Commercial real estate
*Starwood Hotels & ResortsWorldwide Inc. said first-quarter net income attributable to the companytotaled $90 million, or 53 cents, compared to $99 million, or 58 cents pershare, in the year-ago period.
Incomefrom continuing operations totaled $90 million in the first quarter, comparedto $99 million in the first quarter of 2015. Excluding special items, incomefrom continuing operations was $118 million, compared to $110 million year overyear.
*National HealthCareCorp. will pay a quarterly dividend of 45 cents per common share to shareholders ofrecord June 30. The dividend reflects a 12.5% increase on the previous quarter,and is payable Sept. 1.
* adviser Universal Health Services Inc. a $445 million cash deal toacquire minority ownership interests in six acute-care hospitals in Las Vegasfrom an undisclosed third party.
*Wyndham Worldwide Corp.'sRCI timeshare brand is partnering with Cuba Travel Services to arrangeso-called "people-to-people" educational tours to Cuba.
*General Growth PropertiesInc. and Thor Equities' $85 million acquisition of 220 West 57thSt. in Manhattan, N.Y., is expected to close in June, The Real Deal reported,citing unnamed sources. The 22,000-square-foot property will be vacated inearly June, clearing the way for potential development on the site, accordingto the report.
Thenews outlet noted that the sale is moving forward despite an ongoing .
* The Wall Street Journal reportedthat the Bank of China is set to occupy 470,000 square feet at the 28-story7 Bryant Park towerin Manhattan that it acquired for $600 million in 2014. The bank will take upmore than half of the building for its new U.S. headquarters in the autumn, thereport said.
*TruAmerica Multifamily has snapped up three apartment properties in Baltimore,Md., in a deal valued at $187 million. The portfolio comprises 1,004 units, andthe properties are located in Annapolis, Elkridge and Nottingham, according toa newsrelease.
* DreverCapital Management has completed the acquisition of the 1.3 million-square-foot 1401 Elm St.tower in Dallas for $65 million, the DallasBusiness Journal reported.The California-based firm intends to redevelop the vacant downtown office towerto provide 335 apartments and a 225-room luxury hotel, along with retail,restaurant and entertainment space, the report said. The redevelopment isexpected to complete in 2018.
*The Atlanta City Council gave the go-ahead for the sale of the 77-acreTurner Field stadiumproperty and surrounding land to Georgia State University, paving the way for a$300 million redevelopment plan, the AtlantaBusiness Chronicle reported.The university will work with local developer Carter Inc. to provide retail,residential and student housing elements, along with football and baseballstadiums, the report said.
*The Nashville Business Journal featureda look at a developer's $90 million plan to create a mixed-use quarter with250,000 square feet of office, retail and condo space in Nolensville, Tenn.,near Nashville.
After the bell
*China's Dalian Wanda CommercialProperties Co. Ltd. and Magellan Development Group are set tolaunch theconstruction of the 95-floor Vista Tower in Chicago in the summer, according to anews release from mayor's office. The scheme will feature a 200-room hotel, 406condominiums and nearly 9,000 square feet of retail space.
*New York REIT Inc. isreportedly in talksto merge with privately held real estate investment firm The JBG Cos.
*Vornado Realty Trust'sfirst-quarter FFO attributable to common shareholders plus assumed conversionstotaled $203.1million, or $1.07 per share, compared to $220.1 million, or $1.16per share, in the year-ago quarter.
*General Growth Properties' FFO for the first quarter came to $382.8 million, or 40 cents pershare, up from $309.3 million, or 32 cents per share, in the year-earlierquarter. The figures represent increases of 23.7% and 24.2% on an aggregatebasis and per-share basis, respectively.
*Extra Space StorageInc. reported year-over-year FFO growth in the first quarter and raised its full-year2016 guidance range. FFO attributable to common stockholders totaled $104.9million, or 79 cents per share, for the quarter, compared to $84.5 million, or68 cents per share, in the year-ago period.
*MacKenzie Realty CapitalInc. initiated a cash tender offerto buy up to 1.0 million of AppleREIT Ten Inc.'s units, comprising common shares and series Apreferred shares, at $9.18 apiece.
*La Quinta HoldingsInc. is facing a lawsuit in New York from certain investors overallegations that the company violated securities laws.
*S&P Global Ratings upgraded Iron Mountain Inc.'s corporate credit to BB- from following the of the company's purchase ofAustralian peer Recall Holdings Ltd.
The day ahead
Early morning futures indicators pointed to a lower openingfor the U.S. market.
The Hang Seng was down 1.85% to 20,676.94 while the FTSE 100was down 1.15% to 6,169.88.
On the macro front
The Motor Vehicle Sales report, Gallup US ECI and Redbook aredue out today.
Data Dispatch:REITs only slightly scathed by planned Sears, Kmart closures:Although 14 REITs report Sears or Kmart as a top tenant, they have minimalexposure to the latest round of planned store closings, according to S&PGlobal Market Intelligence data.
HershaHospitality closes JV with Chinese investor, after a delay: The$571.4 million venture, for seven Manhattan, N.Y., properties, could foreshadowfuture joint investments, executives said.
EducationRealty is buying opportunistically, despite slimmer yields, execssay: In a conference call, company executives said they also have becomecomfortable with slimmer development yields on properties near top-tieruniversities.
Leaving LasVegas was the right move for Camden, CEO says: "The decisionto exit Las Vegas was a balance between losing a market with above-average NOIgrowth for the near term versus the long-term challenges that Las Vegasfaces," Chairman and CEO Richard Campo said during an earnings call.
The Daily Dose isupdated as of 7:30 a.m. ET. Some external links may require a subscription.Articles and links are correct as of publication time.
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