 2,296.68.

FelCor Lodging Trust Inc. is in early talks with potential buyers regarding an outright company sale, The Wall Street Journal reported Wednesday.

Separately, FelCor said Thursday that directors Thomas Corcoran Jr. and Robert Lutz Jr. will not stand for reelection at its 2017 annual meeting, as part of a deal between the company and activist shareholder Snow Park Capital Partners.

FelCor shares increased 3.28% to end the day at $8.19.

On the property front, SL Green Realty Corp. said Thursday that it off-loaded an aggregate 29% interest in its One Vanderbilt Ave. project in New York City to the National Pension Service of Korea and Hines Interest LP, with the two contributing combined total equity of $525 million.

SL Green shares rose 1.19% to $110.02

Forest City Realty Trust Inc. is in discussions to unload its 51% interest in a New York City retail portfolio to fund manager Madison International Realty LLC, The Real Deal reported Thursday.

Forest City Realty shares edged down 0.72%, closing at $22.04.

Earnings season, meanwhile, picked up, with SL Green, Duke Realty Corp., PulteGroup Inc. and Crown Castle International Corp. reporting their latest financial results.

Duke Realty shares fell 3.33% to $25.23, PulteGroup shares jumped 3.62% to end the day at $21.18 and Crown Castle shares went up 0.95% to close at $88.01.

In personnel news, Strategic Storage Trust II Inc. said Thursday that it appointed Michael McClure president and Matt Lopez CFO and treasurer. H. Michael Schwartz, who previously was CEO and president, will remain CEO and chairman of the company's board.

Reven Housing REIT Inc. said Wednesday that it appointed Shanghai Huazhou Real Estate Development General Manager Zhen Luo to its board Jan. 20.

Reven Housing REIT shares rose 0.94% to close at $5.80.

AEW Capital Management raised $495.5 million for its AEW Senior Housing Investors III fund, IPE Real Estate reported Wednesday. According to the report, this is the largest amount raised by the asset manager in its senior housing series.

On the macro front, data from the U.S. Census Bureau and the Department of Housing and Urban Development showed that new single-family home sales in the U.S. came to a seasonally adjusted annual rate of 536,000 in December 2016, down 0.4% from the year-ago estimate of 538,000.

STR figures showed that Mexico's hotel industry logged mostly positive results in the three key performance metrics during 2016, with the average daily rate soaring 17% from a year ago to 2,327.16 Mexican pesos, resulting in a 17.1% increase in RevPAR to 1,479.60 pesos.

Earnings call coverage

The 'Trump bump' hits New York's office market: On an earnings call, SL Green executives testified to an observable increase in tenant activity from financial services tenants post-election.

Now featured on S&P Global Market Intelligence

Data Dispatch: 4 North American REITs raise dividends YTD through Jan. 16: The U.S. and Canada both witnessed two REITs increase dividends through the first half of the month.

Q&A: Veteran lender talks strategy in 'bizarre' political, economic climate: S&P Global sat down with Warren de Haan of ACORE Capital at a recent conference to talk late-cycle strategy in the early months of the Trump administration.

Hires and Fires: Real Estate moves through Jan. 25, 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.

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