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REIT Replay: Corrections and adjustments

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REIT Replay: Corrections and adjustments

REITsreversed their losses from Tuesday, while the broader markets continued to climbWednesday, Sept. 28, as Corrections Corp. announced a restructuring of its corporateoperations and implementation of a cost reduction plan.

TheMSCI US REIT Index (RMZ) rose 0.64% to 1,220.50, and the SNL US REIT EquityIndex gained 0.58% to finish at 325.91. The Dow Jones Industrial Averageincreased 0.61% to close at 18,339.24, while the S&P 500 edged up 0.53% toend the day at 2,171.37.

said in a Tuesday release that, as part of a restructuring plan, it will cut up to 55 full-timepositions, or about 12% of its workforce, at its headquarters, adding that itexpects to report a restructuring-related charge of roughly $4.0 million in thethird quarter. Meanwhile, through the staffing reductions and cost reductionplan, the company expects to save approximately $9.0 million in costs startingin the fourth quarter through 2017.

Sharesof Corrections Corp. lost 1.22% to close at $14.60.

Meanwhile,on Wednesday, SL Green RealtyCorp. said it concluded $1.5 billion of construction financing for itsflagship OneVanderbilt tower, paving the way for the Midtown Manhattan, N.Y.,project to move forward. The seven-year loan carries a 3.50% floating interestrate over the LIBOR and includes an option to reduce the spread to as low as3.00%. According to the company, vertical construction is scheduled to begin inthe second quarter of 2017, with completion expected in 2020.

SLGreen shares dropped 0.36%, closing at $110.39.

Alsoin Manhattan, New York Gov. Andrew Cuomo said in a Tuesday statement that a joint venture betweenVornado Realty Trust,Related Cos. and Skanska AB emerged as the winning bidder for the redevelopmentof the James A. Farley Post Office into a new mixed-use transportation hub. Theredeveloped station on Manhattan's West Side, to be known as Moynihan TrainHall, is scheduled to be completed by 2020, on a fixed schedule and at a costof $1.6 billion. It will include approximately 588,000 square feet of officespace and 112,000 square feet of retail space.

VornadoRealty shares gained 0.44% to end the day at $103.19.

acquired a94%-leased class A office building encompassing 129,000 square feet in SantaMonica, Calif., for $139.5 million. The property, located at 233 WilshireBlvd., will be held in the company's existing consolidated joint venture, whichalso bought theoffice building at 12100 Wilshire Blvd. in July. Douglas Emmett said in aTuesday release that it intends to offload a portion of its stake in the venture to anothersovereign wealth fund investor, thereby cutting its capital stake in theventure to 20%.

DouglasEmmett shares rose 0.19%, closing at $37.42.

MizuhoSecurities USA Inc. initiated coverage of the U.S. industrial REIT sector witha positive bias. In a Wednesday note, Mizuho Securities analyst RichardAnderson said the decision is based largely on the "thematic tailwind fromthe proliferation of ecommerce and the commensurate demand for warehouse/distributionspace."

Atthe same time, Mizuho Securities launched coverage of three stocks, assigning a"buy" rating and an $83.00 price target to , and"neutral" ratings on DCT Industrial Trust Inc. and , with respectiveprice targets of $51.00 and $29.00.

EastGroupshares gained 2.40% to close at $75.08; DCT Industrial shares went up 1.17% toclose at $49.48; while Duke Realty shares increased 1.17% to close at $27.74.

Onthe macro front, the Mortgage Bankers Association reported that for the weekended Sept. 23, mortgage applications slid 0.7% from a week ago on a seasonally adjustedbasis, noting that the seasonally adjusted purchase index was up 1% from oneweek earlier.

Now featured on S&PGlobal Market Intelligence

The PropertyLedger: Comstock nabs full stake in Md. project; Strategic Storage Trust IIcloses 2-part Las Vegas buy: The Sept. 28 edition of the NorthAmerican property news roundup also features Griffin-American Healthcare REITIV's medical office building acquisitions.

Data Dispatch:September state of the housing market: Recent data showed the U.S.housing market remained on generally solid ground in August, albeit with new-and existing-home sales and housing starts declining from their July readings.

: US REITs have raised the mostcapital via senior debt offerings year-to-date through Sept. 15.

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