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REIT Replay: SECond go


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Breaking into Europe’s Digital Infrastructure Markets: Drivers & Trends

REIT Replay: SECond go

REITs and the broader markets gained ground Monday, Dec. 19, as reports emerged that former U.S. attorney Debra Wong Yang could be in contention for the next chair of the Securities and Exchange Commission.

The MSCI US REIT Index (RMZ) increased 1.04% to 1,143.38, and the SNL US REIT Equity Index rose 1.01% to 305.31. The Dow Jones Industrial Average went up 0.20% to 19,883.06, while the S&P 500 also edged up 0.20% to end the day at 2,262.53.

Morguard Corp. disclosed in a Monday release that it lifted its stake in Temple Hotels Inc. to 56.1% of outstanding common shares with the purchase of an additional 54,578,187 shares from Temple's recent rights offering.

Morguard shares slid 0.95% to C$172.50 and Temple Hotels shares shed 1.45% to end the day at 68 Canadian cents.

New York REIT said Monday that its board selected Winthrop REIT Advisors LLC as the company's new external adviser, to be led by Wendy Silverstein, commencing Jan. 3, 2017. New York Recovery Advisors LLC will continue as the company's adviser through March 31, 2017.

Evercore ISI analysts Sheila McGrath and Nathan Crossett in a same-day note said the move is a "positive outcome" for New York REIT shareholders, with the company under new leadership for liquidation, lower fees and an incentive fee that aligns interests.

Shares of New York REIT climbed 1.46%, closing at $9.75.

American Tower Corp. and Dutch pension fund manager PGGM entered into a definitive agreement to acquire FPS Towers in France via their ATC Europe joint venture in a deal expected to be completed during the first quarter of 2017, according to a Monday release.

American Tower shares were up 1.09% to close at $106.95.

Ashford Hospitality Prime Inc. said in a Monday statement that the U.S. Court of Appeals for the Fifth Circuit rejected Sessa Capital (Master) LP's appeal to overturn a federal district court's ruling blocking its slate of candidates for the REIT's board, calling it a "tactical litigation decision" by Sessa to seek remedies on appeal that it had affirmatively refused to pursue in the trial court.

Ashford Hospitality Prime shares spiked 1.50% to close at $14.19.

Boston Properties Inc. lifted its fourth-quarter regular quarterly cash dividend by 15.4% to 75 cents per common share. The company said Monday that it will pay the dividend Jan. 30, 2017, to shareholders of record as of the close of business Dec. 30.

Boston Properties shares rose 1.46%, closing at $126.15.

Granite REIT said Friday that its board of trustees declared a monthly distribution of 21.7 Canadian cents per stapled unit, payable Jan. 16, 2017, to stapled unit holders of record at the close of trading Dec. 30. The dividend was increased from a prior payout of 20.30 cents per unit.

Shares of Granite REIT ticked up 0.18% to close at C$44.80.

Choice Hotels International Inc. said Friday that its board agreed to hike the quarterly cash dividend by 5% to 21.5 cents per common share, payable Jan. 18, 2017, to shareholders of record Jan. 4, 2017.

Choice Hotels International shares increased 0.81% to close at $56.20.

American Finance Trust Inc. said in a Friday filing that it struck a deal to off-load three Merrill Lynch Pierce Fenner & Smith properties owned by the company for $148.0 million, excluding closing costs. The company identified the potential buyer to be a Texas-headquartered institutional real estate investment firm with a focus on office, retail and industrial properties.

Now featured on S&P Global Market Intelligence

The Property Ledger: Rexford nabs San Diego property; Wheeler REIT pays $23.5M for Va. asset: The Dec. 19 edition of the North American property news roundup also features the latest property transactions by CBL & Associates, Terreno Realty and Partners REIT.

The Property Ledger: Regency unveils Houston retail project; Gladstone nabs Pa. office asset: The Dec. 16 edition of the North American property news roundup also features Four Corners and FIBRA Prologis' respective restaurant property and logistics facility acquisitions.

Host Hotels CEO's replacement raises questions, and M&A hopes: Ed Walter, president and CEO of the company since 2007, was perceived by some investors as too risk-averse, while his replacement, James Risoleo, is largely unknown to many.

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