The broader markets traded mixed and real estate investment trusts posted declines Monday, Nov. 27, as Wheeler REIT denied making an unsolicited bid to take over shopping center rival Cedar Realty.
The MSCI US REIT Index (RMZ) fell 0.46% to 1,169.81 and the SNL US REIT Equity Index dipped 0.36% to 322.36. The Dow Jones Industrial Average rose 0.10% to 23,580.78, while the S&P 500 lost 0.04% to end the day at 2,601.42.
Wheeler Real Estate Investment Trust Inc. refuted Cedar Realty Trust Inc.'s statement that it made an unsolicited offer to acquire Cedar Realty. Wheeler REIT said it merely suggested that representatives of both parties meet to discuss possible acquisition opportunities and other possible ways to enhance shareholder value.
Wheeler REIT shares jumped 0.59% to close at $10.23, while Cedar Realty shares fell 0.99 % to close at $6.00.
Consolidated-Tomoka Land Co. received a fresh proposal from activist shareholder Wintergreen Advisers LLC to consider a sale, liquidation or other strategic options, as well as a plan to nominate three directors for the company's board.
Consolidated-Tomoka shares slipped 1.03%, closing at $59.54.
SL Green Realty Corp. amended an existing $3.0 billion credit facility to provide for an increased $1.3 billion five-year term loan, a new seven-year $200 million term loan and a reduced $1.5 billion revolver.
SL Green shares rose 0.23%, closing at $101.21.
Kilroy Realty Corp.'s operating partnership priced a senior notes offering for expected net proceeds of roughly $421.0 million. The operating partnership will use the proceeds for the full redemption of certain senior notes due 2018.
Kilroy shares edged 0.32% higher to close at $74.91.
As part of its capital recycling effort, Macerich Co. unloaded the office building at 500 N. Michigan Ave. in Chicago for $86.4 million.
Macerich shares declined 0.70% to close at $63.81.
Five Point Holdings' operating partnership and its unit launched an offering of an additional $50 million of their 7.875% senior notes due 2025.
Five Point shares decreased 1.94%, closing at $13.64.
BMO Capital Markets analyst John Kim downgraded Mid-America Apartment Communities Inc. to "market perform" from "outperform" and lowered his price target on the company's stock to $107 from $108 per share.
Although Mid-America Apartment performed well in the past 12 months, multiple expansion is unlikely in the near term as signaled by the company's relatively modest same-store revenue outlook for the full year 2018, Kim said in a Nov. 27 note.
Mid-America Apartment shares dropped 0.84%, ending the day at $103.29.
In macro news, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported that U.S. sales of new single-family houses were up 6.2% month over month to a seasonally adjusted annual rate of 685,000 in October.
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Data Dispatch: US REIT capital offerings up 22% YOY as of Nov. 15: Chart Watch: Publicly traded U.S. real estate investment trusts completed 15 capital offerings during the first half of November to raise $2.79 billion.
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