trending Market Intelligence /marketintelligence/en/news-insights/trending/Pm_jWZJL4tASHD5cq6K-fQ2 content esgSubNav
In This List

REIT Replay: New heights


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

REIT Replay: New heights

REITsclosed roughly flat as the Dow Jones Industrial Average and S&P 500 reachednew record highs on Tuesday, July 12.

The MSCI US REIT Index (RMZ) inched down 0.01% to 1,249.75, whilethe SNL US REIT Equity rose 0.08% to 333.88. The Dow Jones Industrial Averageadded 0.66% to close at 18,347.67, and the S&P 500 increased 0.70% to2,152.14.

said after market closeMonday that President and CEO Lauralee Martin and was replaced by MichaelMcKee, executive chairman since May. Martin is also leaving her seat on theboard.

Thecompany expects to record a severance charge of roughly 3 cents per share inthe third quarter related to Martin's departure. It said its search for a newpermanent CEO could take "between three and six months."

Theequity research community thinks HCP is likely to hire a permanent replacementfrom within its ranks.CFO Tom Herzog and Chief Investment Officer J. Justin Hutchens are top picks,but analysts also threw up the name of Kai Hsiao, executive vice president ofseniors housing asset management.

HCPshares climbed 1.34% to close July 12 at $37.03.

Inother personnel news, DigitalRealty Trust Inc. nameddirector Laurence Chapman as vice chairman of the company, effective July 11.

AndThomas Morey, senior vice president, general counsel and corporate secretary atWashington Real Estate InvestmentTrust, stepped down,effective July 26.

DigitalRealty shares slipped 0.20% to $109.63 on Tuesday, while Washington REIT sharesrose 0.62% to close at $32.65.

NationalSecurities analyst John Benda initiated coverage of with a "neutral"rating and a $20.00 price target. The analyst is positive on the industrialsector but thinks the upside is limited in Rexford's case, given the "significantpremium" at which the company trades relative to other larger and moreexperienced players in the space.

Still,Benda likes the company's Southern California focus.

"Theunique limited supply / high demand situation that is the Southern Californianorm has helped drive asking rents per square higher and higher year afteryear," Benda said. "Further, this supply/demand imbalance also servesto offer investors an important backstop in an unfavorable economic climate, asthe real estate has a minimum tangible value that is otherwise irreplaceable."

RexfordIndustrial shares dropped 0.46% on Tuesday to $21.57.

said July11 that it expects to raisegross proceeds of about $353 million from a public offering of 4,350,000 commonshares, which it plans to use in part to redeem its outstanding $300 million5.875% senior unsecured notes due June 15, 2017.

Theoffering is expected to close July 15.

Regencyshares gave up 2.95% to finish July 12 at $81.68.

raised net proceedsof about $133.1 million from its common offering of 6,555,000 shares, thecompany said in a July 12 release.

Thecompany intends to use the net proceeds to reduce borrowings under its $500.0million unsecured revolving credit facility, among other things.

RetailOpportunity shares fell 1.24% to $22.30 on Tuesday.

said Tuesday that it priceda public offering of 2.0 million shares of 7.625% series C redeemable preferredstock,

Thecompany expects to garner net proceeds of roughly $48.0 million, afterunderwriting discounts and other expenses, from the offering, which is expectedto close July 19. The company plans to use them for, among other things, futuremultifamily acquisitions and investments.

BluerockResidential shares dipped 0.38% on July 12 to finish at $13.00.

ColumbiaProperty Trust Inc. said July 12 that it a 40-acre property in Gaithersburg,Md., for gross proceeds of $48 million, which it plans to use to pay downborrowings on its revolving credit facility.

The property includes a 393,000-square-foot office buildingthat was a former IBM data center. SunCap Property Group, the buyer, intends toredevelop the property into a distribution center.

Shares of Columbia Property Trust jumped 1.64%on Tuesday to close at $22.34.

Equinix Inc.said July 12 that it will developa new International Business Exchange at its existing campus at the AmsterdamScience Park in the Netherlands.

The $113 million first-phase investment for the AM4 datacenter will have 1,555 cabinets and will be adjacent to the company's AM3 datacenter. The four expansion phases call for a total investment of $189 million,and will add 4,200 cabinets over eight floors, bringing the total usable floorarea of the property to more than 124,000 square feet.

Equinix shares declined 0.40% to $387.20 on Tuesday.

The foreclosureinventory in the U.S. fell 24.5% year over year in May, andcompleted foreclosures dropped 6.9%, to 38,000, CoreLogic said Tuesday.

The level of completed foreclosures as of May 2016represents a 67.9% drop relative to the September 2010 peak of 117,813. Monthover month, completed foreclosures rose 5.5% during the month.

Now featured

The PropertyLedger: LTC Properties pays $14.3M for Ga. facility; CyrusOne expands Texasdata center: The July 12 North American property news roundup also featuresthe latest leasing transactions by Columbia Property Trust and Hartman ShortTerm Income Properties XX.

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