REITs slipped and the broader markets edged higher Wednesday,April 13, as Wheeler REIT disclosed that it picked up a 14-property portfolio ina transaction that marked the company's biggest acquisition to date.
The MSCI US REIT Index (RMZ) slid 0.43% to 1,150.47, and theSNL US REIT Equity Index declined 0.32% to finish at 307.13. The Dow Jones IndustrialAverage added 1.06% to close at 17,908.28, while the S&P 500 picked up 1.00%to end the day at 2,082.42.
Wheeler Real EstateInvestment Trust Inc. has made what it said was the REIT's biggest assetacquisition to date, prompting the company to boost its AFFO guidance for the fullyear 2016.
The company, after markets closed April 12, said it a portfolio of 14 grocery-anchoredproperties covering 603,142 gross leasable square feet in South Carolina and Georgiain a deal valued at about $71.0 million.
The REIT said it now expects 2016 AFFO per share to be in therange of 16 cents to 17 cents, up from a prior projected per-share range of between11 cents and 12 cents.
Wheeler shares leaped 4.88% to $1.29 on April 13.
Condor HospitalityTrust Inc. announced that it is back in compliance with The Nasdaq Stock Market LLC's listing standards.
The limited-service hotel REIT disclosed in an April 13 filingthat it has been notified by Nasdaq that it was able to meet the $5 million minimumvalue requirement for at least 10 consecutive business days.
Condor shares jumped 3.37% to $1.84 on Wednesday.
In capital offerings, CommunityHealthcare Trust Inc. has wrappedup its public offeringof 4.5 million common shares, which included a 30-day underwriters' option to buyup to 675,000 additional shares.
The offering, priced at $17.75 per share, pulled in roughly $75million in net proceeds, which will be funneled to Community Healthcare OP LP, thecompany said after market close April 12.
Community Healthcare shares inched up 0.05% on Wednesday to $18.25.
In executive moves, RedLion Hotels Corp. announced after market close April 12 that it tappedDavid Wright, its vice president of accounting, tax and external reporting, to takeover as interim CFO, effective immediately.
Wright is assuming the post after James Bell as CFO to pursue a different professionalventure. The full-service hotel company said it has engaged AETHOS Group to helpit find a permanent CFO.
Red Lion shares dropped 2.58% on April 13 to $8.30.
In dividend news, HospitalityProperties Trust announced April 13 that it will pay a regular quarterly cash distributionof 51 cents per common share on or about May 19 to shareholders of record as ofthe close of business April 25.
The company said the increased distribution equates to a 1-cent-pershare boost from a priorpayout of 50 cents per common share.
Shares of Hospitality Properties gained 1.28% to $26.90 on Wednesday.
Meanwhile, GladstoneLand Corp. raisedits monthly cash distribution by 3.1% to 4.125 cents per share.
The company said April 12 that the increased distribution willstart with the payouts for the months of April, May and June.
Gladstone Land shares tacked on 0.30% to $10.06 on April 13.
On the macro front, the Mortgage Bankers Association reportedApril 13 that U.S. mortgage applications in the week ended April 8 10% week over week on a seasonallyadjusted basis.
Conference Chatter:Blackstone's Gray talks potential privatization wave, confirms sale of StrategicHotels to Anbang: The private equity firm's real estate chief discusseda range of topics, including the future of Invitation Homes, at New York University'sannual REIT symposium.
The Property Ledger:Terreno details Q1 industrial asset buys, sales; Hudson Pacific unloads Calif. R&Dbuilding for $19M: The April 13 edition of North American property newsroundup also features a Marcus Corp. subsidiary's theater acquisition in Illinoisand RioCan's groundbreaking of a development project in Canada.
Market prices and indexvalues are current as of the time of publication and are subject to change.