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REIT Replay: Dis-order

REITs and the broader markets retreated Monday, Jan. 30, as U.S. President Donald Trump signed an executive order that would remove two regulations for each new regulation enacted.

The MSCI US REIT Index (RMZ) fell 0.62% to 1,136.87 and the SNL US REIT Equity Index shed 0.59% to end the day at 303.50. The Dow Jones Industrial Average declined 0.61% to 19,971.13, while the S&P 500 went down 0.60% to close at 2,280.90.

Activist investor Land & Buildings Investment Management LLC in a Monday letter urged Forest City Realty Trust Inc. shareholders to push management for strategic and structural changes to realize the company's full value.

Forest City shares rose 2.81% to end the day at $22.28.

Consolidated-Tomoka Land Co. in a Monday letter refuted Wintergreen Advisers LLC's claims about proposed director nominations to the company's board, saying its bylaws require record ownership, not just beneficial ownership, for director nominations.

Shares of Consolidated-Tomoka dipped 0.93% to close at $54.60.

KBS Real Estate Investment Trust Inc. said in a Friday filing that its shareholders gave the go-ahead to the company's liquidation and dissolution plan at its annual shareholder meeting.

Mack-Cali Realty Corp. said Friday that it wrapped up $925 million of senior unsecured credit facilities, which could be expanded up to $1.2 billion through their accordion features.

Mack-Cali shares slid 1.03% to $27.89.

In property news, Dream Office REIT said Monday that it unloaded its eight-property Kitchener-Waterloo portfolio encompassing about 1.1 million square feet of gross leasable area in Ontario for roughly C$140 million in gross proceeds.

Shares of Dream Office REIT ticked down 0.16%, closing at C$18.86.

CBL & Associates Properties Inc. said Monday that it closed a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers located at CBL malls for $72.5 million.

CBL shares went up 3.35% to $10.19.

Pure Industrial Real Estate Trust on Monday unveiled a number of property agreements, including one to acquire an Atlanta distribution center for about C$52.5 million and another to offload a partial interest in six Alberta and Ontario assets for approximately C$56.7 million in net proceeds.

Pure Industrial shares fell 0.36% to C$5.56.

Joe McKinney joined New York REIT's board as an independent director, succeeding Robert Burns, who retired, according to a Monday statement.

New York REIT shares declined 0.51% to close at $9.84.

On the macro front, the National Association of Realtors' Pending Home Sales Index rose 1.6% to 109.0 in December 2016 from 107.3 in November 2016 and was 0.3% above the December 2015 level.

Now featured on S&P Global Market Intelligence

The Property Ledger: Pure Multi-Family closes $40M asset buy; Strategic Storage to buy Calif. asset: The Jan. 30 edition of the North American property roundup also features Four Corners Property's latest acquisition and Carter Validus' latest expansion project.

Hotel stocks sink after Trump travel restrictions: In the first trading day after President Donald Trump signed an order restricting travel from seven predominantly Muslim countries, hotel REITs and operators both underperformed broader markets.

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