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REIT Replay: Moving ahead

The broader markets reached record highs once again while real estate investment trusts posted declines Tuesday, Nov. 28. The tax reform bill will now move to the full Senate after clearing the budget committee in a 12-11 vote on party lines.

The MSCI US REIT Index (RMZ) fell 0.42% to 1,164.85, and the SNL U.S. REIT Equity Index dropped 0.40% to 321.07. The Dow Jones Industrial Average rose 1.09% to 23,836.71, while the S&P 500 gained 0.98% to end the day at 2,627.04.

RioCan Real Estate Investment Trust agreed to sell seven Canadian retail properties totaling nearly 1,283,000 square feet of gross leasable store space to CT Real Estate Investment Trust for C$200 million. The portfolio includes five properties in Ontario, one in Saskatchewan, and another in British Columbia. The properties are anchored by Canadian Tire.

The deal is expected to close in December and in the first quarter of 2018.

RioCan shares dropped 0.95% to close at C$25.05. CT REIT shares closed up 0.96% to end the day at C$14.72.

Healthcare Realty Trust Inc. priced an offering of $300 million of its 3.625% senior unsecured notes due January 2028 at 99.153% of the principal amount. Proceeds will go toward redeeming all $300 million of the company's outstanding 5.75% senior notes due 2021.

Healthcare Realty shares fell 0.15% to close at $32.68.

Prologis Inc. sold a portfolio of 12 industrial properties in Fremont, Calif., for $72 million to a partnership between BKM Capital Partners and Canyon Partners Real Estate, the Silicon Valley Business Journal reported.

Prologis shares ticked down 0.27% to close at $66.69.

Summit Hotel Properties Inc. closed on its $164 million acquisition of four hotels. The 652-room portfolio includes properties in Boston; Cleveland; New Haven, Conn.; and Tucson, Ariz.

Summit Hotel shares fell 2.11% to end the day at $14.88.

The board of Canada's Agellan Commercial REIT approved a 4.5% increase in the company's annualized distribution to 81 Canadian cents per unit from 77.5 cents per unit.

Agellan shares closed flat at C$12.11.

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The Short Report: US REITs see short interest gains in November 1st half: Average short interest among U.S. equity real estate investment trusts climbed 17 basis points to 4.54% of outstanding shares during the first half of November.

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