The Dow Jones Industrial Average and S&P 500 lost ground after six consecutive trading days of gains. Real estate investment trusts also traded lower Tuesday, Feb. 20.
U.S. grocery chain Albertsons Cos. Inc., which is in part backed by shopping center REIT Kimco Realty Corp., agreed to merge with drugstore chain Rite Aid Corp. to form an entity valued at roughly $24 billion, according to The Wall Street Journal.
Kimco Realty shares climbed 0.33%, closing at $15.25.
Independence Realty Trust Inc. finalized its purchase of the remaining five assets in its multifamily apartment portfolio deal valued at $228.1 million. The multifamily residential REIT also raised roughly $11.9 million in net proceeds under its at-the-market offering program in the fourth quarter of 2017.
Independence Realty shares slipped 2.05% to close at $8.60.
Liberty Property Trust reportedly is disposing of eight suburban office buildings in Pennsylvania to Equus Capital Partners Ltd. for not more than $100 million, according to the Philadelphia Business Journal, citing unnamed sources. The diversified REIT is working to divest its suburban office assets to concentrate on industrial and urban office properties.
Liberty Property shares dipped 1.64% to close at $39.59.
New York REIT Inc. advanced its asset liquidation process with newly signed deals to sell several other properties in New York City worth a combined $73.2 million. The office landlord also wrapped up the sale of three other in-city properties for a total of $81.8 million.
New York REIT shares stayed flat at $2.04.
Market prices and index values are current as of the time of publication and are subject to change.