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REIT Replay: Up, up and DJIA

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REIT Replay: Up, up and DJIA

REITs and the broader markets saw gains Tuesday, Dec. 20, as the Dow Jones Industrial Average broke 20,000 for the first time ever.

The MSCI US REIT Index (RMZ) inched up 0.16% to 1,145.19, and the SNL US REIT Equity Index ticked up 0.17% to 305.83. The Dow Jones Industrial Average gained 0.46% to 19,974.62, while the S&P 500 grew 0.36% to end the day at 2,270.76.

Brookdale Senior Living Inc. shareholder Jonathan Litt, who is the founder and chief investment officer of Land & Buildings Investment Management LLC, called on the company in a Tuesday letter to divest its portfolio of senior living properties and convert to an asset-light management company.

Brookdale Senior shares rose 2.99% to end the day at $13.10.

Care Capital Properties Inc. said in a Tuesday filing that the company and Care Capital Properties LP signed a deal for the sale of up to $250.0 million of the company's common shares in at-the-market offerings from time to time, with net proceeds earmarked for general corporate purposes, including acquisitions and investments and debt repayment.

Shares of Care Capital dropped 1.49% to close at $24.48.

Innovative Industrial Properties Inc., which recently completed its IPO, said Monday that it closed on its first sale-leaseback transaction in New York by acquiring PharmaCann LLC's newly constructed 127,000-square-foot medical-use cannabis cultivation and processing facility for $30 million.

Innovative Industrial Properties shares jumped 5.62%, closing at $17.67.

Coastal Realty Business Trust on Monday launched a tender offer for up to 1 million shares of American Realty Capital - Retail Centers of America Inc.'s common stock, representing 1.01% of the company's outstanding shares, at $5.50 apiece.

Jefferies analysts George Hoglund and Omotayo Okusanya in a Tuesday note downgraded Extra Space Storage Inc. to "hold" from "buy" and lowered the per-share price target on the company's stock to $80 from $97. The analysts said the downgrade is driven by various factors, including the potential for further rent fatigue in the company's markets driving a continued moderation in same-store net operating income growth.

Shares of Extra Space Storage fell 0.85%, closing at $74.30.

TIER REIT Inc. on Monday purchased the Domain 2 and Domain 7 office buildings encompassing 337,000 square feet in Austin, Texas, from Shorenstein Properties for about $150 million, according to the Austin Business Journal.

TIER REIT shares decreased 0.24%, closing at $16.64.

Inland Real Estate Income Trust Inc. named CEO and director Mitchell Sabshon president, effective Dec. 31, according to a Monday filing.

Now featured on S&P Global Market Intelligence

The Property Ledger: Crombie REIT closes asset sales; Automotive Properties to buy Montreal asset: The Dec. 20 edition of the North American property ledger also includes Mainstreet Health and UMH Properties closing on respective property purchases.

Market prices and index values are current as of the time of publication and are subject to change.