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REIT Replay: Markets start fall on the rise

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REIT Replay: Markets start fall on the rise

REITs and the broader markets kicked off the fall season ona positive note Thursday, Sept. 22, extending their after the Fed's decision Wednesdayto keep interest rates intact.

The MSCI US REIT Index (RMZ) climbed 1.68% to 1,219.73, andthe SNL US REIT Equity Index gained 1.77% to finish at 325.73. The Dow JonesIndustrial Average added 0.54% to close at 18,392.46, while the S&P 500rose 0.65% to end the day at 2,177.18.

VentasInc. disclosed in a Wednesday filing that Ventas Realty LP, itsoperating partnership, issued and sold $450 million of 3.250% senior notes due2026 at 99.811% of their principal amount. The net proceeds from thejust-completed public offering will go toward general corporate purposes.

Ventas shares popped 1.96% to close at $71.44.

First CapitalRealty Inc. reopened a C$150 million bought-deal of its 3.604% series T seniorunsecured debentures due May 6, 2026, and will use the net proceeds primarilyto fund the capital requirements for its planned .

The company said Thursday it priced the additionaldebentures at C$102.431 per C$100 principal amount plus accrued interest with a3.30% effective yield to maturity, and it expects the offering to close Sept.29.

First Capital shares inched up 0.27% to C$22.40.

Gaming andLeisure Properties Inc. disclosed in a Thursday filing that ittapped Deloitte &Touche LLP to replace Ernst & Young LLP as its independent registeredpublic accounting firm for the year ending Dec. 31. The change went into effectSept. 19.

Gaming and Leisure shares added 1.37%, closing at $34.00.

W. P. CareyInc. announced after market close Wednesday that it Mark Alexander andChris Niehaus as board members, as directors Robert Mittelstaedt and Karstenvon Köller retired. The changes, which became effective immediately, kept thenumber of board members at 13.

W. P. Carey shares added 1.39% to close at $67.16.

In a Thursday note, FBR & Co. analysts Bryan Maher andWendy Ma said they have become more constructive on the storyfollowing the company's recently completed acquisition of Apple REIT Ten Inc.

They recommended, however, that investors wait for a"slightly more attractive entry point" and maintained a "marketperform" rating on Apple Hospitality in the near term, citing theheadwinds of softer lodging demand, the lodging cycle's general lateness andthe possibility for interest rate hikes that they said can challenge REITvaluations. Their per-share price target on the company's stock is $20.

Apple Hospitality shares climbed 0.53%, ending the day at$18.80.

In broader news, the Federal Housing Finance Agency'smonthly house price index showed that U.S. house prices in July 0.5% month over monthon a seasonally adjusted basis. Year over year, home prices were up 5.8%, withall nine census divisions experiencing gains.

U.S. existing-home sales, meanwhile, 0.9% month over month in Augustto a seasonally adjusted annual rate of 5.33 million, according to the NationalAssociation of Realtors. Recent job growth has not translated into higher homesales "because supply and affordability restrictions continue to keep toomany would-be buyers on the sidelines," NAR Chief Economist Lawrence Yunsaid.

Now featured onS&P Global Market Intelligence

Data Dispatch:Farmland like data centers of yesterday — small but poised toflourish: The farmland REITs' still-small market caps are alimiting factor in a market that prizes liquidity, but observers see promisefor further consolidation and growth in Farmland Partners' acquisition ofAmerican Farmland.

Hires andFires: Real Estate moves through Sept. 21, North America edition:This feature presents a weekly rundown of recent significant management andboard changes and personnel moves in the North American real estate industry,including U.S. REITs and REOCs, homebuilders and gaming operators.

The PropertyLedger: Duke Realty picks up Calif. development site; Terreno buys Calif.industrial facility: The Sept. 21 edition of the North Americanproperty news roundup also features Plaza Retail REIT's plan to invest roughlyC$21.0 million in 14 Canadian projects.

Market prices andindex values are current as of the time of publication and are subject tochange.