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REIT Replay: Aéropostale in for a hard landing

REITsgained ground Wednesday, May 4, as the broader markets finished in the red.

The MSCIUS REIT Index (RMZ) added 1.48% to close at 1,166.49, and the SNL US REIT EquityIndex rose 1.42% to 310.71. The Dow Jones Industrial Average dropped 0.56% to 17,651.26,while the S&P 500 lost 0.59% to close at 2,051.12.

Teen-focusedretailer Aéropostale filedfor Chapter 11 bankruptcy protection and plans to close 113 stores in the U.S. and41 in Canada. The company is aiming to "optimize" its store footprintand settle disputes with Sycamore Partners, among other action items, during theprocess. It expects to emerge from the process within six months.

Duringa conference call held the same day, MacerichCo. executives noted that the REIT has trimmed its exposure to Aéropostaleto 27 stores from 44 stores.

Afterthe close Tuesday evening, Macerich reportedFFO per share of 87 cents for the first quarter, compared to 79 cents a year earlier.It reaffirmed its 2016 FFO guidance, as well.

The companyalso reported that it sold the Capitola Mall in Capitola, Calif., for $93 million.

Macerichshares traded up 1.33% to $77.99.

's CEO isleaving the company atyear-end after more than 40 years with the company. He will remain nonexecutivechairman.

The companyis looking for a replacement.

NationalHealthCare shares rose 0.53% to $64.56.

late Tuesday that it closed a $500million refinancing of an office property in midtown Manhattan, N.Y. The new 10-yearloan is interest-only at a fixed 3.80% rate.

The $413.5million loan on the property, 31 West 52nd St., was due to mature in December 2017and had a weighted average interest rate of 4.23%.

Paramountshares ticked up 0.47% to $17.12.

A wildfirein the city of Fort McMurray, Alberta, has forced an evacuation of the city andall of the residents of BDN's properties in the area, the company said.

At thetime of the press release, Boardwalk was not aware of how the fire had impactedits properties. To the best of the REIT's knowledge, all residents and employeeswere safely evacuated.

Boardwalksaid it will provide residents $1,500 in cash support as a reimbursement for theirMay rent.

Sharesof Boardwalk declined 0.84% to close at $52.06 on May 4.

got a downgrade from Canaccord Genuity to "hold" from "buy."

Starwood'svaluation is currently about 1% below the combined valuation of its pending mergercontracts, analyst Ryan Meliker said in a report. He also noted that there is somedownside potential for the shares related to the Interval Leisure Group "as loan loss provisionsacross the timeshare industry have spooked investors." Thus, it might be prudentto rotate out of Starwood and into MarriottInternational Inc.

"Whilewe believe HOT shares offer upside, driving our $86 price target, that upside isnot material enough for us to continue to recommend the stock, given the aforementioneduncertainty across the timeshare industry," Meliker said.

Starwoodshares dipped 0.89% to $81.56, while Marriott shares lost 1.24% to $69.23.

CompassPoint Research & Trading LLC analyst Steve Shaw upgraded Preferred Apartment Communities Inc. to "buy" from"neutral" and upped his price target by $2 to $14. The move follows anincrease in the analyst's 2016 AFFO estimate to $1.15 from 98 cents following higherprojected revenue.

PreferredApartment shares jumped 4.83% to $13.23.

The MortgageBankers Association reportedthat mortgage applications were down 3.4% week over week on a seasonally adjustedbasis. The purchase index was down 0.1%, also on a seasonally adjusted basis.

Now featured on SNL

: Cousins had to pay up for Parkway, but themerger and accompanying HoustonCo spinoff will likely pay off in the end for havingsaved the companies from the drags their Houston holdings would have had on theirportfolios, analysts said.

: The May4 North American property news roundup also features Agellan Commercial's sale ofa Quebec property for C$9.2 million.

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