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REIT Replay: After-Christmas sales

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REIT Replay: After-Christmas sales

The broader markets closed lower Dec. 26, 2017, while real estate investment trusts posted gains on the first trading day after Christmas.

The MSCI US REIT Index (RMZ) added 0.55% to close at 1,152.36, and the SNL US REIT Equity Index rose 0.50% to close at 316.13. The Dow Jones Industrial Average fell 0.03%, closing at 24,746.21, while the S&P 500 closed 0.11% lower at 2,680.50.

Quality Care Properties Inc. entered into an agreement to amend its master lease with its primary tenant and HCR ManorCare Inc. unit HCR III Healthcare LLC to reduce the latter's monthly rent payment to $23.5 million for a one-year period starting Nov. 30.

Although rent in excess of the reduced rent will be deferred until the end of the period, HCR said it expects to be unable to pay a material portion of the reduced rent during some or all of the period due to its financial position.

Quality Care shares dropped 3.00% to end the day at $13.60.

American Realty Capital Healthcare Trust III Inc. closed the sale of substantially all its assets to fellow non-listed Healthcare Trust Inc. and declared an initial liquidating distribution of $15.75 per common share, payable on or about Jan. 5, 2018, to stockholders of record at the close of business Dec. 22.

VICI Properties Inc. closed the $1.14 billion purchase and leaseback of Harrah's Las Vegas with Caesars Entertainment Corp., which will continue to operate the casino resort under a 15-year lease. VICI Properties also sold 18.4 acres of land behind the LINK Hotel & Casino to Caesars, which plans to develop a new convention center.

VICI Properties also secured a $2.2 billion first-lien senior secured term loan and will use some of the proceeds to finance the Harrah's acquisition.

Forest City Realty Trust Inc. converted its common ownership stake in 10 specialty retail centers in the New York City metro area to preferred interest, as part of the company's joint venture with Madison International Realty.

Forest City shares gained 0.46% to close at $24.03.

On the macro front, S&P CoreLogic Case-Shiller Indices' nonseasonally adjusted national home price index showed that U.S. home prices increased at an annual rate of 6.2% in October, matching the previous month's figures.

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Data Dispatch: US REIT capital raising up 35.3% YOY through Dec. 15: Publicly traded U.S. real estate investment trusts completed 15 capital offerings during the first half of December to raise $5.77 billion.

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