Real estate investment trusts and the broader markets posted losses Thursday, Aug. 17, as the Dow Jones Industrial Average saw its steepest decline in three months.
The MSCI US REIT Index (RMZ) fell 0.64% to 1,147.86 and the SNL US REIT Equity Index dropped 0.67% to end the day at 312.30. The Dow Jones Industrial Average dipped 1.24% to 21,750.73, while the S&P 500 closed 1.54% lower at 2,430.01.
Sabra Health Care REIT Inc. and Care Capital Properties Inc.'s merger was approved by both companies' shareholders. The deal is expected to result in an annual cost savings of roughly $20 million.
Sabra shares fell 2.49% to close at $21.18, while shares of Care Capital closed flat at $24.21.
Cedar Realty Trust Inc. is seeking to raise $75.0 million in gross proceeds from an underwritten public offering of 3.0 million shares of its 6.50% series C cumulative redeemable preferred stock.
Cedar Realty shares tumbled 2.57% to $4.93.
Ashford Hospitality Trust Inc. priced its underwritten public offering of 3.4 million shares of 7.50% series H cumulative preferred stock.
Shares of Ashford Hospitality fell 1.30% to end the day at $6.06.
Allied Properties REIT raised C$300.1 million in its bought deal offering of 7,695,000 units, which included an overallotment option of 770,000 units.
Allied Properties shares ticked up 0.05% to end the day at C$38.89.
Lennar Corp. redeemed $250 million of its 6.875% senior notes due 2021.
Shares of Lennar Corp. dropped 2.24% to $52.88.
Singapore's Ascott Residence Trust finalized its $106 million acquisition of the 224-room DoubleTree by Hilton Hotel New York – Times Square South in New York City.
Ascott Residence shares gained 0.42% to end the day at S$1.19.
Carlyle Group LP and its partner Southern Capital Group are looking to sell their combined 69% stake in Indonesian telecom tower operator PT Solusi Tunas Pratama Tbk. A transaction could value Solusi Tunas at $1 billion.
Oak Street Real Estate Capital sold its 96% stake in a triple-net-lease portfolio for $1.3 billion to Atlanta-based private investor Stonemont Financial Group.
LaSalle Investment Management Inc. expects to outpace its target of $750 million for its fifth pan-Asia opportunistic fund and is now aiming to raise $1 billion for the investment vehicle.
On the macro front, STR reported that year over year, average daily rate rose by 1.5% to finish the week at $128.39, while revenue per available room increased 2.2% to $94.46. Occupancy ticked up 0.7% to 73.6%.
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As of Aug. 17 US$1 was equivalent to S$1.37.
Market prices and index values are current as of the time of publication and are subject to change.