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REIT Replay: Monday mix

Real estate investment trusts posted notable gains and the broader markets ended in the red Monday, June 12.

The MSCI US REIT Index (RMZ) rose 0.76% to end the day at 1,165.84, and the SNL US REIT Equity Index added 0.63% to close at 316.68. The Dow Jones Industrial Average declined 0.17% to 21,235.67, while the S&P 500 closed 0.10% lower at 2,429.39.

Howard Hughes Corp. said Monday that it kicked off an offering of $200 million of its 5.375% senior notes due 2025, with proceeds earmarked for general corporate purposes.

Howard Hughes shares gained 0.08% to end the day at $126.05.

North American Development Group NNN REIT said Friday that it filed a preliminary prospectus for an initial public "blind-pool" offering of up to US$50 million of trust units.

Taubman Centers Inc. activist investor Land & Buildings Investment Management LLC intends to call a special meeting of Taubman shareholders to demand "the board of directors enact its promised and much-needed governance enhancements," according to a Monday release.

Shares of Taubman spiked 1.22%, closing at $60.61.

CIM Commercial Trust said Monday that it repurchased $576 million worth of its shares in a privately negotiated deal and declared a special cash dividend of $1.98 per common share.

CIM Commercial shares surged 8.24% to close at $16.94.

Also on Monday, AvalonBay Communities Inc. said it intends to prepay all outstanding debt totaling roughly $556.3 million under its secured debt pool with Freddie Mac.

Separately, the Puget Sound Business Journal reported Friday that AvalonBay sold the AVA University District apartment property in Seattle to American Campus Communities Inc. for $112.1 million.

AvalonBay shares dipped 0.74% to $193.55 and American Campus shares rose 0.91% to close at $47.80.

Blackstone Group LP is marketing three properties it acquired as a result of its $39 billion buyout of Equity Office Properties Trust in 2007, including the historic Ferry Building in San Francisco, Bloomberg News reported Saturday. According to the report, the private equity giant will put the Ferry Building on sale in the "coming weeks," and expects to make more than $300 million from the sale.

DiNapoli Capital Partners sold the 693-room Hyatt Regency Phoenix in downtown Phoenix to an investor group led by Gem Realty for $107 million, reported Saturday.

Extended Stay America Inc. said Monday that it settled a lawsuit that it brought against WoodSpring Hotels over the alleged misappropriation of confidential trade secrets, with the defendants agreeing to pay $1.2 million in damages to Extended Stay, among other things.

Extended Stay shares rose 2.36%, closing at $18.62.

Mack-Cali Realty Corp. said Monday that its board increased the company's quarterly cash dividend 33.3% to 20 cents per common share.

Shares of Mack-Cali gained 1.74% to close at $28.10.

Now featured on S&P Global Market Intelligence

Research Roundup: Monday, North American real estate edition: A handful of downgrades and a reiteration are featured in this roundup of recent research reports.

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