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REIT Replay: High time

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


REIT Replay: High time

The broader markets reached new highs yet again on Monday, Oct. 16, as real estate investment trusts lost ground.

The MSCI US REIT Index (RMZ) fell 0.44% to 1,170.97, and the SNL US REIT Equity Index slipped 0.43% to 318.65. The Dow Jones Industrial Average jumped 0.37% to 22,956.96, while the S&P 500 gained 0.18% to end the day at 2,557.64.

Workspace Property Trust, which focuses on high-quality office and flex real estate in U.S. suburban office submarkets, is looking to go public. The company has not yet disclosed the terms of the IPO.

Big Rock Partners Acquisition Corp. filed for an IPO of 5.0 million units at $10.00 apiece, with an option granted to the underwriters to buy up to 750,000 additional units. The special-purpose acquisition company will initially target a U.S. seniors housing and care business.

Labeed Diab is stepping down as COO of Brookdale Senior Living Inc. to explore another opportunity. The company also offered updates on the impact of hurricanes Harvey and Irma and the Northern California wildfires on its properties.

Brookdale shares climbed 0.20% to close at $10.12.

Plymouth Industrial REIT Inc. launched a public offering of 1.8 million shares of its series A cumulative redeemable preferred stock and the underwriters are expected to have an option to buy up to 270,000 additional shares. The net proceeds will be used in part to repurchase certain shares from Torchlight Investors LLC.

Plymouth Industrial shares surged 1.20% to close at $18.49.

Global Self Storage's proposal to amend its charter to align it with its REIT status, among other proposals, gained shareholder approval.

Global Self Storage shares ticked up 0.85%, closing at $4.73.

Pennsylvania Real Estate Investment Trust refinanced a $200 million mortgage loan on the Lehigh Valley Mall in Whitehall, Pa., raising $37 million in proceeds at the company's share.

Pennsylvania REIT shares slid 0.76%, ending the day at $10.50.

DDR Corp.'s Belden Park Crossings property in North Canton, Ohio, changed hands for $67 million, with Stark Enterprises as the buyer, according to The Plain Dealer of Cleveland.

DDR shares dipped 2.70%, closing at $8.66.

KBS Strategic Opportunity REIT Inc. is looking to unload 11 of its properties to subsidiaries of a newly established REIT that will be listed on the Singapore Stock Exchange.

In macro news, RE/MAX reported that U.S. home sales in September decreased 4.2% from September 2016, while the median sales price was up 2.3% for the month in 54 surveyed metro areas.

Now featured on S&P Global Market Intelligence

In Play Today: US real estate market sees more activism, splits and spins: In addition, a handful of rumored M&A transactions were stalled or did not materialize.

Data Dispatch: October retail market: More bankruptcies, employment declines: Retail employment declined in September even as some of the country's largest retailers started hiring holiday workers.

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