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REIT Replay: Wrapping up

REITs and the broader markets posted subtle gains Thursday, March 30, as HCP closed on a $1.13 billion sale of a 64-community portfolio.

The MSCI US REIT Index (RMZ) closed 0.23% higher at 1,140.95, and the SNL US REIT Equity Index added 0.21% to close at 308.87. The Dow Jones Industrial Average rose 0.33% to 20,728.49, while the S&P 500 gained 0.29% to close at 2,368.06.

HCP Inc. said Wednesday that it expects to record a gain of approximately $165 million on its just-concluded sale of a 64-community portfolio to affiliates of Blackstone Group LP's Blackstone Real Estate Partners VIII LP for about $1.13 billion.

The portfolio was formerly leased to Brookdale Senior Living Inc., which said Thursday that it closed the purchase of a 15% stake in the joint venture that acquired the portfolio.

HCP shares slid 0.10% to end the day at $30.99 and Brookdale shares rose 1.85%, closing at $13.19.

Pure Multi-Family REIT LP said Thursday that it upsized its bought-deal offering to 8,994,000 class A units, from an initial target of 7,870,000 units, for gross proceeds of about C$80 million. The offering, priced at C$8.90 per unit and set to close by April 7, carries a 30-day overallotment option for the underwriters to acquire up to 1,349,100 additional units.

Pure Multi-Family REIT shares declined 2.90%, closing at $6.70.

Omega Healthcare Investors Inc. said Wednesday that it will fully redeem the outstanding $400.0 million of its 5.875% senior notes April 28, at a redemption price of 102.938% of their principal amount plus applicable interest.

Shares of Omega Healthcare went up 0.03%, closing at $32.99.

Six Flags Entertainment Corp. said Thursday that it has determined that spinning off its real estate assets into a REIT structure would not be in the best interests of its shareholders at this time.

CIM Group agreed to sell an 18-story San Francisco building to Blackstone for $313 million, the San Francisco Business Times reported Wednesday.

Ashford Hospitality Trust Inc. said Wednesday that it is eyeing its first increase in the number of shares of common stock it is authorized to issue. The company is looking to raise the number of authorized common shares to 400.0 million from 200.0 million.

Ashford Trust shares added 0.63% to close at $6.36.

Lexington Realty Trust said Wednesday that it named Jamie Handwerker to its board of trustees, effective March 28.

Lexington Realty shares gained 0.10% to close at $9.92.

CorEnergy Infrastructure Trust Inc. said Thursday that it will seek a shareholder vote at its May 17 annual meeting on the nomination of Todd Banks to its board of directors.

CorEnergy Infrastructure shares increased 2.26% to close at $33.45.

On the macro front, STR data showed that U.S. hotels recorded positive performance for the week ended March 25, with revenue per available room growing 7.9% on a yearly basis to $87.75, and average daily rate rising 2.9% to end the week at $127.68. Occupancy went up 5.0% to 68.7%.

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Skyscraper debt hints at future investment strategy for Blackstone's REIT: Blackstone Real Estate Income Trust bought more than 11% of the debt offered in a commercial mortgage-backed securities transaction linked to the Willis Tower in Chicago. The borrowers were other Blackstone affiliates.

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