Broader markets plunged Friday, Dec. 1, on news that former National Security Adviser Michael Flynn pleaded guilty to lying to the FBI, before regaining some of their lost ground before market close. Meanwhile, real estate investment trusts saw gains.
The MSCI US REIT Index (RMZ) ticked up 0.25% to 1,170.05. The Dow Jones Industrial Average dropped 0.17% to 24,231.59, while the S&P 500 fell 0.20% to 2,642.22.
Lone Star Funds sold a 9,677-unit rental portfolio to Harbor Group International LLC for $1.8 billion, The Real Deal reported. Harbor Group funded its purchase with a $512 million loan from New York Community Bank and a $930 million loan from Berkadia Commercial Mortgage.
Investors Real Estate Trust agreed to sell its medical office portfolio to Harrison Street Real Estate LLC for $417.5 million. The sale of the portfolio, along with a $90.6 million acquisition of a 274-unit apartment property in Denver, is part of the company's strategic transformation efforts.
Investors Real Estate shares shed 1.65% to end the day at $5.96.
New Boston Fund Inc. sold its 21-story Tower at One Greenway, at 99 Kneeland St. in Boston, for $144.5 million. The apartment building features 217 residential units, with 3,180 square feet of retail space and a 135-space underground parking garage.
Farmland Partners Inc. closed its $110 million deal to buy 5,100 acres of California farmland from Olam International Ltd.
Farmland shares ticked up 0.50% to close at $9.00.
RioCan Real Estate Investment Trust intends to increase its monthly distribution to 12 Canadian cents per share for 2018.
RioCan shares ticked up 0.16% to end the day at C$24.94.
Simon Property Group Inc.'s operating partnership plans to launch two debt offerings totaling $1.35 billion. The partnership will sell $600 million of its 2.750% senior notes due June 1, 2023, and $750 million of its 3.375% senior notes due Dec. 1, 2027.
Simon Property shares gained 0.37% to end the day at $162.35.
Five Point Holdings' operating partnership and its unit closed an additional offering of $50 million of their 7.875% senior notes due 2025.
Five Point shares rose 1.71% to close at $14.24.
EPR Properties closed an offering of 6 million of its 5.750% series G cumulative redeemable preferred shares, priced at $25.00 per unit. The company expects to net $144.5 million from the offering.
EPR shares ticked down 0.01% to close at $67.81.
A Landmark Infrastructure Partners LP subsidiary closed its offering of $80 million of its secured tenant site contract revenue notes, series 2017-1, that consist of two classes of notes and include a site acquisition account.
Landmark Infrastructure shares rose 0.30% to close at $16.85.
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Data Dispatch: November state of the US housing market: Chart Watch: The SNL U.S. Homebuilder index generated a year-to-date total return of 68.9%, almost 50 percentage points greater than the S&P 500.
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