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REIT Replay: Extended rally

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


REIT Replay: Extended rally

The broader markets closed in positive territory Wednesday, July13, extending their historic climbrecorded a day earlier. REITs, meanwhile, bounced back, amid news of executive movesand financing transactions.

The MSCI US REIT Index (RMZ) traded up 0.48% to 1,255.70, andthe SNL US REIT Equity Index added 0.40% to finish at 335.21. The Dow Jones IndustrialAverage gained 0.13% to close at 18,372.12, while the S&P 500 edged up 0.01%to end the day at 2,152.43.

Federal Realty InvestmentTrust has selecteda Vornado Realty Trustexecutive to serve as its CFO, executive vice president and treasurer.

Dan Guglielmone will assume his new roles, effective Aug. 15.He will succeed James Taylor, who left the company to join BrixmorProperty Group Inc. as president and CEO.

Federal Realty shares traded up 0.52% to $167.61. Vornado sharesadded 0.12% to $101.33.

General Growth PropertiesInc. CEO Sandeep Mathrani has been named to HostHotels & Resorts Inc.'s board.

The appointment brings Host Hotels' board to 10 directors.

Shares of Host Hotels dropped 3.96% to $16.48, while GeneralGrowth shares ticked up 0.32% to $31.16.

In financing news, MacerichCo. closed on a $1.5 billion revolving loan facility due July 6, 2020,under an amended it and its operatingpartnership signed with a group of lenders.

The facility may be further increased by $500 million under certainconditions and its maturity may be extended to July 6, 2021, according to a Tuesdayfiling.

Macerich shares added 0.49% to $88.98.

Medical PropertiesTrust Inc. disclosed Wednesday an offering of senior notes totaling $500 million.

MPT Operating Partnership LP and MPT Finance Corp. are conductingthe offering, which is expected to bring in net proceeds of roughly $474.3 million.The net proceeds will be used mainly to fully redeem the existing $450 million of6.875% senior notes due 2021.

Shares of Medical Properties increased 0.73% to $15.25.

Pure Multi-FamilyREIT LP agreed to sell 4,440,000 class A units in a bought-deal offeringfor roughly C$33.9 million in proceeds. The offering, priced at C$7.64 per unit,also carries an underwriters' option for up to 444,000 additional units.

The company said it will internalizeits management after the offering, which is slated to close on or about July 29.

Pure Multi-Family shares lost 1.00% to close at $5.94.

In property news, AmericanHotel Income Properties REIT LP is acquiring a pair of hotels in Dallas and Tempe, Ariz., forroughly $57.6 million in a dealset to close by early September. The hotels, which operate under the Embassy Suitesby Hilton brand, comprise 529 rooms.

The company said Wednesday that it will use net proceeds froma bought-deal unit offering and the issuance of about $17.4 million in new unitsto help fund the transaction. It will also assume an existing $19.0 million commercialmortgage backed securities loan secured by the Dallas hotel.

American Hotel Income shares fell 0.29% to C$10.35.

Select Income REITannounced after market close Tuesday that it raised its regular quarterly cash dividend by 1 cent to 51cents per common share. The dividend is payable on or about Aug. 18 to holders ofrecord as of market close July 22.

Select Income shares traded up 0.44% to $27.23.

On the macro front, the Mortgage Bankers Association reportedthat U.S. mortgage applications jumped7.2% week over week on a seasonally adjusted basis for the week ended July 8. Theresults included an adjustment for the July 4 holiday, according to the report.

Now featured on SNL:

Data Dispatch:Real estate ETF usage continues to grow in June: U.S. real estate ETFsaccumulated $1.44 billion in net inflows in June, generating a total of $4.93 billionin net inflows year-to-date.

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