REITsand the broader markets closed in the red, Thursday, April 28, a day after the FederalOpen Market Committee announcedits decision to not change the federal funds rate.
The MSCIUS REIT Index (RMZ) closed down 0.23% to 1,140.26, while the SNL US REIT EquityIndex lost 0.28% to 304.45. The Dow Jones Industrial Average slid 1.17% to 17,830.76,and the S&P 500 gave back 0.92% to 2,075.81.
Thursday that it leasedthe entirety of its 222 E. 41st St. property in New York City to NYU Langone MedicalCenter for 30 years. "Our ability to secure a long-term tenant with an esteemedreputation like NYU, while also successfully addressing the most significant leaseexpiration in our portfolio with minimal downtime, is a testament to this building'squality and the ability of our local team," Columbia President and CEO NelsonMills said in a release.
He addedthat the Columbia team is now fully engaged in leasing up its 315 Park Ave. Southproperty.
Columbiashares rose 5.09% to close at $22.70.
also saw strongmovement in its share price Thursday. The company announced that it its quarterly dividend by halfa cent to 9 cents per share.
SoTHERLYshares gained 4.90% to end at $5.35.
a portfolio of 12 industrialfacilities spanning 1.5 million square feet for $115.2 million. Most of the assetsare in major markets including New Jersey, Los Angeles, Chicago, Baltimore and Toronto.
Gramercyshares lost 1.17% to $8.46.
more than $1.0 billion of debtyear-to-date, eliminating all of its near-term debt maturities. "These dealshighlight our relentless effort to maintain a fortress balance sheet with well-ladderedmaturities and low leverage, as well as a significant pool of unencumbered assets,"CFO Leslie Hale said in a release.
RLJ Lodgingshares dropped 1.90% to $21.66.
An investordisclosed a 4.6% stakein Ashford Hospitality Prime Inc.on Wednesday. Snow Park Capital said in a statement that it encourages the companyto "expeditiously" move on its $50 million buyback plan "to take advantage of its depressed trading price."
AshfordPrime shares dropped 1.92% to $11.22.
disclosed with its first-quarter earnings after the close Wednesday evening thatit found an institutional buyerfor six of its suburban Maryland office assets for $240 million. The Washington Business Journal identified thebuyer as an affiliate of BrookfieldProperty Partners LP.
WashingtonREIT also plans to sell a suburban Maryland apartment asset later this year, andit agreed to buy Riverside Apartments in Alexandria, Va., for about $244.8 million.
WashingtonREIT shares gained 0.20% to $29.37, and Brookfield Property sharesadded 0.17% to C$29.81.
A numberof companies reported earnings after the close Wednesday, including , and
AvalonBayreported a 10.1% year-over-yearboost in FFO per share to $2.07, while Marriott saw adjusted EPS for the first quarter rise 19% over theyear-ago period. Kimco's first-quarter FFOwas 1 cent higher year over year for the first quarter, at 38 cents.
AvalonBaysaw shares edge up 0.02% to $179.56, Marriott tacked on 0.82% to $69.24 and Kimcotraded down 1.04% to $28.42.
Hoteldata firm STR Inc., in its weekly data report, noted that U.S. hotels logged decreases in RevPAR and occupancyduring the week ended April 23, while ADR was higher week over week. Los Angeles/Long Beach and New Orleans saw double-digit boostsin ADR, up 11% and 10%, respectively.
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Data Dispatch:Upgrades, downgrades about even in S&P's recent REIT ratings actions:
Data Dispatch:Upgrades, downgrades about even in S&P's recent REIT ratings actions:Of the 93 U.S. equity REITs with Standard & Poor's Ratings Services'corporate ratings, 73% are investment grade, with members of the shopping center,self-storage, regional mall and multifamily sectors boasting 100% investment-graderatings.
: This roundupof recent guidance from real estate companies includes updates from Duke Realty,Sovran Self Storage and Equity One.
Conference call coverage
Growth in broader economy willsustain hotels, Marriott CEO argues, dismissing downturn talk: Marriott International Inc. President and CEO Arne Sorenson predicted improvingGDP growth and transient bookings in the rest of 2016, and disputed a more bearishassessment from his counterpart at LaSalle Hotel Properties.
: In an earningsconference call, Chairman, President and CEO Ronald Havner Jr. said that despitemore product, lower quality and higher prices in the market for storage propertiesthan in 2015, Public Storage has found assets to buy.
:On an earnings call, CEO John Case briefly addressed the expected impact of SportsAuthority's planned liquidation.
: The development, on East 96th Street inManhattan, is a public-private partnership that is expected to include 1,100 apartments,20,000 square feet of retail space and two public school buildings.
Duke Realty CEO:Pennsylvania concerns are 'misplaced': Management attributed the company'soccupancy decline entirely to a spec development in the Lehigh Valley while testifyingto the overall strength of the region.
Market prices and index values are current as of the time ofpublication and are subject to change.