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Real Estate News & Analysis: May Edition

REIT Replay: Bumpy Brexit

The Dow Jones Industrial Average slipped, while REITs and the S&P 500 continued to gain ground Wednesday, March 29, as the U.K. officially announced its exit from the European Union.

The MSCI US REIT Index (RMZ) rose 0.23% to 1,138.35, and the SNL US REIT Equity Index closed 0.22% higher at 308.21. The DJIA fell 0.20% to end the day at 20,659.32, while the S&P 500 added 0.11% to close at 2,361.13.

NorthWest Healthcare Properties REIT on Tuesday launched a bought-deal offering of 7,982,000 trust units, aiming to raise gross proceeds of approximately C$85 million. The offering, expected to close by April 6, grants the underwriters a 30-day overallotment option to buy up to 1,197,300 additional units.

NorthWest Healthcare shares sank 4.41% to end the day at C$10.63.

Omega Healthcare Investors Inc. on Tuesday priced a public offering of $550 million of 4.750% senior notes due 2028 and $150 million of 4.500% senior notes due 2025.

Omega Healthcare shares rose 0.58%, closing at $32.98.

China's Anbang Insurance Group Co. Ltd. and Kushner Cos. mutually agreed to end discussions regarding their plan to redevelop the marquee office tower at 666 5th Ave. in Manhattan, N.Y., which Kushner co-owns with Vornado Realty Trust, Bloomberg News reported Wednesday.

Vornado Realty shares went down 0.48% to close at $99.70.

Silver Bay Realty Trust Corp. said Tuesday that it will hold a special stockholder meeting May 5 to vote on the company's proposed roughly $1.4 billion buyout by Tricon Capital Group Inc.

Shares of Silver Bay Realty ticked up 0.28% to close at $21.73.

WPT Industrial Real Estate Investment Trust said Tuesday that it will appoint Judd Gilats CFO, succeeding Dennis Heieie, who plans to retire at the end of June.

WPT Industrial shares lifted 0.93%, closing at $12.97.

On the macro front, the Mortgage Bankers Association reported that mortgage applications in the week ended March 24 ticked down 0.8% on a seasonally adjusted, week-over-week basis.

The National Association of Realtors reported that pending home sales in the U.S. in February rebounded sharply to the highest level in almost a year and hit the second-highest level in more than a decade. The association's Pending Home Sales Index increased 5.5% to 112.3 in February, from 106.4 in January.

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Data Dispatch: Bebe reportedly closing all stores; 80% in properties owned by SNL-covered cos.: The retailer reportedly plans to close all its physical stores and focus on online sales, according to a report in Bloomberg News.

Data Dispatch: March state of the US housing market: Data released over the last month reflected upward trends in the U.S. housing market despite a slowdown in existing-home sales.

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