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Cousins, Parkway Properties to merge; Welltower, partner pay $115M for NYC assets


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Cousins, Parkway Properties to merge; Welltower, partner pay $115M for NYC assets

Commercial real estate

* CousinsProperties Inc. and ParkwayProperties Inc. entered into a definitive agreement for astock-for-stock merger.

The deal will result in a "larger and more diverseCousins" and a new Houston-based company that will be spun off as apublicly traded REIT, according to a news release.

* VentasInc. saidfirst-quarter FFO as defined by NAREIT totaled $356.9 million, or $1.05 pershare, compared to $358.8 million, or $1.09 per share, in the 2015 period. Thecompany also affirmed its full-year guidance.

* AmericanTower Corp. posteda year-over-year increase in first-quarter AFFO and raised the midpoint of itsfull-year 2016 outlook.

First-quarter AFFO rose 17.3% to $602.5 million from $513.6million in the year-ago period. AFFO per share rose to $1.41, compared to $1.25in the 2015 first quarter.

* W.P. Carey Inc. snapped up a stake in six self-storage buildings inthe New York City neighborhoods of Queens, Brooklyn and the Bronx, for $69.9million, The Real Deal reported,citing property records.

* Hines and acquired 677 LexingtonAve. and 681-685 Lexington Ave. on Manhattan's East Side for a combined $115million, The Real Deal reported,citing property records.

The partners plan to raze the existing properties andconstruct a 15-story building with assisted-living and memory-care services,according to the report.

* Trinity Financial and MBDCommunity Housing Corp. will join forces for the development of a new 300,000-square-footmixed-use affordable housing complex at 425 Grand Concourse in the Mott Havensection of the South Bronx, The Real Dealreported.

* 's Lennar Homes and CCHomes have purchased White Course,a former golf course in Doral, Fla., for $96 million, the South Florida Business Journal reported.

The partners plan to use the acquired site to extend themixed-use Downtown Doral project, which will comprise 2,209 residential units,150,000 square feet of office space, and 30,000 square feet of retail, amongother things.

* Lincoln Property Co. and a foreign investment group areseeking buyers for the 21-story 2000 McKinney in Texas, which could fetch nearly$225 million, or close to $500 per square foot, The Dallas Morning News reported.

After the bell

* Gaming andLeisure Properties Inc. completedits acquisition of most of the real estate of , andPinnacle's operating company was spunoff into a new, stand-alone company.

Shares of the new company, which will also be calledPinnacle Entertainment Inc. and trade under the PNK ticker symbol, will beginregular-way trading April 29.

* Excel Trust namedDDR Corp.'s LukePetherbridge as CEO and president of the company.Petherbridge has served as CFO of DDR since March 2015.

* EssexProperty Trust Inc. reportedFFO attributable to common stockholders and unit holders if $179.1 million, or$2.64 per share, up 16.3% on a per-share basis from $151.5 million, or $2.27per share, in the year-ago quarter.

* WashingtonReal Estate Investment Trust priced a public offering of 4,625,000 common shares at$28.20 apiece, representing roughly $130.4 million in gross proceeds.

* InvenTrustProperties Corp. finalizedthe spinoff of Highlands REITInc. two weeks after announcing that the transaction was by the company's board.


* The Oakland Raiders have pledged $500 million for thedevelopment of a proposed $1.4 billion domed football in Las Vegas, as the team plansto move its NFL franchise to the city, the LasVegas Sun and the LasVegas Review-Journal reported.

Raiders owner Mark Davis has agreed to commit to the fundingonly if Nevada legislators approve a public-private financing plan, accordingto the Review-Journal. Casinooperator Las Vegas Sands Corp.and Majestic Realty are providing $150 million in funding for the 65,000-seatproject, while $750 million will be collected from tourist taxes.

The day ahead

Early morning futures indicators pointed to a lower openingfor the U.S. market.

In Asia, the Hang Seng fell 1.50% to 21,067.05, and theNikkei 225 fell 3.61% to 16,666.05.

In Europe, as of midday, the FTSE 100 was down 0.81% to6,271.18, and the Euronext 100 had fallen 1.48% to 879.34.

On the macro front

The personal income and outlays report, the employment costindex report, the Chicago PMI report, and the consumer sentiment report are dueout today.

Now featured

Data Dispatch:Upgrades, downgrades about even in S&P's recent REIT ratings actions:Of the 93 U.S. equity REITs with Standard & Poor's Ratings Services'corporate ratings, 73% are investment grade, with members of the shoppingcenter, self-storage, regional mall and multifamily sectors boasting 100%investment-grade ratings.

The GuidanceReport: This roundup of recent guidance from real estate companiesincludes updates from Duke Realty, Sovran Self Storage and Equity One.

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