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REIT Replay: Back in the black

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Message in a (Word)Cloud

Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


REIT Replay: Back in the black

The broader markets posted gains Wednesday, July 20, while REITslost some ground.

The MSCI US REIT Index (RMZ) ticked down 0.03% to 1,254.10, andthe SNL US REIT Equity Index was essentially flat, falling 0.01% to finish at 335.14.The Dow Jones Industrial Average added 0.19% to close at 18,595.03, while the S&P500 gained 0.43% to end the day at 2,173.02.

CBL & AssociatesProperties Inc. is facing a lawsuit from U.S. Bank NA for allegedlydefaulting on a $140.0 million loan secured by its Chesterfield Mall in Chesterfield, Mo.

In a suit filed in the Circuit Court of St. Louis County, thelender is requesting thata receiver be appointed to take immediate possession of the property, which it estimatesis worth $63.0 million.

Shares of CBL & Associates lost 0.18% to close at $11.07.

SL Green RealtyCorp. disclosed Wednesday that Bloomberg LP signed an expansion lease for 204,442 square feet of spaceat the company's 47-story tower at 919Third Ave. in Manhattan, N.Y.

Additionally, Omnicom Group agreed to extend its lease for 64,111square feet of space at another of the company's Manhattan assets. The propertyat 220 E. 42nd St. is known as TheNews Building.

SL Green shares inched up 0.02% to $110.90.

Equity LifeStyleProperties Inc. disclosed that it expects to close on roughly $88.0million in mortgage loans in the third and fourth quarters under rate lock agreementssigned with institutionallenders. The company aims to use the proceeds to retire various loans that willmature in late 2016 and early 2017.

The company added that it recently purchased two properties inZephryhills, Fla., and Fairview, Ore., for roughly $75.2 million and about $17.6million, respectively. It also offered FFO guidance for the third quarter and revisedits outlook for the full year.

Equity LifeStyle shares dipped 1.17% to close at $80.38.

Lexington RealtyTrust announced Wednesday that it obtained a $197.2 million first mortgage loan and will usethe net proceeds for build-to-suit funding and other general working capital purposes.

The non-recourse loan is secured by the company's 64,100-square-foot,four-building campus development project in Lake Jackson, Texas, that will be fullyleased to The Dow Chemical Co.

Lexington shares edged 0.38% lower, closing at $10.44.

In a Wednesday note, Evercore ISI analysts Rich Hightower andSteve Sakwa downgraded Hyatt HotelsCorp. to "sell" from "hold" and and to "hold"from "buy."

The pair argued that the lodging stocks' recent outperformanceis "unjustified," given the sector's seemingly worsening fundamental outlookin terms of RevPAR growth, low return potential relative to price targets and otherareas.

Hyatt shares gave up 0.34% to close at $50.44, and shares ofHost Hotels shed 0.75% to $17.12, while Pebblebrook shares gained 0.57%, endingthe day at $29.97.

On the macro front, the Mortgage Bankers Association reportedthat U.S. mortgage applications for the week ended July 15 fell 1.3% week over week on a seasonally adjusted basis.

Now featured on S&PGlobal Market Intelligence:

Excitement buildsaround Cuba hotels, but progress may take years: A thaw in U.S.-Cubarelations is prompting new waves of tourism and hotel construction, but observerssay the island is years away from competing with other Caribbean destinations.

Data Dispatch:Ahead of GICS change, a review of REIT outperformance: A seasoned REITportfolio manager pointed to several factors that have made the current real estatecycle particularly long and its upswing particularly strong.

The Short Report:June 2nd half sees uptick in gaming short interest: Red Rock Resortsexperienced the biggest short interest gain, while Penn National was the most shortedgaming stock as of June 30.

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