The broader markets plunged Thursday, March 22, as U.S. President Donald Trump unveiled plans to impose up to $60 billion in annual tariffs on Chinese imports, fueling prospects of a trade war between the two countries. Real estate investment trusts also closed in the red.
Urban office REIT Alexandria Real Estate Equities Inc. tapped COO Stephen Richardson and Chief Investment Officer Peter Moglia to serve as the company's co-CEOs and promoted founder Joel Marcus to full-time executive chairman from chairman and CEO, effective April 23.
Alexandria Real Estate shares declined 2.54% to end the day at $122.18.
Former lodging REIT FelCor Lodging Trust Inc. executive Michael Hughes will join Spirit Realty Capital Inc. as its new executive vice president and CFO on April 1, succeeding Phil Joseph. The single-tenant net-lease REIT also appointed Ricardo Rodriguez CFO of its planned REIT spinoff, starting in May.
Shares of Spirit Realty fell 1.01%, closing at $7.82.
H&R Finance Trust and Canadian diversified REIT H&R Real Estate Investment Trust scrapped their original internal reorganization plan in light of the U.S. federal income tax legislation signed into law in December 2017. The amended reorganization plan, which eliminates certain aspects of the original proposal including the formation of H&R Finance (2017) Trust to replace H&R Finance Trust, is expected to be rolled out by August.
H&R REIT shares rose 0.48%, closing at C$20.81.
Retail REIT Seritage Growth Properties and real estate investment manager Invesco Real Estate entered a joint venture partnership to own The Mark 302 in downtown Santa Monica, Calif., in a transaction that values the mixed-use redevelopment of the former Sears building at roughly $145 million, including costs remaining to complete the project.
Shares of Seritage Growth closed 0.61% higher at $34.81.
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