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REIT Replay: REITs, markets close flat

The Dow Jones Industrial Average and real estate investment trusts edged slightly lower, and the S&P 500 closed slightly higher Tuesday, June 5, a day after posting solid gains driven by a strong jobs report.

Shopping center REIT DDR Corp. publicly filed with the SEC for the spinoff of certain of its U.S. assets and its entire Puerto Rican portfolio into a stand-alone publicly traded company called Retail Value Inc., with the spinoff expected to take place on or about July 1.

DDR shares jumped 2.58% to close at $15.90.

HCP Inc. reaped $332 million in proceeds from the sale of its remaining stakes in the RIDEA II senior housing joint venture. As part of its plan to reduce its exposure to Brookdale Senior Living Inc., the healthcare REIT said it had transferred the management of 18 of the 24 seniors housing communities to Atria Senior Living Inc. as of June 4.

HCP shares slipped 0.53% to close at $24.19.

Data center REIT CyrusOne Inc. paid an undisclosed sum to acquire a roughly 68.23-acre development site for a new five-building data center cloud campus in Mesa, Ariz.

CyrusOne shares added 1.46%, closing at $57.51.

Diversified Canadian REIT Pro Real Estate Investment Trust agreed to buy 12 commercial properties in Canada in separate deals worth C$45.1 million, and plans to internalize its portfolio management by agreeing to acquire the assets of property manager Compass Commercial Realty Ltd.

Pro REIT shares climbed 1.34% to C$2.27 at around market close.

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Data Dispatch: US REIT at-the-market offering activity down 56.6% YOY in Q1: Seventeen real estate investment trusts issued stock through at-the-market programs in the first quarter, raising $373.6 million, compared to $860.9 million raised in the first quarter of 2017.

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