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REIT Replay: Close, but no cigar

Street Talk Episode 52 - A bank's 'knife fight' to stay high performing in a low rate environment

Streaming Media Devices Feel The Squeeze In Q3'19

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REIT Replay: Close, but no cigar

REITs and the broader markets inched higher on a muted trading day that saw the Dow Jones Industrial Average close within 55 points of 20,000.

The SNL US REIT Equity Index ticked 0.05% higher to close at 302.08, while the MSCI US REIT Index (RMZ) added 0.16% to end the day at 1,130.99. The Dow Jones Industrial Average put on 0.06% to close at 19,945.04, and the S&P 500 rose 0.22%, closing at 2,268.88.

A Nightingale Group affiliate paid $80 million to acquire the eight-floor Lincoln Place office building at 1601 Washington Ave. in Miami Beach, Fla., from Cousins Properties Inc., according to a Tuesday report.

Shares of Cousins ticked up 0.12% to close at $8.35 on Tuesday.

Wheeler Real Estate Investment Trust Inc. completed its largest single asset purchase to date by acquiring the 205,811-square-foot Rivergate Shopping Center in Macon, Ga., for roughly $37.3 million, according to a Tuesday statement. The Publix-anchored shopping center is 95.52% leased and occupied.

Shares of Wheeler were flat at $1.67.

Sentio Healthcare Properties Inc. said in a Tuesday release that it appointed Spencer Smith as its new CFO, treasurer and secretary, replacing Sharon Kaiser, who will step down from those positions, effective Jan. 1, 2017. Smith is senior vice president at the company's adviser, Sentio Investments LLC.

Seritage Growth Properties' Seritage Growth Properties LP executed a nonbinding term sheet with ESL Investments Inc. for a new $200 million unsecured term loan facility. According to a Tuesday filing, the facility would bear a 6.50%-per-annum base interest rate, subject to step up to 8.00% under certain conditions, and would mature Dec. 31, 2017.

Seritage shares fell 1.89% to close at $43.55.

On the macro front, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index recorded a 5.6% annual gain in October, stretching its all-time high from September.

Now featured on S&P Global Market Intelligence

Data Dispatch: REIT shares suffered after new classification: The creation of a new sector for real estate in the Global Industry Classification Standard coincided with increased investor concerns about valuations and interest rates, REIT observers said.

Data Dispatch: 139 North American real estate companies increase dividends through Dec. 15: Between Dec. 2 and Dec. 15, 15 SNL-covered North American REITs announced dividend increases.

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