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REIT Replay: Steady progress

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Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

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Real Estate News & Analysis: May Edition


REIT Replay: Steady progress

REITs posted modest gains and the broader markets closed just south of flat Friday, April 7.

The MSCI US REIT Index (RMZ) added 0.10% to close at 1,158.37, and the SNL US REIT Equity Index rose 0.14% to end the day at 313.27. The Dow Jones Industrial Average ticked down 0.03% to 20,656.10, while the S&P 500 closed 0.08% lower at 2,355.54.

American Tower Corp. raised net proceeds of approximately €489.8 million in its public offering of €500.0 million of 1.375% senior unsecured notes due April 2025, the company said Thursday.

American Tower shares gained 0.14% to end the day at $122.12.

EPR Properties closed its $455.5 million purchase of 21 recreation properties from CNL Lifestyle Properties Inc., according to a Thursday release.

EPR Properties shares went up 0.09%, closing at $74.35.

NorthStar Realty Europe Corp. said Friday that it named Keith Feldman CFO and treasurer, effective May 10. Feldman, who is a managing director of NorthStar's external manager, Colony NorthStar Inc., will replace outgoing CFO Scott Berry.

Shares of NorthStar Realty Europe added 0.35%, closing at $11.36.

Simon Property Group Inc. said Thursday that Senior Executive Vice President David Contis will resign May 5 in order to spend more time with his family.

Simon Property shares ticked up 0.01% to close at $169.81.

Kimco Realty Corp. on Thursday detailed its first-quarter property transactions, including $53.1 million of acquisitions and $113.2 million of sales. The most notable acquisition is the company's $38.0 million purchase of the Plaza Del Prado shopping center in Glenview, Ill.

Kimco Realty shares declined 0.83% to close at $21.50.

A joint venture between Starwood Capital Group and Schulte Hospitality Group is acquiring the 600-room Sheraton-Memphis Downtown hotel in Memphis, Tenn., from Host Hotels & Resorts Inc. in a deal expected to close April 19, the Memphis Business Journal reported Thursday.

Shares of Host Hotels fell 1.19%, closing at $18.30.

Rockwood Capital and GEM Realty will help the Public Employees Retirement Association of New Mexico in advancing its plan to invest $250 million in domestic core real estate, IPE Real Estate reported.

Jefferies analyst Omotayo Okusanya in a Friday note changed the outlook on healthcare REITs to "neutral" from "negative" and upgraded Medical Properties Trust Inc. to "buy" from "hold."

The analyst attributed the change in the outlook to a "much improved" macro backdrop, with interest rates falling despite recent Fed fund increases, delays in the rollout of new skilled nursing bundling initiatives and the defeat of the American Healthcare Act.

In announcing the upgrade for Medical Properties, the analyst also lifted the per-share price target on the company's stock to $15.00 from $13.00, saying the company "benefits greatly" from the improved macro backdrop.

Medical Properties shares rose 1.64% to close at $13.63.

Now featured on S&P Global Market Intelligence

The Week in US Real Estate: Working it out; dried ink: The April 7 weekly roundup of news in the North American real estate space features a REIT heading to the negotiating table with its principal tenant and the close of three sizable deals.

Data Dispatch: Most US REITs beat 2016 earnings estimates: Farmland Partners Inc. topped its 2016 consensus S&P Capital IQ FFO-per-share estimate by the largest margin, at 13.7%.

Data Dispatch: US-originated residential mortgage loans grew 25% YOY in November 2016: In the 12 months ended Nov. 30, 2016, U.S. lenders originated nearly $2 trillion in residential mortgage loans, up 3.49% from the same period a year earlier.

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