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Essential IR Insights Newsletter - February 2023

REIT Replay: Prologue to earnings

The broader markets and real estate investment trusts edged higher Tuesday, Oct. 17, as Prologis kicked off the third-quarter earnings season with strong adjusted-funds-from-operations results.

The MSCI US REIT Index (RMZ) rose 0.12% to 1,172.35, and the SNL US REIT Equity Index gained 0.05% to 318.83. The Dow Jones Industrial Average climbed 0.18% to 22,997.44, while the S&P 500 ticked up 0.07% to end the day at 2,559.36.

Prologis Inc. reported a 25.0% year-over-year jump in third-quarter adjusted funds from operations and updated its full-year guidance. Subsequent to quarter-end, the company merged its two European real estate investment vehicles to form the €8.2 billion open-ended Prologis European Logistics Fund.

On a conference call, Prologis Chairman and CEO Hamid Moghadam said he expects the company to see "many, many years" of strong same-store net operating income gains in light of "really incredible" rent growth.

Prologis shares dipped 1.06% to close at $64.31.

Kushner Cos.' plan to convert 666 5th Ave. in Manhattan, N.Y., into a luxury building is reportedly being blocked by Vornado Realty Trust. According to Bloomberg News, Vornado told brokers that the property will continue to be an office building and go through a "much more mundane renovation."

Vornado shares declined 0.82%, closing at $78.28.

Gramercy Property Trust increased its existing $175 million unsecured term loan to $400 million. The company will use the loan's net proceeds to reduce borrowings under its revolving credit facility.

Gramercy shares slipped 0.84% to close at $30.61.

Agellan Commercial REIT obtained conditional approval from the Toronto Stock Exchange for its planned listing of trust units in line with its management internalization plan. Separately, activist shareholder Sandpiper Group kicked off legal proceedings against Agellan and its board of trustees over the proposed internalization, after further increasing its stake in the REIT to 12%.

Agellan shares stayed flat at C$11.98.

Weingarten Realty Investors' Buena Vista Marketplace shopping plaza in Duarte, Calif., sold for $38.1 million, according to The Real Deal.

Weingarten shares popped 1.09%, closing at $32.52.

Sotherly Hotels Inc. sold 100,000 additional shares in its series C preferred stock offering after the underwriters partially exercised their overallotment option.

Sotherly shares slid 0.67%, ending the day at $5.92.

Ed Ryan is retiring as executive vice president and general counsel of Marriott International Inc. in early December and will become an adviser to President and CEO Arne Sorenson through 2018.

Marriott shares ticked up 0.25%, closing at $115.04.

In macro news, builder confidence in the U.S. market for newly built single-family homes in October climbed to 68 on the National Association of Home Builders/Wells Fargo housing market index after concerns over the recent hurricanes caused the index to fall to 64 in September.

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