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REIT Replay: Markets decline as Fed raises interest rate


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REIT Replay: Markets decline as Fed raises interest rate

Real estate investment trusts and the broader markets slid Wednesday, March 21, as the Federal Reserve increased its benchmark interest rate and hinted at the possibility of two more rate hikes in 2018.

Andrew Juster, Simon Property Group Inc.'s executive vice president and CFO, will retire at the end of 2018. The regional mall landlord did not disclose plans for Juster's replacement.

Simon Property shares fell 0.16% to end the day at $154.34.

Taubman Centers Inc. activist shareholder Land & Buildings Investment Management LLC nominated its founder and Chief Investment Officer Jonathan Litt to the regional mall REIT's board as part of its call for change at Taubman.

Shares of Taubman Centers declined 0.25%, closing at $56.28.

Office REIT Equity Commonwealth sold the 12-story Re/Max Plaza International office building in Denver to real estate investor KORE Investments for approximately $115.2 million, the Denver Business Journal reported.

Equity Commonwealth shares rose 0.73% to close at $30.47.

Canadian retail-focused Partners Real Estate Investment Trust is selling up to 11 of its properties across British Columbia, Alberta and Manitoba in a bid to cut debt and fund capital investments in its remaining properties.

Alexandria Real Estate Equities Inc. tapped CFO Dean Shigenaga to also serve as the urban office REIT's co-president, along with Thomas Andrews, who will stay on as regional market director for greater Boston. The appointments are effective April 23.

Shares of Alexandria Real Estate closed 0.81% lower at $125.36.

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Data Dispatch: 7 US REITs identified as candidates for dividend increases: The six candidates were chosen based on estimated 2018 adjusted funds from operations payout ratios, among other criteria.

Conference Chatter: REIT discounts portend flat or declining CRE values 'over the next few years': The favorite topic of conversation at New York University's 2018 REIT Symposium was the disconnect between public and private commercial real estate valuations.

As HNA Group dumps hotels, Hilton so far is an exception: HNA Group's roughly $6.47 billion investment in shares of Hilton Worldwide and two of its spinoffs has paid off handsomely, and investors are watching to see if the Chinese conglomerate sells the 26.1% Hilton stake it still owns.

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