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REIT Replay: Private Inland

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REIT Replay: Private Inland

REITs bounced backand the broader markets lost ground Thursday, March 31, as Inland Real Estate announcedthat its estimated $2.3 billion deal to be taken private was complete.

The MSCI US REIT Index (RMZ) added 0.64% to 1,158.92, and theSNL US REIT Equity Index gained 0.57% to finish at 308.10. The Dow Jones IndustrialAverage dipped 0.18% to close at 17,685.09, while the S&P 500 slid 0.20% toend the day at 2,059.74.

Inland Real EstateCorp. has gone private under a roughly $2.3 billion with certain funds managed byDRA Advisors LLC and will now operate under the name IRC Retail Centers Inc.

The company disclosed the deal's closing in a statement after market close March 30, a weekafter its shareholders approvedthe transaction.

The deal,as disclosed earlier, entitled Inland stockholders to receive $10.60 in cash, withoutinterest and less any applicable withholding taxes, for each share they own.

The shopping center REIT said trading for its shares under theNYSE or any other exchange ended at market close March 30.

In other M&A news, IronMountain Inc. wonregulatory approvals in Australia and the U.K. for plans related to its acquisition of Australian firm Recall Holdings Ltd.

The company, after market close March 30, said the AustralianCompetition and Consumer Commission approved its proposal to its Australian business in a stocksale and the U.K.'s Competition and Markets Authority gave the green light for itsrequest for "hold separate" consent regarding the Recall transaction.

The Recall acquisition remains on schedule to be completed May2, Sydney time, the company said.

Iron Mountain shares ticked up 0.89% on March 31 to $33.91.

In capital offerings, SunCommunities Inc. completed a common stock issuance, while and City Office REIT Inc.each priced their respective common stock offerings after markets closed March 30.Weingarten Realty Investors,meanwhile, amended a $500 million unsecured revolving credit facility.

Sun Communities said its recently announced common stock raised about $385.3 million in net proceeds, which includedthe full exercise of the underwriters' additional-share option.

The company, as disclosed earlier, will use the proceeds as partialfunding for its proposed $1.68 billion purchaseof Carefree Communities Inc.'s issued and outstanding stock.

Shares of Sun Communities picked up 0.79% on Thursday to closeat $71.61.

First Industrial said it pricedan underwritten public offeringof 5.6 million common shares and expects to raise roughly $126 million in grossproceeds.

The proceeds will be used to support general corporate purposes,which may include property development and/or acquisitions, as well as debt repayments,according to the company.

First Industrial shares dipped 0.87% to $22.74 on Thursday.

Similarly, City Office said its public offering of 7 millioncommon shares was pricedat $11.40 per share, which equates to gross proceeds of $79.8 million.

The offering,which includes a 30-day option for underwriters to buy up to 1,050,000 additionalshares, should be completed April 5.

The company said it will use the net proceeds for certain debtrepayment and general working capital purposes.

City Office shares dropped 1.72% to $11.40 on March 31.

Weingarten Realty said March 31 that its amended $500 million credit facility is now due to maturein March 2020, with two consecutive six-month extension options, among other changes.

The company said the proceeds will go toward acquisitions andnew development projects, and for general corporate purposes.

Weingarten Realty shares closed flat on Thursday at $37.52.

On the macro front, STR Inc. reported March 31 that the U.S.hotel sector recorded mixedyear-over-year results across three weekly performance metrics during the week endedMarch 26, driven in part by the Easter holiday calendar shift from April 5 in 2015to March 27 in 2016.

Hotels across the country logged average year-over-year declinesof 4.4% and 5.6% in RevPAR and occupancy, respectively, while reporting a 1.3% increasein ADR during the week.

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