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REIT Replay: On a good note

Real estate investment trusts and the broader markets continued to rise Friday, June 2.

The MSCI US REIT Index (RMZ) grew 0.96% to 1,153.90, and the SNL US REIT Equity Index rose 0.91% to close at 314.77. The Dow Jones Industrial Average added 0.29% to close at 21,206.29, while the S&P 500 closed 0.37% higher at 2,439.07.

Healthcare Trust of America Inc. said Thursday that its operating partnership priced a $900 million multi-tranche debt offering, with proceeds earmarked to fund a portion of the company's $2.75 billion purchase of Duke Realty Corp.'s medical development platform and portfolio of medical office buildings.

Healthcare Trust of America shares rose 1.64%, closing at $31.63.

Park Hotels & Resorts Inc. priced a secondary offering of 15 million common shares initiated by certain Blackstone Group LP affiliates. The offering, priced at $26.15 per share, is set to close June 7.

Shares of Park Hotels & Resorts went up 4.68%, closing at $27.29.

An ARC New York City REIT Inc. shareholder warned against a number of charter amendment proposals that it deemed to be unfriendly to the company's shareholders. According to a Thursday filing, the proposals will be up for consideration at the company's annual shareholder meeting, scheduled for June 27.

American Tower Corp.'s board increased the company's quarterly cash distribution to 64 cents per common share from 62 cents per share, the company announced Thursday.

Shares of American Tower ticked up 0.50%, closing at $132.49.

KKR & Co. LP aims to raise $1.5 billion for its second U.S. real estate opportunity fund, which has attracted $427 million at its initial close, IPE Real Estate reported Friday.

New York REIT boosted its indirect equity interest in Worldwide Plaza in Manhattan, N.Y., to 98.8% with the approximately $276.7 million purchase of an additional 49.9% interest in the mixed-use building, according to a Thursday release.

New York REIT shares added 0.81% to close at $8.68.

Alexander's Inc. said Thursday that it completed a $500 million refinancing of the office portion of its property at 731 Lexington Ave. in New York City.

Shares of Alexander's gained 2.80% to close at $426.35.

Kennedy-Wilson Holdings Inc. said Friday that it acquired a 573,000-square-foot, three-building office campus in Issaquah, Wash., for $153 million.

Kennedy-Wilson Holdings shares closed 1.80% higher at $19.75.

A Marriott International Inc. unit sold the 446-room Charlotte Marriott City Center in Charlotte, N.C., to Carey Watermark Investors 2 Inc. for roughly $170 million, the companies said Friday.

Marriott International shares gained 1.27% to close at $110.06.

Spirit Realty Capital Inc. President and CEO Jackson Hsieh joined Hersha Hospitality Trust's board as a class II trustee, according to a Thursday filing.

Shares of Spirit Realty went down 0.13% to $7.46, and Hersha Hospitality shares increased 0.11% to close at $19.00.

Ladenburg Thalmann & Co. Inc. analysts Daniel Donlan and John Massocca, in separate Friday notes, initiated coverage on Gaming and Leisure Properties Inc. and MGM Growth Properties at "buy" with a respective per-share price target on the companies' stock of $41.00 and $32.00, respectively.

For Gaming and Leisure Properties, the analysts said the lower cash flow volatility and experiential nature of regional gaming make the company "a solid relative value and yield play" in the single-tenant net lease sector.

Meanwhile, MGM Growth's experiential net lease narrative and the underlying cash flow strength of the company's gaming and destination resort assets looks "highly attractive" relative to traditional net lease, the analysts noted.

Gaming and Leisure shares rose 0.57% to $37.12 and MGM Growth shares slid 0.64%, closing at $28.04.

On the macro front, a study by real estate advisory firm Savills showed that the level of global trading in real estate increased 25% above the 10-year average to roughly $770 billion in 2016 as investors flock to the property market amid geopolitical uncertainty.

STR data showed that U.S. hotels logged positive performance for the week ended May 27, with revenue per available room, average daily rate and occupancy all registering year-over-year increases.

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