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REIT Replay: Hump day spook


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REIT Replay: Hump day spook

The broader markets bounced back Wednesday, Oct. 5, aftertwo days of losses, asU.S. crude oil prices surged to nearly $50 a barrel. REITs, meanwhile, edged down.

The MSCI US REIT Index (RMZ) fell 2.04% to 1,133.13, and theSNL US REIT Equity Index dropped 2.03% to 303.60. The Dow Jones IndustrialAverage rose 0.62% to close at 18,281.03, while the S&P 500 gained 0.43% toend the day at 2,159.73.

In company news, MedEquities Realty Trust Inc. announced after marketsclosed Tuesday that it completed its IPO, which priced at $12.00 per share about a week ago. Thecompany's common shares are now traded on the NYSE under the MRT ticker symbol.The IPO comprised19,925,333 common shares, with a 2,988,800-share overallotment option grantedto the underwriters.

Shares of MedEquities shed 0.35% to close at $11.43.

AvalonBayCommunities Inc.'s public offering of two medium-term notessettled Oct. 5,generating roughly $641.8 million in aggregate net proceeds. The company saidWednesday that it will use the proceeds primarily to trim outstanding debtunder its $1.50 billion unsecured revolving credit facility and for generalcorporate purposes.

AvalonBay shares dipped 3.21%, closing at $167.09.

Realty IncomeCorp. after market close Tuesday said it a $600 million senior notesoffering at 98.671%of the principal amount, with a 3.153% effective yield to maturity.

The net proceeds from the offering, set to close Oct. 12,will be used in large part to repay borrowings outstanding under the company's$2.0 billion revolving credit facility, with any remaining funds going towardpotential investment opportunities and other general corporate purposes.

Realty Income shares slipped 2.78% to close at $61.92.

Easterly GovernmentProperties Inc. said Wednesday it a $100 million unsecuredseven-year term loan due Sept. 29, 2023, with a 180-day delayed-draw period.The net proceeds are allotted for repaying outstanding borrowings under thecompany's unsecured $400 million revolving credit facility and for generalcorporate purposes.

Easterly Government shares inched up 0.33%, closing at$18.46.

CommunicationsSales & Leasing Inc. disclosed in a Wednesday filing that itaims to adopt a customary "up-REIT" structure to facilitate futureacquisition opportunities. To that end, the company is proposing to certain provisions in itsexisting senior credit agreement. The company is also seeking to amend thecredit agreement to fully reprice its existing term loans, among other changes.

Communications Sales & Leasing shares gave up 1.37% toclose at $29.58.

WeyerhaeuserCo. capped off its strategic review of its cellulose fibersbusiness with a dealto sell North PacificPaper Co. to One Rock Capital Partners LLC. The timber REIT's joint venturepartner, Nippon Paper Industries Co. Ltd., is also divesting its 50% stake inthe printing papers business. The deal, which includes the printing papers millin Longview, Wash., is scheduled to close during the fourth quarter.

Weyerhaeuser shares declined 1.26% to end the day at $30.64.

In retail, Reis Inc. reported that for the secondconsecutive quarter, the national vacancy rate in opposite directions for U.S.regional malls and neighborhood and community shopping centers. During thethird quarter, regional malls saw their vacancy rate fall 10 basis points to7.8%, while neighborhood and community shopping centers logged a 10-basis-pointincrease in vacancy rate to 10%.

The Mortgage Bankers Association reported that U.S. mortgageapplications for the week ended Sept. 30 rose 2.9% week over week on a seasonally adjusted basis.Compared to the previous week, the market composite index that measuresmortgage application volume was up 3% on an unadjusted basis.

Now featured onS&P Global Market Intelligence

Data Dispatch:106 North American real estate companies increase dividends throughQ3: During the two-week period between Sept. 17 and Sept. 30, W.P.Carey was the sole SNL-covered North American real estate company to announcean increase to its dividend.

The PropertyLedger: Whitestone REIT beefs up Phoenix area portfolio; Ashford Hospitalityunloads Md. hotel: The Oct. 5 edition of the North Americanproperty news roundup also features the completion of a Ventas tenant's sale ofa 12-facility acute care hospital portfolio.

Market prices andindex values are current as of the time of publication and are subject tochange.