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REIT Replay: Debt wave


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REIT Replay: Debt wave

Themarkets received a shot in the arm July 8 from robust U.S. job gains. REITexperienced a slightly larger lift.

Totalnonfarm employment increasedby 287,000 in June, the U.S. Labor Department said, while the nonfarmunemployment rate rose slightly to 4.9%. The economy has added an average of147,000 jobs per month over the last three months.

TheMSCI US REIT Index (RMZ) jumped 1.60% to 1,241.34, and the SNL US REIT Equitygained 1.59% to finish at 331.49. The Dow Jones Industrial Average climbed1.40% to 18,146.74, and the S&P 500 increased 1.53% to 2,129.90.

said after market close July 7 that it pricedits private offering of $500 million of 5.125% senior notes due 2026. CareCapital Properties LP, the company's operating partnership, will issue thebonds at a price of 100% of the offering's principal amount.

Theoperating partnership plans to use the net proceeds to repay all of theindebtedness outstanding under and terminate the $600 million term loan underits credit and guaranty agreement, and to repay a portion of the outstandingbalance on its $800 million term loan under the agreement.

Thecompany expects the offering to close on July 14.

Sharesof Care Capital gained 0.93% to close at $26.18.

priced its $250million public offering of 3.625% senior unsecured notes due Aug. 1, 2046. Thenotes were offered at 97.756% of the principal amount with a yield to maturityof 3.750%, according to a July 7 release.

Thecompany will use net proceeds to, among other things, pay down the outstandingbalance under the company's revolving credit facility. The offering is expectedto close on July 12.

Sharesof Federal Realty closed Friday 0.91% higher at$167.81.

HealthcareTrust of America Inc.'s operating partnership a $350 million offering of 3.50%senior unsecured notes due 2026 at 99.721% of the principal amount, the companysaid Thursday.

The company and its operating partnership, Healthcare Trustof America Holdings LP, plan to use the net proceeds to, among other things,repay a portion of the outstanding indebtedness under the company's revolvingcredit and term loan facility.

The offering is expected to close on July 12.

Shares of Healthcare Trust of America increased 1.33% onFriday, finishing at $32.85.

Regency CentersCorp. said July 7 that it uppedthe size of its existing senior unsecured term loan facility by $100 million to$265 million, extended its maturity date to Jan. 5, 2022, and cut theapplicable interest rate to LIBOR plus 0.95%.

The company used the additional $100 million to reduce itsline of credit.

Regency shares added 0.49% to close July 8 at $83.96.

has opted in its ongoing search of strategic alternatives to on ski and mountain lifestyleproperties and attractions.

Whenit has finished executing its planned divestments, the company's portfolio willbe comprised of 43 ski and mountain lifestyle assets, according to a July 7filing. The company, meanwhile, continues to work with its financial adviser toevaluate strategic alternatives and may change its quarterly distribution.

said in aJuly 7 filing that Conn Flanigan resignedas director but will remain in the positions of secretary and general counsel.His resignation from the board was effective at the July 1 closing of the REIT'sIPO.

GlobalMedical REIT closed up 1.88% at $10.30.

U.S. hotels logged gains in the three key lodging during the week endedJuly 2, STR reported. RevPAR increased 8.6% to $88.64, while ADR jumped 3.6% to$123.97, and occupancy climbed 4.8% to 71.5%.

Now featured

: The July 8weekly news roundup in the North American real estate space includes a handfulof sizeable deals in health care, in both the medical office and life sciencearenas.

:SNL Financial on July 8 released second-quarter 2016 M&A league tables forits covered North American sectors.

:SNL Financial on July 8 released second-quarter 2016 capital markets leaguetables for its covered North American sectors.

:Our real estate editors' picks for the best stories of the week ending July 8.

Best of SNL:Real Estate, most read: The 10 most read real estate articles forthe week ending July 8.