Real estate investment trusts and the broader markets retreated Thursday, May 17, as investors worried over renewed trade tensions.
The MSCI US REIT Index (RMZ) fell 0.59% to close at 1,055.33. The Dow Jones Industrial Average dropped 0.22% to 24,713.98, while the S&P 500 closed 0.09% lower at 2,720.13.
A joint venture between Blackstone Group LP and shopping center REIT DDR Corp. sold the SanTan Village Marketplace in Gilbert, Ariz., to a unit of CP Retail Inc. for $51.4 million, the Phoenix Business Journal reported.
DDR shares added 0.14% to close at $7.20.
K2 Principal Fund LP withdrew its director nominees to Pure Multi-Family REIT LP's board and decided to back the Canadian multifamily REITs seven incumbent directors at the May 24 annual and special unit holder meeting.
Shares of Pure Multi-Family rose 0.42% to close the day at C$9.50.
Whitestone REIT stockholders voted in favor of activist investor KBS Strategic Opportunity REIT Inc.'s proposal to declassify the shopping center landlord's board of trustees, while voting against its director nominations in favor of the company's candidates who were up for re-election.
Shares of Whitestone REIT dipped 1.12% to $11.44.
S&P Global Ratings affirmed multifamily REIT Camden Property Trust's corporate credit and issue-level ratings at BBB+, while revising the ratings outlook to positive from stable. The rating agency said the outlook revision is based on its expectation that the company will keep producing above-average net operating income compared to its peers, among other factors.
Camden Property shares declined 0.47% to close at $83.36.
Market prices and index values are current as of the time of publication and are subject to change.
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.
