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.
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