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Real Estate News & Analysis: May Edition


REIT Replay: REITs, markets start week on high note

The broader markets closed in the black Monday, May 21, as investor fears eased over a possible trade war between the U.S. and China. Real estate investment trusts also surged higher.

LaSalle Hotel Properties signed a $4.8 billion all-cash deal to be acquired by affiliates of Blackstone Group LP's Blackstone Real Estate Partners VIII. The hotel REIT's deal with Blackstone has a per-share value of $33.50, which is slightly higher than Pebblebrook Hotel Trust's final offer of $32.49 per share.

Pebblebrook expressed disappointment over LaSalle's rejection of its offer, saying its proposal with an implied offer price of $35.89 per share, based on Pebblebrook's May 18 closing price, is greater than Blackstone's bid.

LaSalle Hotel shares surged 5.36% to close at $33.61, while Pebblebrook shares climbed 1.85% to close at $39.73.

A stockholder proposal calling on Host Hotels & Resorts Inc. to issue an annual sustainability report was voted down at the lodging REIT's annual shareholder meeting.

Shares of Host Hotels gained 2.98% to close at $21.11.

Wheeler Real Estate Investment Trust Inc. is facing allegations from JCP Investment Partnership LP and its affiliates that the shopping center landlord failed to sustain its required asset coverage ratio. The shareholders said in a joint ownership filing that they would consider further action, including litigation, if the matter is not resolved by June 8.

Wheeler REIT shares dropped 2.20%, closing at $4.01.

Timber REIT Rayonier Inc. raised its quarterly cash dividend by 8% to 27 cents per share, which will be paid June 29 to shareholders of record as of June 15.

Rayonier shares added 0.98%, ending the day at $37.95.

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Data Dispatch: Host Hotels' Q1 results top FFO estimate by 8.7%, highest among 25 largest REITs: Chart Watch: Crown Castle International posted the largest earnings miss of the group at 8.2%.

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