This feature rounds uprecent property news from covered companies and highlights larger deal coveragealready published.

* Extra Space StorageInc. acquired 21 wholly owned operating stores and two stores at completionof construction during the first quarter for approximately $225.2 million.During the same period, it also acquired two stores at completion of constructionwith joint venture partners for approximately $34.5 million.

Subsequent to the quarter-end, it acquired nine operating storesand one upon completion for $88.0 million. It also sold seven stores for a totalof $18.0 million.

* National RetailProperties Inc. invested $125.2 million in property investments in thefirst quarter, including 46 properties with an aggregate 591,000 square feet ofgross leasable area at an initial cash yield of 7.0%. The company also divested10 properties during the quarter for $52.8 million, generating a gain on sale of$16.9 million.

* Preferred ApartmentCommunities Inc., through its wholly owned unit New Market PropertiesLLC, in April acquired six grocery-anchored retail shopping centers with an aggregateof roughly 535,000 rentable square feet in three states, Georgia, South Carolinaand Alabama.

The purchase price was approximately $68.7 million, exclusiveof acquisition- and financing-related transaction costs. It funded the acquisitionsutilizing separate first mortgage loans for four of the six properties from UnumLife Insurance Co. of America, Colonial Life & Accident Insurance Co. and FirstUnum Life Insurance Co. for an aggregate amount of approximately $25.0 million,with the rest of the purchase price paid from the company's available funds.

* Sabra HealthCare REIT Inc. said that subsequent to March 31, it exercised its rightof first offer to acquire NMS-Springbrook — a 93-bed skilled nursing facility inMaryland — for $50.0 million. The property is operated by NMS Healthcare.

Sabra noted that upon completion of the purchase — anticipatedto occur during the third quarter — the property will be added to the company'sexisting master lease with NMS, with the amended master lease to have a 15-yearterm from the purchase, with two 10-year renewal options and annual rent escalatorsequal to the greater of 2.50% or CPI, but not to exceed 2.75%.

The company expects the property to generate incremental annuallease revenues of $5.2 million and an initial yield on cash rent of 8.75%.

* CareTrust REITInc. bought English Meadows Elks' Home, a 175-unit independent and assistedliving campus in Bedford, Va., for $10.0 million. The property was added to itsexisting triple-net master lease with Twenty/20 Management Inc., and produces additionalannual rental revenue of some $830,000 under the lease.

Additionally, CareTrust acquired a two-property, 67-unit seniors-housingportfolio in North Carolina in a single transaction for $11.8 million.The portfolio includes Croatan Village, a 46-unit assisted living and memory carefacility, and Countryside Village, a 21-unit memory care facility. In connectionwith the acquisitions, the company entered into a triple-net master lease for bothassets with Premier Senior Living LLC. The investments generate initial annual rentalrevenue of approximately $1.0 million to CareTrust under the terms of the masterlease, which carries an initial term of 15 years with two five-year renewal optionsand CPI-based rent escalators.

CareTrust also purchased Shaw Mountain at Cascadia, a 98-bedskilled nursing facility in Boise, Idaho, for $8.9 million. In connection with theacquisition, CareTrust entered into a triple-net lease with Cascadia HealthcareLLC. The investment generates initial annual rental revenue of approximately $850,000to CareTrust under the terms of the master lease, which carries an initial termof 15 years with two five-year renewal options and CPI-based rent escalators.

* Armada HofflerProperties Inc. closed the acquisition of Southgate Square, a 220,000-square-foot retailcenter adjacent to Southpark Mall in Colonial Heights, Va., for a combination of$21.1 million of debt and 1,575,185 units of limited partnership interest in thecompany's operating partnership. The acquisition adds roughly 220,000square feet of 100% occupied retail space to the company's operating property portfolio.Southgate Square is anchored by a newly opened Burlington store on a 15-year lease.

Additionally, Armada agreed to invest $42.0 million in The Residencesat Annapolis Junction Town Center, with options to acquire a controlling interestupon the project's completion.

It also entered into agreements to sell for $28.3 million threeof the retail centers acquired as part of the 11-asset portfolio purchase completedin January.

* Following the end of the first quarter, LTC Properties Inc. completed the acquisition of two memorycare communities in Kansas totaling 120 units for an aggregate purchase price of$25.0 million. The properties were added to an existing master lease agreement atan initial incremental cash yield of 8%.

Separately, it also completed the purchase of a 60-unit memorycare community in Kentucky for $14.3 million, and added the property to an existingmaster lease agreement at an initial incremental cash yield of 8%.

* Chesapeake LodgingTrust offloaded a five-room villa building and related land parcel atHyatt Centric-Santa Barbarain California in April for $2.1 million. The company expects to recognize an approximately$600,000 gain on sale of hotel in the second quarter.

* Liberty PropertyTrust said it will break ground on its first building this spring atLiberty Logistics Center II,a new 73­-acre industrial park, in Phoenix. John DiVall, senior vicepresident, said in a release that the 222,910-square-foot distribution facilitywill "fill a hole in Phoenix's southwest valley, which has not seen a multitenantdevelopment of this scale in more than five years."

The building is divisible down to approximately 40,000 squarefeet and is expected to be completed late in the third quarter. Simultaneously,the company will develop the pad for a second building totaling 280,280 square feetthat may also be constructed this year depending on leasing activity at the project.

* Slate RetailREIT entered into a binding agreement to buy the Flowers Plantationshopping center in North Carolina for US$6.3 million, or US$118 per square foot.The company said the property is 97% occupied and anchored by Delhaize Group unitFood Lion. The company expects to wrap up the acquisition in the second quarter,subject to customary closing conditions.

Additional coverage:

Vornado's prospectiveDC spinoff looking more likely: Exchanges with management during theQ&A segment of the company's May 3 earnings call suggested a spinoff of Vornado'sWashington, D.C., business could come sooner rather than later.

Welltower's NYCproperty will target an 'affluent, cognitively challenged population,' CEO says:The property, to be developed with Hines, is part of the REIT's strategy of focusingon top-tier markets, company executives said in an earnings conference call.

General Growthlogs 24.2% company FFO-per-share gain for Q1: The company reaffirmedits full-year expectations and offered a second-quarter outlook.

General Growthpursuing JVs on several assets: The company plans to primarily use proceedsfrom any stake sales to pay down debt.

Education Realtyto acquire $284M of collegiate housing communities: In addition, thecompany sold the 605 West student housing community near Duke University for $52.4million in net proceeds, according to a release.

RioCan's sale ofUS portfolio to Blackstone fund delayed: The Canadian REIT said thedelay is a result of needing additional time to fulfill one of the principal closingconditions necessary to obtain the consent of third-party lenders.

CubeSmart keepsbusy on the acquisition, development fronts: The company provided anupdate on its recent property activities in releasing its first-quarter results.

National Retailexecs field questions on 'difficult' sporting goods segment: The troublebrewing among sporting goods retailers again reared its head in conversation withmanagement.

Resource Real EstateOpportunity REIT II to buy Portland, Ore., apartment property: The companyagreed to pay $81.5 million, excluding closing costs, for the 357-unit property.

Piedmont Officesells 3 Calif. assets after Q1: The properties were spread in Pasadena,Brea and Irvine, Calif.

Alexandria RealEstate details recent operational activities: The company said it isrecycling $104.4 million in estimated proceeds from the sale of its investmentsin Asia in separate transactions in the next 12 months.

Rayonier acquirestimberlands in Washington, Oregon: The company also sold timberlandsin Washington.