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REIT Replay: Markets, REITs rebound


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REIT Replay: Markets, REITs rebound

Real estate investment trusts and the broader markets reversed their losses Thursday, Feb. 22, as concerns eased over whether the Federal Reserve will have to accelerate interest rate hikes.

Lodging REIT Host Hotels & Resorts Inc. agreed to acquire the Andaz Maui in Hawaii; Grand Hyatt San Francisco; and Hyatt Regency Coconut Point in Bonita Springs, Fla., from Hyatt Hotels Corp. for $1 billion.

Host Hotels shares slid 0.57% to end the day at $19.11.

Single tenant-focused retail REIT Realty Income Corp.'s 2017 fourth-quarter funds from operations available to common stockholders dropped year over year to 61 cents per share from 77 cents per share.

Realty Income shares gained 1.88%, closing at $49.30.

QTS Realty Trust Inc. activist investor Land & Buildings Investment Management LLC urged the data center REIT to explore a potential public-to-public merger deal and to shelve its recently outlined proposed strategic redirect, while also saying that QTS has been a "perennial underperformer" since its 2013 IPO.

Shares of QTS Realty added 1.06%, closing at $34.37.

Office REIT Equity Commonwealth sold Groupon Inc.'s headquarters building at 600 W. Chicago Ave. in Chicago to real estate developer and investor Sterling Bay and institutional investors advised by J.P. Morgan Asset Management for $510 million.

Equity Commonwealth shares added 0.76%, closing at $29.13.

Healthcare REIT Welltower Inc. restructured its master lease agreement with Genesis Healthcare Inc. in January, reducing the embattled tenant's obligation by $35 million and extending the term by five years.

Shares of Welltower declined 0.46% to close at $53.74.

Spirit Realty Capital Inc. said the net-lease REIT will not renew its contract with Executive Vice President, Treasurer and CFO Phil Joseph when it expires in April.

Spirit Realty shares ticked down 0.26% to close at $7.60.

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Earnings call coverage

REIT relationships complicated a potential Brookdale sale, execs say: The senior housing operator received multiple expressions of interest during a strategic review process but did not reach a deal, in part because any change of control requires the consent of major landlords, executives said in a conference call.

CyrusOne CEO: Interest rate hikes unfairly hitting data center REIT shares: During an earnings call, CyrusOne President and CEO Gary Wojtaszek said he was astonished REIT share prices had fallen by 11% and data center REITs by 16% since Jan. 1.

Welltower execs defend continued relationship with Genesis Healthcare: While many observers expected the real estate investment trust to sell a large part of its portfolio leased to Genesis Healthcare, Welltower executives maintained that the tenant has benefited from a dramatic turnaround.

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Research Roundup: Evercore upgrades Host Hotels; Mizuho lifts American Assets Trust, Brixmor: A trio of upgrades are featured in this roundup of recent research reports.

JPMorgan's new home could mean opportunity for the bank, other Midtown tenants: JPMorgan was overdue for a new office, and management decided to build rather than buy or lease — a decision that fits the bank's philosophy and could mean favorable conditions for other tenants in midtown Manhattan, N.Y.

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