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Essential IR Insights Newsletter - February 2023

REIT Replay: Dow-ing it right

Real estate investment trusts saw big losses and the broader markets continued to gain ground Wednesday, Aug. 2, as the Dow Jones Industrial Average closed above 22,000 points for the first time.

The MSCI US REIT Index (RMZ) shed 0.87% to close at 1,162.77, and the SNL US REIT Equity Index fell 0.75% to end the day at 315.62. The DJIA lifted 0.24%, closing at 22,016.24, while the S&P 500 closed 0.05% higher at 2,477.57.

Kimco Realty Corp. on Tuesday announced the pricing of its offering of $500 million of notes due 2025 and $350 million of notes due 2047. The company expects the offering to settle Aug. 10.

Kimco Realty shares sank 2.77% to end the day at $20.04.

Also on Tuesday, a Washington Prime Group Inc. subsidiary priced an underwritten public offering of $750 million of notes due 2024. The offering is scheduled to close by Aug. 4.

Shares of Washington Prime slumped 5.25%, closing at $8.67.

Washington, D.C.-based alternative investment firm Carlyle Group LP garnered approximately $4 billion for Carlyle Realty Partners VIII and about $1 billion for Carlyle Property Investors, PERE News reported Tuesday.

Crown Castle International Corp. said Tuesday that it wrapped up its $1.75 billion debt offering to help finance its pending $7.1 billion all-cash acquisition of LTS Group Holdings LLC, or Lightower.

Crown Castle shares rose 0.91%, closing at $101.81.

Digital Realty Trust Inc. said Wednesday that it is offering two series of senior unsecured notes due 2023 and 2027, and intends to offer shares of series J cumulative redeemable preferred stock. The company will use the net proceeds to partly repay, redeem and/or discharge debt of DuPont Fabros Technology Inc. in connection with the companies' merger, and for related expenses.

Digital Realty shares fell 0.39% to close at $117.13.

Investors opposed to Sabra Health Care REIT Inc.'s planned acquisition of Care Capital Properties Inc. got a boost after Institutional Shareholder Services urged shareholders to withhold support for the deal.

Sabra Health shares slipped 0.04% to $23.18 and Care Capital shares nosedived 2.57%, closing at $24.25.

GGP Inc. and Boston Properties Inc. announced their respective second-quarter financial results and offered guidance for the third quarter and full year.

GGP shares slid 4.90% to $21.91 and Boston Properties shares lost 0.03% to close at $121.83.

Mexican REIT Fibra Nova is set to launch an IPO on the local stock exchange Wednesday, aiming to raise roughly 2.27 billion Mexican pesos, Reuters reported.

Federal Realty Investment Trust said Tuesday that it is party to a binding contract to establish a new joint venture with Primestor Development Inc., pursuant to which the trust will invest about $345 million for an approximate 90% interest in the venture.

Federal Realty shares declined 1.16% to close at $132.84.

First Potomac Realty Trust is slashing more than half of its 120-strong workforce ahead of its merger with Government Properties Income Trust, the Washington Business Journal reported Tuesday.

First Potomac closed flat at $11.12 and Government Properties shares dropped 1.60%, closing at $17.84.

STAG Industrial Inc. said in its second-quarter earnings release Tuesday that it acquired 21 buildings for $285.6 million and sold three buildings for $6.5 million during the period.

Shares of STAG Industrial closed 0.80% lower at $27.28.

Maefield Development, in a joint venture with Fortress Investment Group LLC, and L&L Holding Co. paid $200 million to buy the hotel section of the property at 1568 Broadway in Manhattan, N.Y., for $200 million, The Real Deal reported Tuesday.

On the macro front, the Mortgage Bankers Association reported that U.S. mortgage applications in the week ended July 28 dropped 2.8% on a seasonally adjusted basis.

Earnings call coverage

GGP opts, after strategic review, to 'stay the course': On an earnings call, CEO Sandeep Mathrani said there have been bids for B-grade assets in the company's portfolio and that it will likely sell "a couple" more properties in 2017.

Boston Properties looking to grow in Los Angeles market: The company is tracking "a little under half a dozen" opportunities in the market, most if not all of them in West Los Angeles, CEO Owen Thomas said on an earnings call.

Now featured on S&P Global Market Intelligence

Data Dispatch: NAV monitor: US REITs trading at 2.5% median discount to NAV as of Aug. 1: Chart Watch: Of the top 10 companies trading at the greatest discounts to net asset value as of Aug. 1, eight were from the retail sector.

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