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REIT Replay: Markets, REITs lose ground

The Dow Jones Industrial Average traded lower and the S&P 500 hit its lowest level since entering into correction territory in February amid a sell-off in technology stocks. Real estate investment trusts also closed in the red Monday, March 19.

Diversified commercial real estate company Brookfield Property Partners LP reportedly improved its takeover offer for regional mall landlord GGP Inc. The new bid includes a slightly higher cash component and a new security for GGP stockholders that would trade as a REIT, according to a report from Reuters.

GGP shares ticked down 0.92% to close at $21.52.

S&P Global Ratings affirmed Simon Property Group Inc.'s ratings, including its A corporate credit rating, with a stable outlook.

The rating agency argued that the regional mall giant is likely to see steady operating performance amid the challenging U.S. retail landscape, thanks to its high-quality asset portfolio and disciplined redevelopment investments.

Simon shares dipped 1.08%, closing at $155.43.

Net-lease REIT W. P. Carey Inc. named Clark Enterprises Inc. President Robert Flanagan to its board, while Prologis Inc. nominated Google Inc. executive Cristina Bita for election as an independent director at the warehouse giant's May 2 annual shareholder meeting.

W. P. Carey shares and Prologis shares both slid 0.77% to close at $61.96 and $63.34, respectively.

Life Storage Inc. announced certain changes to its board, including the upcoming retirement of Chairman Robert Attea and President Kenneth Myszka. The self-storage REIT also reached a deal related to the immediate appointment of CEO David Rogers to the board, and Dana Hamilton and Edward Pettinella as independent directors, whereby shareholder activist Land & Buildings Investment Management LLC agreed to vote its shares in favor of all board nominees.

Life Storage shares slipped 0.43% to close at $81.40.

Pure Industrial Real Estate Trust trustee Lis Wigmore was appointed to the board of healthcare real estate company Invesque Inc.

Shares of the Canadian industrial REIT stayed flat to end the day at C$8.06.

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Q&A: For owners of weaker Toys R Us locations, 'decisiveness is key': S&P Global Market Intelligence caught up with Hessam Nadji, president and CEO of Marcus & Millichap, to hear his read on the impact Toys R Us' liquidation will have on the retail real estate market.

Mizuho upgrades GGP; Compass Point suspends Wheeler REIT coverage: Hospitality Properties Trust also received a rating upgrade from Wells Fargo Securities.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.

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