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REIT Replay: Markets close lower on renewed trade tensions

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REIT Replay: Markets close lower on renewed trade tensions

The Dow Jones Industrial Average and the S&P 500 closed in the red for the third trading day in a row as investors digested new signs that the U.S. Commerce Department will grant fewer product exclusions to tariffs. Real estate investment trusts held steady Wednesday, March 14.

Multifamily REIT Mid-America Apartment Communities Inc. amended its bylaws to adopt a proxy access provision, while prison REIT GEO Group Inc. is recommending against a shareholder proposal to amend its bylaws governing proxy access.

Mid-America Apartment shares edged 1.02% higher to close at $90.38, while GEO Group shares declined 1.81% to close at $21.75.

Mizuho Securities USA LLC's Richard Anderson upgraded Sabra Health Care REIT Inc. to "buy" from "neutral" and raised his per-share price target on the company's stock to $24 from $18.

Anderson argued in a March 14 note that the need for rent reductions related to the Care Capital Properties Inc. portfolio, which it acquired in 2017, can be traced back in part to the behaviors of previous owners and not something that occurred on the company's watch. The analyst also sees silver linings for the stock, including Sabra's improved balance sheet, greater trading liquidity and decreased exposure to skilled nursing facility operator Genesis Healthcare Inc.

The analyst said he thinks the healthcare REIT "has a shot at a one step back, two steps forward type of scenario, assuming the company takes a more measured approach to external growth going forward."

Sabra shares climbed 0.84%, closing at $18.09.

Single-family rental REIT Reven Housing REIT Inc. said its board approved the company's new buyback plan of up to $500,000 of shares, which will run through Dec. 31.

Reven Housing shares jumped 2.84%, closing at $3.99.

Lodging REIT Xenia Hotels & Resorts Inc. finalized its divestment of the leasehold interest in the Aston Waikiki Beach Hotel in Honololu for $200 million, with the proceeds to be used for general corporate purposes.

Shares of Xenia Hotels ticked down 0.25% to close at $20.05.

Single-tenant-focused retail REIT Realty Income Corp. increased its monthly cash dividend to 21.95 cents per common share from 21.9 cents apiece, payable April 13.

Realty Income shares slid 0.12%, ending the day at $51.39.

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