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REIT Replay: Bow bid

REITs lost ground Friday, Dec. 9, as asset manager Bow Street made an all-cash bid for all of NorthStar Realty Europe's common shares. The broader markets, meanwhile, pushed higher.

The MSCI US REIT Index (RMZ) fell 0.16% to 1,140.56, and the SNL US REIT Equity Index ticked down 0.12% to 304.53. The Dow Jones Industrial Average gained 0.72% to 19,756.85, while the S&P 500 added 0.59% to end the day at 2,259.53.

NorthStar Realty Europe Corp. investor Bow Street LLC offered to buy all of the company's common shares for $13 per share in cash, up from an initial offer of $12 per share. The investor, which owns a roughly 6.7% stake in NorthStar Realty Europe, also called on the company's board to reject the management contract with NorthStar Asset Management that it said is the "single greatest driver" of the stock's price underperformance.

NorthStar Realty Europe shares jumped 4.93% to end the day at $12.35.

CoreCivic Inc. disclosed after markets closed Thursday that it will pay a quarterly cash dividend of 42 cents per share on Jan. 13, 2017, lower than the previous payout of 54 cents per share.

President and CEO Damon Hininger said in a release that the company updated its dividend level to take into account the business' current cash flows after the U.S. Immigration and Customs Enforcement's renegotiation of the South Texas Family Residential Center contract in October.

CoreCivic shares slid 0.96% to close at $24.78.

W. P. Carey Inc. announced Friday that Thomas Zacharias will retire from the company as COO and head of asset management, and will be succeeded by Brooks Gordon, effective March 31, 2017.

W. P. Carey shares ticked down 0.18% to close at $59.55.

Mid-America Apartment Communities Inc. increased its quarterly dividend for fiscal year 2017 to 87 cents per share, Douglas Emmett Inc. increased its quarterly cash dividend to 23 cents per share, and Ventas Inc. raised its fourth-quarter dividend to 77.5 cents per share.

Mid-America Apartment shares edged 1.19% higher, closing at $93.23, Douglas Emmett shares declined 0.54% to close at $38.40, and Ventas shares slipped 0.24% to close at $62.46.

Preferred Apartment Communities Inc. is poised to acquire Three Ravinia, a 98% leased office property in Atlanta, in a transaction that should be completed in December.

Preferred Apartment shares added 2.25% to close at $14.11.

SNL Image
The Hub Minneapolis development beside the University of Minnesota
Source: Education Realty Trust Inc.

Education Realty Trust Inc. after market close Thursday said it broke ground on The Hub Minneapolis collegiate housing community near the University of Minnesota. The 707-bed community, targeted for a summer 2018 delivery, is a $97.9 million joint venture project between the company and Core Spaces.

Education Realty shares slid 0.27%, closing at $40.78.

Iron Mountain Inc. finalized the sale of Recall Holdings Ltd.'s C21 Data Services Ltd. legacy asset to Oasis Group, a requirement to complete its acquisition of Recall for roughly $2 billion.

Iron Mountain shares gave up 0.97% to close at $34.65.

Morguard Real Estate Investment Trust kicked off a bought-deal offering of C$175.0 million of 4.50% convertible unsecured subordinated debentures due 2021, and will use the net proceeds for the full redemption of its 4.85% debentures due 2017. Morguard Corp. agreed to buy C$50.0 million of the debentures in the offering.

Morguard REIT shares gained 0.89% to close at C$14.68, and Morguard Corp. shares dropped 0.18%, ending the day at C$174.17.

Now featured on S&P Global Market Intelligence

The Week in US Real Estate: Forest dump; divvy it up: The Dec. 9 weekly news roundup in the North American real estate space features a proposed share-structure change and a string of dividend updates.

Best of SNL: Real Estate, editors' picks: Our real estate editors' picks for the best stories of the week ending Dec. 9.

Best of SNL: Real Estate, most read: The 10 most read real estate articles for the week ending Dec. 9.

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