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REIT Replay: Getting schooled

REITs and the broader markets skidded Monday, April 4, as W.P. Carey announced that it acquired a private preparatory school campus and is setto buy two more campuses in sale lease-back deals worth $167 million.

The MSCI US REIT Index (RMZ) dropped 1.75% to 372.33, and theSNL US REIT Equity Index dipped 0.12% to finish at 307.68. The Dow Jones IndustrialAverage slipped 0.31% to close at 17,737.00, while the S&P 500 fell 0.32% toend the day at 2,066.13.

W. P. Carey Inc.on April 4 disclosed roughly$167 million in sale lease-back transactions with global premium school operatorNord Anglia Education Inc. for a trio of for-profit campuses in Florida and Texas.

Specifically, the company purchased a private preparatory schoolcampus in Windermere, Fla., and is poised to buy two other campuses in Coconut Creek,Fla., and Houston by the close of the second quarter. The company will lease backthe properties to certain Nord Anglia affiliates for a term of 25 years, subjectto annual uncapped CPI-indexed rent escalations.

W. P. Carey shares inched up 0.05% to $61.82 on Monday.

Weyerhaeuser Co.pulled in roughly $440 million in cash from the sale of about 260,000 acres of southern U.S. timberlandsto a joint venture formedby Plum Creek Timber Co. Inc. and several other institutional investors.

The company said in an April 4 filing that the timberland portfolio,which had an estimated value of $560 million, was owned by Plum Creek before itsmerger with Weyerhaeuser.

The Twin Creeks Timber LLC joint venture also obtained a final$150 million in institutional financing from the Maine Public Employees RetirementSystem, bringing its total capital commitments to roughly $950 million, including$200 million from Weyerhaeuser. The joint venture is expected to have about $400million for future timberland acquisitions after the purchase of the initial portfolio.

Weyerhaeuser shares ticked up 0.13% to $31.19 on April 4.

Forest City RealtyTrust Inc. finalizedthe second of three regionalmall joint venture initiatives with Australian institutional investment managerQIC.

The company said April 4 that it sold a 49% stake in the 578,000-square-footBallston Quarterretail asset under construction in Arlington, Va. The third joint venture, whichinvolves The Shops at Wiregrassnear Tampa, Fla., is anticipated to close by the middle of 2016. It expects to raiseaggregate net proceeds of about $60 million from the Ballston and Wiregress jointventures.

Forest City shares gained 0.34% to $20.81 on Monday.

A newly formedspecialty finance platform, called Peaceable Street Capital, seeks to invest ina wide range of small and midsize income-producing real estate assets in North America.

Launched by Orangewood Partners, the new platform will be ledby former Vice Chair and CEO DavidHenry, with Fred Kurz, former general manager of preferred equity investments atKimco, taking the helm as CEO.

Peaceable Street has already closed two transactions, which involvepreferred equity investments in the multifamily sector in January and in a self-storageportfolio in March, according to an April 4 statement.

Given the recent pullback in traditional capital sources causedby regulatory hurdles and the volatile CMBS market, "now is the optimal timefor Peaceable Street Capital to build a diversified portfolio of high quality realestate investments, with a focus on current income, low credit risk and equity upside,"Henry said in a release.

Kimco shares declined 0.80% to $28.40 on April 4.

Ventas Inc.amended certain of itsleases with Kindred Healthcare Inc. in an effort to enhance the company's long-termacute care hospital portfolio.

The changes, among other things, include the reallocation ofannual rent, currently amounting to $8 million, from seven long-term acute carehospitals leased to Kindred by Ventas to other more productive post-acute assets.

Ventas has separately agreed to sell those seven hospitals, withexpected sale proceeds for the company of $6.5 million.

Shares of Ventas added 0.55% on Monday to $63.58.

In dividend news, SovranSelf Storage Inc. said April 4 that its board lifted the quarterly common stock dividend by 11.8% to 95cents per share from 85 cents per share.

The company will pay out the new dividend April 26 to shareholdersof record April 14.

Sovran shares picked up 0.32% on April 4 to $117.44.

In recent board moves, TaubmanCenters Inc. rehired a former director, while FelCor Lodging Trust Inc. brought in two outsiders to serveas independent directors.

Taubman said April 4 that Myron Ullman has been to its board to fill the vacancystemming from Vice Chairman Lisa Payne's departure.He will take over Payne's seat for a term due to expire in 2017 and will serve onboth the board's audit committee and the nominating and governance committee.

Meanwhile, FelCor said April 4 that Hunt Realty Investments Inc.President Patricia Gibson and Ameriton LLC President Dana Hamilton were independent directors, effectiveMarch 31.

The company noted that Gibson will sit on the board's financecommittee, while Hamilton will join its executive committee.

Taubman shares shed 0.55% to $70.35 on Monday, while FelCor sharesdropped 1.38% to $7.85.

Now featured

Data Dispatch:US REITs swing to NAV premium in Q1: The office sector traded at thelargest discount to NAV at quarter-end, at 13.4%, while the self-storage sectortraded at the largest premium to NAV, at 39.4%.

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