Real estate investment trusts ended in the red and the broader markets closed mixed Friday, March 2, as Quality Care Properties' troubled tenant moved to file for voluntary Chapter 11 bankruptcy.
Healthcare REIT Quality Care Properties Inc.'s embattled tenant, HCR ManorCare Inc., will file for voluntary Chapter 11 bankruptcy in the coming days and transfer ownership of its business to Quality Care, subject to court approval.
Quality Care noted that following the transaction it expects to no longer qualify as a REIT.
Quality Care shares surged 29.05% to end the day at $16.26.
Chinese conglomerate HNA Group Co. Ltd. said it plans a full or partial sale of its roughly 25% stake in hotel REIT Park Hotels & Resorts Inc. Separately, Park Hotels said its board declared a first-quarter cash dividend of 43 cents per share, down from its previous payout of 55 cents per share.
Shares of Park Hotels slid 5.82%, closing at $24.42.
Taubman Centers Inc. activist shareholder Land & Buildings Investment Management LLC nominated an undisclosed director candidate for election to the regional mall REIT's board at its 2018 annual meeting. Land & Buildings also plans to present a nonbinding business proposal for an advisory vote at the meeting that would eliminate Taubman Centers' dual-class voting stock structure.
Separately, Taubman Centers' board increased the company's quarterly dividend 4.8% to 65.5 cents per common share.
Taubman Centers shares gained 1.15% to close at $59.87.
Data center REIT Digital Realty Trust Inc.'s board declared a first-quarter dividend of $1.01 per share, an 8.6% increase over its prior payout.
Shares of Digital Realty shed 0.69% to close at $98.22.
Communications-focused REIT Uniti Group Inc. agreed to acquire fiber assets in various U.S. markets from U.S. TelePacific Holdings Corp. for $95 million in cash, in separate deals expected to close in two tranches.
Uniti Group shares closed 3.99% lower at $14.69.

Earnings call coverage
Park Hotels in talks with HNA Group over potential share sale, CEO says: The conglomerate has signaled that it intends to sell all or part of its roughly 25.0% stake in Park, a real estate investment trust.
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