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REIT Replay: REITs, broader markets slide

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REIT Replay: REITs, broader markets slide

Real estate investment trusts and the broader markets ended Wednesday, Feb. 7, in the red, after several volatile trading days.

Regional mall REIT GGP Inc.'s 2017 fourth-quarter funds from operations per share rose to 48 cents from 43 cents a year ago. The company's full-year 2017 FFO came in at $1.57 per share, up from $1.53 per share in 2016.

GGP shares rose 1.76% to end the day at $21.97.

UDR Inc.'s 2017 fourth-quarter FFO attributable to common stockholders and unit holders dropped year over year to 46 cents per share from 47 cents per share. The multifamily-focused residential REIT declared an annualized 2018 dividend of $1.29 per share, a 4.0% increase over 2017.

Shares of UDR fell 1.49%, closing at $33.80.

Multifamily-focused residential REIT InterRent Real Estate Investment Trust struck an internalization deal with its external property manager, in a transaction expected to close by Feb. 15.

InterRent shares added 1.53%, closing at C$9.31.

Office REIT Highwoods Properties Inc.'s board declared a 2017 fourth-quarter cash dividend of 46.25 cents per common share, up 5.1% over its previous quarterly payout.

Highwoods Properties shares gave up 1.00% to close at $44.40.

Multifamily-focused residential REIT AvalonBay Communities Inc. is selling its Avalon Blue Hills apartment complex in Randolph, Mass., Real Estate Alert reported, noting that the 472-unit property could draw bids of roughly $130 million.

Shares of AvalonBay declined 1.23% to close at $158.28.

Diversified REIT JBG SMITH Properties agreed to sell the 408,000-square-foot Commerce Metro Center and the Summit 1&2 complex in Reston, Va., for about $122 million and $95 million, respectively, Real Estate Alert reported.

JBG SMITH shares closed 0.41% lower at $31.81.

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Earnings call coverage

'Business as usual' at GGP as Brookfield Property merger talks continue: On an earnings call, the mall real estate investment trust's management repeatedly rebuffed questions related to the ongoing takeover talks and assured analysts that morale is high at the company.

UDR execs expect apartment supply to slow in 2019: In the coming year, construction from competing properties will affect the company's ability to raise rents, executives said in a conference call.

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