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REIT Replay: Week-end whimper

TMT: Leading Trends And What To Watch

US Utility Commissioners: A Key Factor In Assessing Regulatory Risk

The Essential Conference 2019 Highlight Reel

Municipal-Run Fiber Tops 280000 Subscribers In 2018


REIT Replay: Week-end whimper

REITs and the broader markets posted losses Friday, Oct. 7, as New York REIT announced that it received more than a dozen proposals from interested parties to serve as its external manager.

The MSCI US REIT Index (RMZ) fell 0.18% to 1,131.38, and the SNL US REIT Equity Index dropped 0.27% to 303.09. The Dow Jones Industrial Average declined 0.15% to close at 18,240.49, while the S&P 500 shed 0.33% to end the day at 2,153.74.

New York REIT disclosed in a Friday release that it received 14 proposals from interested parties to serve as the company's external manager. The independent directors of the company, which expects a new management contract to take effect Dec. 27, reached out to 31 entities with requests for proposals. According to Chairman Randolph Read, the company is "moving forward expeditiously to thoroughly evaluate the proposals."

New York REIT shares fell 0.11%, closing at $9.07.

Just a day after closing its merger with Parkway Properties Inc., Cousins Properties Inc. on Friday completed the spinoff of Houston-focused REIT Parkway Inc., which will trade on the NYSE under the PKY ticker.

Cousins Properties shares closed at $7.57.

Washington Prime Group Inc. said Thursday that it named Lou Conforti to be its permanent CEO, effective immediately. Conforti, who had served in the role on an interim basis since June, will retain his director role.

Washington Prime shares dropped 0.43% to end the day at $11.55.

Also on Thursday, Public Storage said it priced a public offering of 14.0 million depository shares, each representing 0.001 of a 4.90% series E cumulative preferred share of beneficial interest, at $25.00 per depository share. The offering, which is set to close on or about Oct. 14, is expected to fetch the company about $350 million in gross proceeds. Net proceeds will go toward investment in self-storage facilities and in entities that own such facilities, for the development of self-storage facilities and for general corporate purposes.

Public Storage shares edged up 0.38%, closing the day at $212.05.

A National Storage Affiliates Trust joint venture closed its acquisition of the iStorage portfolio consisting of 66 properties spanning about 4.5 million rentable square feet across 12 states for roughly $630 million, according to a Thursday statement. Additionally, the company finalized its purchase of the iStorage property management platform, which includes the iStorage brand, a property management company and a captive insurance company.

Shares of National Storage rose 1.61% to end the day at $19.57.

Raging Capital Management LLC and its chairman, chief investment officer and managing member, William Martin, disclosed beneficial ownership of 2,019,442 shares or 7.9% of Ashford Hospitality Prime Inc.'s outstanding common stock as of Aug. 5. According to a Thursday ownership filing, Raging Capital Management and Martin acquired the shares because they believe that at the time of acquisition, the shares were "undervalued and represented an attractive investment opportunity."

Shares of Ashford Hospitality increased 1.29% to close at $14.14.

Healthcare Trust Inc.'s special strategic review committee of independent directors, and the special committee set up to address conflicts of interest during the review process, completed their evaluations, recommending that the company should keep carrying out its business plan with a focus on managing and strengthening its assets. According to a Thursday filing, the company's board appointed Edward Weil Jr. as a director, replacing William Kahane, who stepped down.

Full Stack Modular LLC acquired the core assets of FC Modular from Forest City Realty Trust Inc. unit Forest City Ratner Cos. for undisclosed terms. According to a Thursday statement, the sale, which allows Forest City Ratner to focus on its core strengths of managing its assets and development pipeline, covers the long-term lease at the Brooklyn Navy Yard in New York, all equipment and intellectual property, and the bespoke technology developed for high-rise modular construction.

Shares of Forest City fell 1.05%, closing at $21.60.

Now featured on S&P Global Market Intelligence

The Week in US Real Estate: Taking the reins; the REIT stuff: The Oct. 7 weekly news roundup in the North American real estate space features shareholder and various other entities' attempts to manage a company taking the liquidation route, as well as potential new players in the REIT space.

Data Dispatch: 10,000+ REIT-owned properties near Hurricane Matthew's path: Single-family REITs have the greatest exposure to the storm's path, with more than 7,000 homes in the affected area.

Data Dispatch: Deal spike in Q3 shakes up REIT M&A league tables: New leaders in the financial adviser rankings by deal value and deal count emerged after an active quarter in REIT M&A.

Data Dispatch: Bank of America Merrill Lynch takes 2016 lead among real estate equity underwriters: As of the end of the third quarter, the firm was second for the year among real estate debt underwriters, behind J.P. Morgan Securities.

Best of SNL: Real Estate, editors' picks: Our real estate editors' picks for the best stories of the week ending Oct. 7.

Best of SNL: Real estate, most read: The 10 most read real estate articles for the week ending Oct. 7.

SNL Q3'16 M&A League Tables: SNL Financial on Oct. 7 released third-quarter 2016 M&A league tables for its covered North American sectors.

SNL Q3'16 Capital Markets League Tables: SNL Financial on Oct. 7 released third-quarter 2016 capital markets league tables for its covered North American sectors.

Real Estate Rundown: HCP spinoff issues debt on time, but pays for its tenant's troubles: The company, which is coming into existence largely as a way of removing properties linked to tenant HCR ManorCare from HCP's portfolio, issued debt at notably high rates in a series of recent transactions.

The Property Ledger: Tanger breaks ground on Texas outlet center; WPT Industrial targets 2 US assets: The Oct. 7 edition of the North American property news roundup also features DCT Industrial's purchase of an Ohio building, among other transactions.

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