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REIT Replay: REITs, markets start week with solid gains

The Dow Jones Industrial Average and S&P 500 continued their positive momentum Monday, Feb. 26, amid strong overall corporate earnings results. Real estate investment trusts also pushed higher.

Warehouse giant Prologis Inc. walked away from a $265 million deal to buy a FedEx warehouse on 57th Ave. in Queens, N.Y., from Suncap Property Group. American Realty Advisors reportedly is negotiating to buy the property at the same price as the canceled transaction, Crain's New York Business reported, citing unnamed sources.

Prologis shares added 0.08% to close at $61.31.

Alexander & Baldwin Inc. is paying $254 million to buy three newly developed shopping centers in Hawaii from Terramar Retail Centers LLC. The diversified REIT is assuming $62 million in mortgage debt as part of the transaction.

Alexander & Baldwin shares slipped 0.61% to close at $22.74.

Diversified REIT iStar Inc. disposed of the Avondale Commerce Center near Phoenix to Presson Corp. for about $36.3 million, according to the Phoenix Business Journal.

IStar shares jumped 2.79%, closing at $10.67.

Industrial-focused REIT Liberty Property Trust said it named Robert Gifford to its board of trustees, with immediate effect, while Frederick Buchholz and Leanne Lachman will step down from the board at the REIT's May 17 annual meeting. Gifford is a board member at shopping center landlord Retail Properties of America Inc.

Liberty Property shares ticked down 0.12% to close at $40.18, while Retail Properties of America shares edged 1.15% higher to close at $12.36.

Self-storage REIT National Storage Affiliates Trust provided 2018 guidance of between $1.33 and $1.37 per share for core funds from operations.

National Storage shares gained 1.14%, ending the day at $24.91.

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Data Dispatch: US REIT capital markets activity up 7.4% YTD through mid-February: Chart Watch: U.S. real estate investment trusts completed five capital offerings in the first half of February, totaling $1.68 billion raised.

Data center REITs building for a data-hungry market: As data consumption and storage needs balloon, enterprise users and cloud computing companies are increasingly turning to third-party data center operators to help meet their needs.

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