After ending in the red at the beginning of the week, real estate investment trusts and the broader markets posted gains Wednesday, June 7.
The MSCI US REIT Index (RMZ) added 0.65% to end the day at 1,151.12, and the SNL US REIT Equity Index rose 0.52% to close at 313.57. The Dow Jones Industrial Average rose 0.18% to close at 21,173.69, while the S&P 500 closed 0.16% higher at 2,433.14.
Following in the footsteps of fellow proxy adviser Institutional Shareholder Services, Glass Lewis & Co. LLC recommended that Granite REIT shareholders vote in favor of FrontFour Capital Group LLC and Sandpiper Group's three nominees to the REIT's board, according to a Wednesday release.
Granite REIT shares slid 1.52% to end the day at C$51.32.
Mainstreet Health Investments said Tuesday that it amended its existing secured credit facility to increase its total capacity to US$300 million from US$285 million.
Shares of Mainstreet Health Investments rose 0.31%, closing at $9.60.
PECO Real Estate Partners announced a strategic partnership with Almanac Realty Investors LLC to establish a company that will focus on the retail real estate sector. As part of the deal, Almanac provided PREP Property Group with an investment commitment of up to $300.0 million, according to a Tuesday release.
RMR Group Inc. said Wednesday that it submitted a confidential registration statement related to a planned IPO for a commercial mortgage REIT.
A joint venture between Stiles Corp. and Rockefeller Group sold the 254-unit Amaray Las Olas apartment tower in downtown Fort Lauderdale, Fla., to Amaray Las Olas by Windsor for approximately $133.6 million, the South Florida Business Journal reported Tuesday.
Pure Multi-Family REIT LP said Tuesday that it is acquiring the 306-unit La Villita multifamily apartment community in Irving, Texas, for US$48.8 million in a deal set to close in early July.
Pure Multi-Family REIT shares fell 0.57% to close at $6.97.
On the macro front, the Mortgage Bankers Association reported that mortgage applications in the U.S. for the week ended June 2 rose 7.1% from the previous week on a seasonally adjusted basis.
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